Bitcoin returns to $59k amid altcoins ‘regulatory hurdles’
Bitcoin has bounced back below the $60,000 price level for the first time since September 18, and market participants are speculating about further declines.
“First BTC target reached at $59K, $57K next? It's not clear if we'll get it before then,” crypto trader Justin Bennett said in an Oct. 10 X post.
Bitcoin is trading at $59,152, down 2.34% in the last 24 hours. Source: TradingView
The decline in the asset comes despite October being one of the strongest months in history for Bitcoin.
On-chain analytics provider Santiment reported on Oct. 4 that mentions of Uptober had dropped significantly since the beginning of the month.
The US election could change the mood of altcoins.
Meanwhile, altcoins with strong fundamentals aren't picking up because projects are holding back on raising revenue due to caution and ongoing regulatory uncertainty, a crypto analyst said.
“Some altcoins with real value are not increasing due to regulatory hurdles,” CryptoQuant founder and CEO Ki Yang Ju said in a post on October 9.
Ju opined that if Donald Trump wins the US presidential election on November 5th, “the alts could come together.” However, right now, buying altcoins is pure speculation in an unregulated market.
“For now, it's all gambling in an uncontrolled space,” he said. Trump's victory will allow altcoin projects to fulfill their revenue potential, he argued.
“If Trump wins, expect regulatory changes including token burning for monetized projects, including payment switches.”
Regulatory measures have had a direct impact on altcoin prices in the recent past. In April, Uniswap (UNI), a decentralized exchange token of the same name, was down for six weeks after Uniswap said it had received a notice of suit from US regulators.
Traders say altcoins are still ‘accumulating'
Traders are becoming more vocal about the current state of the altcoin market, especially when Q4 2024 kicks off, which many expect will spark a crypto market rally.
“Altcoin markets are still rallying,” explained Michael Van de Pop, founder of MN Trading, in an October 10 X post.
Michael van de Pop said “vertical steps” are coming in Q1 2025. Source: X/Michael van de Poppe
“The beginning of the bull cycle is very boring, because it gradually grinds to the top and there is nothing more,” van de Pop added.
Related: Q4 crypto rally fueled by BTC $65K crash ‘extremely high' chances
Meanwhile, Signal Profits co-founder Jacob Canfield said in an October 7 X post that “a few altcoins and a lot of memecoins are taking over the altcoin market.”
“You'll see memes go to $5-20 billion when Bitcoin's dominance really declines. You want to be assigned to it,” Canfield added.
TradingView data shows that at the time of publication, Bitcoin's dominance is 57.79%.
Magazine: Anti-aging tycoon Brian Johnson is about to commit his life to crypto.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
