Market Wrap: Altcoins Rally as Bitcoin Buyers Return

📆 2022-01-12 8:42 PM
📰 CoinDesk

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MARKET WRAP: Bitcoin $BTC is up, but altcoins such as $FTM $XLM and $SHIB led the way higher on Wednesday. Some indicators suggest alts are a crowded trade.

Some analysts maintain a long-term bullish outlook for BTC, suggesting the current sell-off is a mere dip in broader upcycle. For example, StackFunds, a Singapore-based crypto investment firm, has a price target of $120,000 BTC this year.

Still, investors will still have to brace themselves for volatility."We are expecting crypto markets to be extremely disjointed the next few months, inducing choppiness that overflow from equities, as investors navigate a new era of inflation," Lennard Neo, head of research at Stack Funds, wrote in a report.

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