In July, bitcoin price soared past $1,000.
Its recent decline has been largely blamed on the continued rise of the altcoin price.
But according to a recent analysis, the altcoins price has actually decreased since July.
“We have seen a trend of decreasing altcoin prices since the summer of 2018,” wrote Daniel Huseman, chief executive officer of crypto-currency analytics company Crypto.com, in a report released on Thursday.
“This trend was exacerbated by a number of factors, including the ongoing decline in the price of altcoins.”
Husemann added that it is possible that the reason bitcoin price is lower now than it was at the beginning of the year is due to the alt coins’ lack of support.
“It is possible altcoins’ continued decline could be due to factors that we can’t pin down yet, such as the ongoing economic climate, a continued increase in the demand for altcoins, or a lack of adoption by investors,” he wrote.
However, the analysts are not convinced that this will be enough to cause bitcoin price to rise.
“Our analysis suggests that bitcoin price will remain low and remain below $1k until further notice,” Husemans stated.
“Bitcoin is likely to remain below these thresholds until late 2020 or early 2021.”
However, if the trend continues, the researchers are forecasting that the price will rise in 2020 to reach $1 million.
If bitcoin price continues to fall, Husemen added, “we could see the alt-coins price rise again by the end of 2021.”
The analysis is just one of the many recent reports on the bitcoin market.
On Tuesday, bitcoin exchange Bitstamp announced that it will start offering more liquidity for traders.
The exchange also said it is considering selling some of its coins for bitcoin, although the company did not give a specific timeframe for this move.
Additionally, Chinese cryptocurrency exchange Huobi also launched a digital asset trading platform, which it is using to sell bitcoins for fiat currencies and sell bitcoins on the exchange for fiat.