NEAR Coin and Those 5 Altcoins Left Bitcoin Behind!

The cryptocurrency market, which has been following a fluctuating trend in recent weeks, leaves investors in a state of curiosity and uncertainty. While Bitcoin is experiencing uncertainty in its short-term outlook, there is a possibility of rise for altcoins. In this uncertain environment, the future of Ethereum is also a matter of curiosity. Experts evaluate how altcoins such as NEAR coin and Ethereum will follow depending on the price movements of Bitcoin. In this article, we have compiled the latest developments in the market and expert opinions for you.

Bitcoin overtaken by NEAR coin and other cryptos

While the cryptocurrency market has been following a fluctuating trend recently, experts predict different scenarios for Bitcoin and altcoins. Crypto analyst Crypto Banter made evaluations about the short-term outlook of Bitcoin. According to the analyst, Bitcoin can target the range of $ 62,000 – $ 63,000 and if it rises above this level, it can rise towards $ 65,000. A close above these levels this week could be a strong signal for the market.

However, the analyst said that there is a possibility that Bitcoin will retest the bottom levels of the last period, it may fall to the range of $ 56,000 – $ 57,000, and then rise again. Stating that altcoins showed resistance and broke their short-term trends in the last retreat focused on Bitcoin, the analyst explained that this situation is a bullish outlook for the next few days, but long-term trends will depend on Bitcoin’s weekly close.

What’s next for altcoins?

According to the analyst, altcoins may experience minor retreats, but they are expected to see more gains after a short time. The loss of support for Bitcoin dominance indicates a possible decline, which mostly supports altcoin performance. If dominance and other indicators show a downward trend, altcoins may regain their prices from four weeks ago. The analyst then focused on the altcoins that performed best compared to Bitcoin, such as Injective, Chainlink, Solana, ADA, and NEAR coin. The analyst said that many altcoins, including INJ and Chainlink, are showing signs of recovery after being oversold against Bitcoin.

Regarding the market outlook, the analyst predicted two phases for altcoins: a rally that continues into September, followed by a possible rise of Bitcoin to all-time highs. The analyst also added that there is a strong feeling against Ethereum, especially in ETH parities, and cited Theta as a prominent example due to its bullish structure.

Ethereum also attracts attention

The price performance of Ethereum, the second largest cryptocurrency in the market, raises questions. Analysts think that Ethereum is currently losing momentum and is unlikely to gain enough traction to recover. But basically, it has at least five reasons to rebound sooner than expected.

• Mt. Gox Has Bitcoin, But Not Ethereum:One of the pressures on Bitcoin is that the bankrupt Mt. Gox exchange is planning to return significant amounts of Bitcoin to creditors. This could put supply pressure on the Bitcoin market and push its price down. Ethereum, on the other hand, has no such risk.
• Germany Sells Bitcoin, Doesn’t Touch Ethereum: One of Bitcoin’s recent difficulties is that Germany sells the Bitcoins it confiscates. These sales increase the sales pressure in the market. In Ethereum, there is no coin that miners have to dispose of.

• Ethereum Miners Have No Selling Pressure:With the introduction of Ethereum 2.0, Ethereum now uses a Proof-of-Stake (PoS) consensus mechanism instead of Proof-of-Work (PoW). This means that Ethereum miners no longer have to sell large amounts of ETH to cover their expenses, while Bitcoin miners still have to sell Bitcoin to cover expenses like electricity.
• Is Ethereum ETF Coming?Although not yet officially confirmed, Ethereum is on track to have its own exchange-traded fund (ETF).
• Supply shock:The implementation of a burn system for process prices through EIP-1559 caused a significant reduction in the Ethereum supply.