Investors Have Switched to Altcoins

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

BTC is going
lower

According to
CoinGecko, the total capitalization of the crypto market grew by 0.7% over the
day, to $2.15 trillion. The dominance index immediately fell by 0.6 points to
41.5% due to the strengthening of altcoins.

Cryptocurrency
index of fear and greed by Thursday rolled back from 55 to 52 points and is now
in a neutral state.

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

Bitcoin
continues to cautiously retreat lower from its 200-day moving average at
$48,200, building up strength ahead of a likely move north. The decline in US
stock indices on Wednesday after four days of growth also did not contribute to
the positive dynamics.

Investors
are searching for new ideas

The FxPro
Analyst Team emphasized the outstripping growth of altcoins: it is worth paying
attention to in order to understand that among cryptocurrency traders there are
no fears for the sector, but there is 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 the interest
of investors in the upcoming purchases of cryptocurrencies.

According to
a survey by blockchain company StarkWare, 50% of Americans see cryptocurrencies
as the future of the financial system. According to Morning Consult, more than
91% of Americans have already heard about cryptocurrencies, of which 19% are
owners of digital assets.

Bitcoin
miners made $3 billion in three months, according to Coin Metrics. ETH miners
earned more in the same time period, about $3.7 billion.

This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.