Many expect a possible price surge in altcoins. Let’s examine five more catalysts for altcoin growth.
U.S. Elections
Politics now plays a role in the crypto market, and the forthcoming U.S. elections may change this. The former president of America, Donald Trump, is a major crypto supporter. If he regains his spot as the president, his administration may set regulations beneficial to the crypto community. The coming elections could shake the crypto market more, potentially boosting altcoin prices. But if a new administration that does not plan to integrate cryptocurrencies comes in, it could hurt the crypto market. Regardless, the election will impact the crypto market.
Rate Cuts
The market has anticipated three rate cuts this year, with a 90% likelihood of a 25-basic point cut in September. Low interest rates are a positive sign for risky assets like digital currencies. According to some analysts, they may put pressure on BTC and pump its price in the long run when recession threats subside, but they could also cause an initial sell-off.
Retail Interest: Now and Future
Despite recent market movements, retail interest in cryptocurrencies remains subdued. Bitcoin and other cryptocurrencies are not among many people's search options, and the Coinbase app isn't highly rated. This is not bad news; it means some retail investors are not in the market yet. If they decide to step into the crypto world, it could significantly impact altcoins.
Based on these factors, there could be hope on the horizon for altcoins as we advance. Investors should stay informed about catalysts that can influence the cryptocurrency market.
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