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 that they would add support for tokens on the SOL blockchain in April.

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 emphasised 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.

About the author

Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.