Bitcoin is having a tough time staying below the $100,000 mark. However, altcoins are presenting trading opportunities.
On Friday, November 20, Bitcoin came close to the $100,000 target, missing it by less than $500. But after that first try at reaching that level, its price has gone down. By Thursday, November 28, it had dropped nearly 5% to $95,719.
This week, institutional investors have been taking their capital out of Bitcoin ETFs. Data from Farside Investors shows that there were outflows of $435.30 million on Monday and $122.80 million on Tuesday.
As Bitcoin’s price stabilizes and altcoins from past bull markets start to go up in value, institutional investors are changing their focus. They are now looking more at Ethereum and other alternatives that might bring higher returns in the coming weeks.
Altcoins such as Cardano, Ripple, Stellar, and metaverse tokens like Decentraland and The Sandbox have seen a big increase in trade volume this week on centralized exchanges. The South Korean cryptocurrency exchange Upbit had several days in a row where the trade volume of metaverse tokens’ fiat pairs and altcoins from the 2021 bull run went up.
Data from 10xResearch noticed this increase and showed which altcoins were involved in the chart below. Usually, trading activity on South Korean exchanges is seen as a sign of what might happen in spot trading on centralized exchanges all around the world. Altcoins like Sei, Polkadot (DOT), and Dogecoin are also becoming more important among market participants.
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