Heaptalk, Jakarta — The increase in the price of Bitcoin (BTC) has slowed in the last two weeks as of November 2023. Even though this crypto asset elevated at US$38,000 on Friday last week, the price of BTC has experienced another minor correction, with the current price at US$37,000.
In response to this diminishment trend, Reku’s Crypto Analyst, Fahmi Almuttaqin, admitted that the condition is due to the balance between positive and negative catalysts, encouraging a relatively stable rate of Bitcoin. On the other hand, The rally that occurred for a month without any significant value correction has also influenced this deceleration trend.
“The market needs a moment to review the period of rising Bitcoin price. We also view several affairs that make investors’ interpretation as warning signals, including a fine of US$ 4 billion imposed on Binance and hacker attacks on HTX and other platforms whose impact they cannot yet calculate. On the other hand, I perceived investor optimism regarding the reduction in benchmark interest rates in several countries, particularly the United States.” Fahmi explained.
Based on the Coinmarketcap on November 29th, 2023, multiple altcoins that have significantly climbed in the last week cover Blur (BLUR) up to 50% increase, Axie Infinity (AXS) by 21% growth, Maker (MKR) appreciated by 5.6%, and Treasure (MAGIC) increased by 25.65%, following the positive response of market towards the project to develop a blockchain network for gaming by utilizing MAGIC token as the transaction cost.
The network could be created by using Arbitrum technology. Simultaneously, Arbitrum’s daily transactions increased to 2.4 million times, exceeding Ethereum’s 986,000 transactions as of November 25, 2023.
“I perceived indications of a positive trend towards altcoins when BTC consolidates. The increase in value of several altcoins was backed by multiple positive achievements or developments regarding the enhanced products and technology,” Fahmi explained.
Meanwhile, the increase in BLUR crypto assets was supported by the success of the project development team in raising funding of US$ 60 million to innovate to launch a new layer-2 network, Blast. This latest network focuses on resolving NFT transaction issues and helping users obtain a more optimal yield.
Fahmi added that the Blast network has attracted over US$30 million in funding after its launch. According to Defillama data, the total value locked on this network attained US$572.9 million.
Meanwhile, the AXS token is also experiencing appreciation, following the Web3 gaming pioneer Axie, which launched its merchandise store accessible via e-wallet apps in SEA, Grab. Fahmi considered the token to contribute to this growth as this asset supports users in integrating games with daily applications of society.
“The innovations of Blur, Axie Infinity, and Treasure also indicated the positive developments in the blockchain industry and crypto assets more broadly and demonstrated the decisive contribution of the community and investors for projects developing altcoins.
