BTC rises 26% alongside Nasdaq, short-term correction can't hide the market's long-term optimism

Source: TokenPost Original Title: BTC, Growth on par with Nasdaq… Bright market outlook despite short-term decline Original Link:

Market Status

In the context of a short-term correction in the cryptocurrency market, Bitcoin (BTC) is currently trading near 1.258 billion KRW, with a 24-hour decline of approximately 0.47%. Market participants are focusing on the testing phase of major support levels.

Performance comparable to traditional finance

Rob Hardick, an analyst at Longfei Finance, stated in an interview with CNBC, “Bitcoin’s returns are approximately 26% before the 2024 US election,” which is similar to the 28% increase of Nasdaq. This indicates that cryptocurrencies are showing growth trajectories similar to traditional financial markets. He added, “By 2026, the medium- to long-term outlook for the cryptocurrency market is very bright.”

Performance of mainstream coins

Ethereum (ETH) is currently trading at 4.23 million KRW, down about 0.12% from the previous day; Ripple (XRP) is quoted at 2,695 KRW, with a 24-hour decline of 1%, similar to Bitcoin’s trend. No particularly positive news was found on that day.

Solana (SOL) is trading around 177,000 KRW, continuing to decline, but some altcoins like MOVE, AVNT, and ZBT have increased by 33%, 20%, and 19%, respectively, forming a stark contrast.

Expert opinions and outlook

Market experts interpret this decline as a correction phase within a long-term trend, expecting that policy changes after the US election and institutional investor entry will have a positive impact on the market. Additionally, the fact that Bitcoin’s returns are comparable to traditional financial markets is cited as evidence of the maturation of digital assets.

Industry insiders believe that considering long-term favorable factors such as Bitcoin halving, the current price adjustment can be seen as a potential buying opportunity.