Famous investor Marc van de Chijs, the founder of Tudou, explained why Bitcoin’s price (BTC) has risen since October. In his statements, the Dutch investor also answered whether the altcoin market would accompany Bitcoin’s rally. Bitcoin (BTC) price, which has risen since September, has reached $ 18,600. Meanwhile, the price of alternative cryptocurrencies (altcoin) units such as Ethereum (ETH) and XRP also reached the highest numbers of recent times. The cryptocurrency market’s total value is 533; The market value of bitcoin has increased to 343 billion dollars. Investor Marc van der Chijs said that institutional investors drove the momentum seen in October. Tudou’s founder said that the Bitcoin price climbed at that time thanks to family offices and hedge funds. The individual investor jumped on the train in November. While the individual investor has started to turn to BTC, the institutional investor has not exited the market. Marc van der Chijs; explained that Bitcoin, which has both institutional and individual investments behind it, can be valued 10 times until this bull run is over (18 months).
As the BTC price rises, the popularity of the crypto money market and the number of people who want to enter the market increase. Marc van der Chijs believes this could be in favor of altcoins. Stating that investors who have just met crypto money may turn to altcoins with the thought of missing the Bitcoin train, the investor explained that this could improve the altcoin market. Stating that the flow of individual investors in the market has just started, Chijs emphasized that the shift of the capital market to altcoins can be found in the first quarter of 2021.
P.S This is not an investment advice.