21.12.202010:38 Forex Analysis & Reviews: Bitcoin sets new record again

Since September, the first cryptocurrency has shown significant growth. At the beginning of September, the bitcoin rate fell below $10,000. Then it began growing in price and by the current moment, has reached $23,400, having risen by 135% over this period.

Analysts believe that altcoins will also repeat the dynamics of bitcoin. Firstly, some of the investors, who have taken profits, may get interested in undervalued assets. Secondly, traders who missed the opportunity to make money on the rise in bitcoin prices may be interested in altcoins.

They also noted that the rise in the price of altcoins would be prolonged, and not as fast as in bitcoin. They advise taking a closer look at Ethereum, Litecoin, and Bitcoin Cash. It might also be worth paying attention to the token Ripple, Monero, Dash, and Waves, as these coins have all the chances to grow.

However, there are coins that are risky to acquire now. They are bitcoins SV or Tron. Their possible growth is not justified.

Crypto experts also say that after the rise in bitcoin, it is definitely worth paying attention to altcoins. The situation in the crypto market is the same as in the stock market. At first, all the attention is focused on large assets, and then on those that are smaller. After bitcoin grows, altcoins start to rise too. Now investors may fix part of the profit from bitcoin and invest in altcoins.

Nevertheless, most experts claim that Ethereum has great potential. Moreover, this altcoin has an additional growth driver. Recently the Chicago Mercantile Exchange announced that it would add Ethereum futures. The new product will be available from February 2021. Ethereum is trading at $639 today.

Bitcoin rose by more than 1.31% on Sunday to hit $24,204, setting a new historical high. However, the cryptocurrency is trading at $23,757 today.