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During the week, the rapid rise in Bitcoin and cryptocurrencies continued. The price of Bitcoin reached up to $64,000. BTC has been moving sideways for three days. Today, as BTC stabilizes, we are witnessing particularly meme coins in altcoins experiencing exciting increases. These developments caught the attention of Nate Geraci, co-founder of The ETF Institute. Geraci is full of praise for the Bitcoin and cryptocurrency community.
Famous Personality Commends Bitcoin Community
Today, Nate Geraci, co-founder of The ETF Institute, shared a post on social media platform X, using praiseworthy language towards the Bitcoin community. Geraci emphasizes that he is surprised by the passion and financial literacy of the cryptocurrency community.
Geraci notes that mainstream media underestimates this interest. He expresses how knowledgeable Bitcoin advocates are compared to skeptics with the following words:
“If I had to choose 10 stubborn Bitcoin advocates and 10 Bitcoin skeptics, I would bet that the advocates would run circles around the skeptics in terms of understanding monetary policy and other issues.”
Current State of Bitcoin Price
At the beginning of the article, we emphasized that the price of Bitcoin has stabilized. While writing this article, BTC is very close to the $62,000 level. BTC is currently trading at $61,980.
Looking at Bitcoin dominance, we see a decline over the last three days. Accordingly, BTC dominance has dropped from around 55% to 53.76%. This movement indicates a shift towards altcoin projects.
Especially during such declines, the general sentiment in the market suggests the start of an altcoin season. Particularly if Bitcoin dominance falls below the 50% level, this could mean very rapid movements for altcoins. In such a case, it is possible to say that some altcoins could see an increase of over 100% in their price levels.
While Geraci draws attention to the Bitcoin community, it is necessary to mention that the community’s enthusiasm is linked to the recent rises. Especially the spot Bitcoin ETFs have been a significant factor in creating this excitement. As institutional investors flocked to the space, they have already gathered around 4% of the Bitcoin supply.
