Famous investor Marc van de Chijs, founder of Tudou, explained why the price of Bitcoin (BTC) has risen since October. In his statements, the Dutch investor also answered the question of whether the altcoin market will accompany the rally initiated by Bitcoin.
Bitcoin (BTC) price, which has risen since September, has reached $ 18,600. Meanwhile, the price of alternative cryptocurrency (altcoin) units such as Ethereum (ETH) and XRP also reached the highest numbers of recent times. The total value of the crypto money market is 533; The market value of bitcoin has increased to 343 billion dollars. According to CoinGecko data, Bitcoin achieved a dominance of 64.4 percent in this case.
Why is the bitcoin price rising, will the rise continue?
Bitcoin, which has valued more than 10 percent in the last seven days, has gained almost 50 percent in 30 days. Having spent September partially stable, BTC / USD gained momentum especially as of October.
Investor Marc van der Chijs said that the momentum seen in October was driven by institutional investment. The founder of Tudou stated that the Bitcoin price climbed at that time thanks to family offices and hedge funds. The individual investor jumped on the train in November.
At this point, Chijs will be paying 600-700 items a day for PayPal; He also gave an example because Square bought 400 BTC daily. Considering that these are sold to individual investors, it can be said that investors quickly consume 900 BTC produced daily.
While the individual investor has started to turn to BTC, the institutional investor has not exited the market. Marc van der Chijs; He explained that Bitcoin, which has both corporate and individual investments behind it, can be valued 10 times until this bull run is over (18 months).
Will the altcoin market be involved in the rally?
Bitcoin can put the altcoin market under pressure with its spikes from time to time. The fact that Bitcoin dominance has reached the level of 64 percent is an indication of this. However, the famous investor announced that this situation may change in the coming weeks.
As the BTC price rises, the popularity of the crypto money market and the number of people who want to enter the market increase. Marc van der Chijs believes this could be in favor of altcoins. Stating that investors who have just met crypto money may turn to altcoins with the thought of missing the Bitcoin train, the investor explained that this could improve the altcoin market.
Mentioning that most investors are too lazy to do research, Chijs said that investors who have just met the market can start investing with the idea of FOMO. Stating that the flow of individual investors in the market has just started, Chijs emphasized that the shift of the capital in the market to altcoins can be found in the first quarter of 2021.