Altcoins Market Share Versus Bitcoin At A 4 Month High: What’s The Trigger?

Altcoins Market Share Versus Bitcoin At A 4 Month High: What’s The Trigger?
фото показано с : newsbtc.com

2023-11-8 05:00

Looking at Kaiko’s data shared on November 7 by Dessislava Ianeva, a Research Analyst at the blockchain analyst firm, it is evident that altcoins market share versus Bitcoin (BTC) has been rising in the past four months, reaching a 4-month high, the highest level since July 2023.

The surge in market share can be attributed to multiple factors but primarily because of the upswing in Bitcoin prices, improving sentiment across the crypto market, and project-related developments that have attracted capital over the past few trading months.

Altcoins Market Share Rising Versus Bitcoin

Kaiko notes that the altcoins market share of the top 30 altcoins stands at 44%, an improvement over the past few trading months. This is a notable expansion considering that altcoin prices, including those of leading coins like Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), and the rest posted sharp losses in 2022. Even though prices continued falling, losses were contained in 2023 but remain lower from 2021 peaks when asset prices surged to record lows. 

Despite altcoins gnawing more market share from Bitcoin, the most valuable coin continues to enjoy multiple advantages, especially from a regulatory standpoint. For instance, the coin has been endorsed by regulators in the United States, Europe, and Canada.

In this line, complex derivatives products, including Exchange-Traded Products (ETPs) and futures, are already listed in Canada, the United States, and some European countries. The spike at the end of July was partly because of the increasing confidence across crypto that the United States Securities and Exchange Commission (SEC) might approve the first Exchange-Traded Fund (ETF).

This confidence follows BlackRock’s decision to submit its Bitcoin ETF application. Due to their track record, market analysts elevated the odds of the strict agency to authorize the first spot in Bitcoin ETF.

Why Are Altcoins Like Ethereum, XRP, And Solana Rallying?

Presently, the upward momentum in Bitcoin has been shrinking but remains at around 2023 high on improving market sentiment. The slowdown in the uptrend coincides with rapidly shifting investor patterns, especially in Solana, XRP, and Ethereum.

To illustrate, the SEC’s decision to approve the launch of the Ethereum Futures product led to more interest in the project, directly supporting ETH prices. At the same time, Solana has been edging higher, even reversing post-FTX losses despite action by FTX estate managers.

There is more on-chain activity on Solana. Meanwhile, regulatory clarity on XRP has seen Ripple double down, striking more partners.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

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Источник: newsbtc.com

altcoins analyst → Результатов: 126


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