Crypto Traders Turn to Altcoins as Bitcoin Loses Steam After Impressive Rally ⋆ ZyCrypto

The digital asset market has seen price spikes in recent weeks, with market leader Bitcoin (BTC) moving to a 16-month period following speculation about a possible spot approval of the BTC Exchange Traded Fund (ETF) by the Securities and Exchange Commission (SEC). -Climbed up.

As investor interest in BTC increases again, several altcoins have surged, leading analysts to believe that the crypto winter may be over.

After recouping last year’s losses, Bitcoin rose to a 16-month high and surpassed $35,000 as speculation about a spot ETF increased in the US market. Bitcoin’s rise has since slowed, with the price trading sideways above $36,000.

While enthusiasm for the market leader wanes, several altcoins are posting double-digit gains, attracting both retail investors and institutional traders as the market recovers.

XRP led the altcoin campaign with 11% growth after announcing several deals, from its acceptance in Dubai to its central bank digital currency (CBDC) platform used by the Bank of Georgia and five other countries .

Solana (SOL) is up 9% in the last 24 hours, 17% in the past week, and 87% month-on-month to trade at $48.86. Toncoin (TON) recorded a 3.53% increase in 24 hours, a 16% increase in the last seven days, and a 23% increase month-on-month.

Chainlink (LINK), Polygon (MATIC), and Cardano (ADA) are up 15.85%, 25.21%, and 20.86%, respectively, in the last seven days.

At press time, leading altcoin Ethereum (ETH) is trading at $2,063, up just over 4% weekly, rising after weeks of static prices. When it comes to investment products, Bitcoin continues to dominate the market, but altcoins are also recording new growth.

Altcoin products are winning alongside BTC

A new CoinShares market report shows that institutional investors are turning to altcoins after the broader market recorded $261 million in inflows, marking the sixth straight week of gains.

ETH products saw inflows totaling $17.5 million last week, attempting to recoup losses from previous weeks. Ethereum-based products also experienced exits after the launch of several futures ETFs, leading Solana’s products to lead the altcoin rally.

Despite ETH’s slow wholesale offerings, most asset managers believe it has the greatest growth potential in the cryptocurrency market due to its staking capabilities and increasing decentralized application volume.

On the other hand, Solana was named a favorite of institutional investors after consecutive inflows in the market. Chainlink also recorded $2 million in inflows, bringing total investments in altcoin products to 17% of the entire market.

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