Investors have switched to Altcoins


Bitcoin lost 0.7% in the last 24 hours to $47,000. Ethereum added 0.2%, while the other top ten altcoins rose from 0.3% (XRP) to 8.6% (Solana).

BTC goes down

According to CoinGecko, the total crypto market capitalization increased by 0.7% during the day, to $2.15 trillion. The Dominance Index immediately fell 0.6 points to 41.5% due to strengthening altcoins.

The Cryptocurrency Fear and Greed Index fell from 55 to 52 points on Thursday and is now in a neutral state.

Solana led the way with news from the NFT platform OpenSea, which announced in April that it would add support for tokens on the SOL blockchain.

Bitcoin continues to pull back cautiously from its 200-day moving average at $48,200, strengthening ahead of a likely move north. The drop in US stock indices on Wednesday after four days of growth also did not contribute to the positive momentum.

Investors are looking for new ideas

FxPro’s team of analysts highlighted the meteoric growth of altcoins: it is worth paying attention to understand that among cryptocurrency traders there are no fears for the sector, but there are a search for new ideas, away from institutional capital and the eyes of politicians.

There is an influx of stablecoins to centralized platforms, which may indicate investor interest in upcoming cryptocurrency purchases.

According to a survey by blockchain company StarkWare, 50% of Americans see cryptocurrencies as the future of the financial system. According to Morning Consult, over 91% of Americans have heard of cryptocurrencies, with 19% owning digital assets.

Bitcoin miners have earned $3 billion in three months, according to Coin Metrics. ETH miners earned more over the same period, around $3.7 billion.

This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.


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