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July 19, 2024
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This is Not The Time to Buy Altcoins, Warns Crypto Analyst

The post This is Not The Time to Buy Altcoins, Warns Crypto Analyst appeared first on Coinpedia Fintech News

A prominent crypto investor, Crypto Rover, has issued a cautionary note regarding the purchase of Altcoins. He clearly states that the present moment is not ideal for Altcoin investments. He believes that Bitcoin dominance $BTC.D will continue to rally, typically when Bitcoin’s value rises. 

Crypto Rover Suggests Not to Buy Altcoin Now

In a recent tweet, Crypto Rover, the founder of CryptoSEA, made a bold statement that has garnered significant attention. He mentioned, “Now is not the time to invest in #Altcoins.” 

Crypto Rover further went on to explain the reasoning behind his advice. He cited concerns about the current state of the market, emphasizing that investors must exercise caution.

He even believes that Bitcoin Dominance ($BTC.D) is on an upward trajectory and will likely continue rallying.

Bitcoin’s dominance in the crypto market has often seen significant drops after it reached an all-time high (ATH). This led him to suggest that investors might want to consider altcoin investments at that juncture rather than now.

Altcoin’s Ability to Attract Funding seems Missing

He even raised a critical question regarding altcoins’ ability to attract funding. Crypto Rover pointed out that with limited participation from retail investors and a lack of venture capital investment, altcoins may face challenges in securing resources.

Crypto Rover suggested that a surge in retail interest in altcoins might occur once Bitcoin crosses the $60,000 mark, potentially shifting the dynamics in favor of these alternative digital assets.

Cryptocurrency Community Reactions

The crypto community has been quick to react to this perspective. One member goes by @Everything Crypto, supported with Crypto Rover’s insight. 

He pointed out that it might not be the time for short-term traders who attempt to time the market. If you are fine with the risk opportunity of missing out on the beginning of an alt season and buying them at way higher levels, then go ahead and buy more #Bitcoin, but if you are here for the Bullrun, buying alts at these prices can be of higher risk.

Another community member shared that the present moment could favor Bitcoin investments over altcoins.

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