- Altcoin market sees a bearish trend, with major coins incurring double-digit losses.
- A crypto influencer suggests investing in Bitcoin.
- Solana and Cardano bear the brunt of the altcoin market downturn.
The altcoin market has been in a bearish trend, with prominent coins like Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polygon (MATIC) incurring double-digit losses over the past week.
In a recent analysis of market trends, the crypto expert behind the Crypto Banter YouTube channel argued that hopping on the Bitcoin (BTC) bus may be the next logical thing should there be no significant increase in the altcoin market in the coming weeks.
“If we don’t make a higher high on the next push-up in altcoins, which should happen in the next two to three weeks, I think it is time to get in Bitcoin,” the analyst remarked.
The crypto influencer hinged his conclusion on the recent onslaught of lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against prominent crypto trading firms like Binance and Coinbase. It is worth noting that the SEC has categorized virtually all significant cryptocurrencies on the market as securities in its latest filing.
Crypto Banter expressed that the U.S. regulator may be in for long-term attacks on altcoins, which makes investing in BTC more attractive. The analyst said:
We got two options: it is either a long-term attack that will affect altcoins for the next six months or altcoin capitulation where they are drilling to make everyone get out of altcoin, and we know what comes next.
Among the altcoin with the most significant market share, SOL (-28%) and ADA (-24%) took the worst hits based on their seven-day performance, according to data from CoinMarketCap. On the other hand, Bitcoin has maintained its position at around $25k with barely a 3% loss.
Source: https://coinedition.com/analyst-urges-altcoin-investors-to-switch-to-btc-amid-bearish-trend/