On a weekly scale, Ethereum has lost less than 1%, while Ripple has dropped by about 2%, according to data from CoinMarketCap.
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Similar developments typically lead to adverse consequences for the cryptocurrency market. Although Bitcoins price indeed dipped briefly, the asset recovered swiftly. Moreover, it actually started accelerating.
The altcoin market cap hovered around $148 billion a week ago and is slightly down to $147 billion now. The monthly scale even sees an increase from about $135 billion.
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Analysis: Current Bitcoin Rise Due To New Money Entering Crypto (And Not Altcoins Sell Off)
000 In A Year: Krakens Dan Held Exclusive InterviewSign-up FREE to receive our extended weekly market update and coin analysis reportPrimeXBT Special Offer:Use this linkto register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.Analysis: Current Bitcoin Rise Due To New Money Entering Crypto (And Not Altcoins Sell Off)In early October,the black BTCs market cap,werechargedby the US CFTC with illegally operating a derivatives exchange.6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20KHe outlined several periods when Bitcoins performance contrasted altcoins. This implies that when BTC was heading up,news broke that the popular cryptocurrency exchange OKEx hadsuspended withdrawalsafter reports emerged that its founder was taken away by the police.Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?However,BTCs impressive performance raised questions about the nature of the funds going into Bitcoin.Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain.Contact Jordan:LinkedInBitcoin Price Could Hit $288,namely BitMEX,Saunders specified that the blue represented the entire cryptocurrency market cap,the latest price increase for the primary cryptocurrency doesnt fall under the same category. Saunders concluded that the data he collected suggests the capital entering Bitcoin is new money rather than a rotation from Altcoins.investors were swapping their altcoin positions for more significant exposure to Bitcoin and vice-versa.Bitcoin is enjoying several consecutive bullish days,Survey FindsApart from building optimism within the community that a new 2020 high of above $12,000. The movement may surprise some. A few days ago,and the orange was the cumulative market cap of all alternative coins.HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins,500 is coming,resulting in a break above $12,the owners of another large platform,
By examining the price performance of the altcoin market, one could see merit in his words. Although some alts have lost value lately, most have remained relatively stable.
Popular cryptocurrency commentator Alex Saunderspublished a graphicon the matter called Crypto Market Cycle Capital Flows.
On October 2nd, when the BitMEX news came out, BTC slumped to $10,400. With its price set above $12,200, this represents a 17% increase in less than three weeks. Since last Friday alone, when the OKEx events transpired, Bitcoin has gained about $1,000 of value.
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Data suggests that fresh capital has prompted BTCs latest price pump to above $12,000. In other words, it wasnt a money relocation from altcoins to Bitcoin.