Will there be a pump in altcoins?
Assalamu Alaikum
How are you? By Allah's grace, I'm doing very well. Bitcoin has been pumping continuously for the past few days, from $94,000 to $105,000, the real reason for this is that President Donald Trump has made a trade agreement with the United Kingdom. Since these two countries have partnered together, it means that many more partnerships will come in the future or there are already many negotiations going on. And President Donald Trump has already said several times that he will make a deal with China, there is a rumor going on in the market, that is why the market is very hot. Bitcoin has almost touched an all-time high again, but I know most people do not trade in Bitcoin, everyone's attention is on Altcoins. Because if Altcoins pump, they pump a lot, that is, they give a lot of profit, but there are many things here and the most important thing is the dominance of Bitcoin.
If you want to see how Altcoins are pumping, then you have to look at Bitcoin's dominance, here you can see this is the history of Bitcoin dominance. In 2017 when Bitcoin's dominance was close to 70% Bitcoin's dominance dropped very nicely. Then in 2021 we saw the same thing, that is, Bitcoin dominance dropped drastically and while dropping, it came close to 40%. Now if you look, you can see that for the last four years, only Bitcoin has been pumping in the market, no other coin has been pumping. We are all waiting for the Altcoins bullrun to come or the Altcoins cycle to come but it has not come yet, in spite of all this, there are still one or two Altcoins that are getting a huge response in the market, they are Solana, XRP, SUI etc.
These coins are now in everyone's eyes and everyone is investing in them, you can see that the price of Solana is currently running at $170 in the market and it is expected that it will cross $200 in a few days. I want to tell you one thing, whatever bad things were going to happen in the market has already happened, now what will come is good news. And there will be a lot of good news ahead, like America will make a deal with China, then the war between Pakistan and India has already stopped, then negotiations are already going on with Russia, if that also goes well, then we will see a lot of pumps in the market. So now we just have to wait for a few days and we will get a good result, Insha Allah, hopefully we will see a bullrun in the market very soon.
Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.
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