On-Chain Data Reveals Traders Are More Inclined Towards Altcoin Than Bitcoin!
Over time, it has been clear that the cryptocurrency market can scare anyone by pulling off the largest swings in any market. Although the market also possesses the same quality when it comes to making a profit or a loss–it is just wild and unexpected. The same is true this time around, as investors have flocked to altcoins to profit from their recent gains.
Altcoins have suddenly taken the lead in gains just two weeks into the month of August. The Small Cap Index is finally enjoying some success after suffering greatly during the decline. It increased the most over the previous 10 days, rising to 9% over this time.
In this way, the Mid Cap Index follows the Small Cap Index. It saw gains of 7% for the time period, which was less than its smaller counterpart but still higher. The Large Cap Index experienced 5% gains throughout the same time frame after it caught on as well. These gains demonstrate that investors’ faith in the market is starting to return. The exposure to altcoins is expanding quickly, driving up prices on all of these indices.
BTC is Not a Safe Haven Anymore?
The market dominance of Bitcoin, which has decreased by around 7% in just the past two months, is noteworthy. This demonstrates that investors are now turning away from bitcoin org bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile , which served as a safe haven during the market meltdown, and are instead concentrating on altcoins. This has also spread to stablecoins, whose market dominance has been eroded by rival cryptocurrencies.
The dominance of ETH increased by 0.89% just in the past week, while that of Bitcoin and the top stablecoins all decreased by 0.12% to 0.96%. Investors may be doomed if the market retraces, or they may be awarded for this newfound appetite for risk.