Bitfinex report: If Bitcoin market share reaches a local peak, altcoins may perform better than the overall market in the coming months
Cryptocurrency exchange Bitfinex stated that altcoins showed resilience during last week's market sell-off, with a decrease in Bitcoin dominance (the proportion of Bitcoin market value to the total cryptocurrency market value) as selling pressure intensified, unlike previous market downturns. Bitfinex believes that if the market capitalization of Bitcoin has indeed reached a local high, altcoins may perform better in the coming months.
In its "Bitfinex Alpha" report released on Monday, Bitfinex pointed out that last week's market downturn pushed Bitcoin prices below the key low of $56711 seen on May 1st, a level that had previously triggered a rapid rebound. The recent sell-off has led to a decrease in leveraged positions, indicating that the market may be approaching local lows.
Bitfinex also pointed out that the correlation between Bitcoin prices and traditional financial markets still exists, and the significant outflow of funds from spot ETFs in the past week indicates that traditional financial investors are reducing their exposure to cryptocurrencies. It is worth noting that since August 27th, the net outflow of Bitcoin ETFs has reached $706.1 million, and the cumulative increase in spot trades (CVD) has shown a downward trend, indicating aggressive selling in the spot market.
At the same time, the altcoin market has shown resilience, with Bitcoin's market capitalization decreasing by 1.3% during last week's intensified sell-off, while all other cryptocurrency assets (excluding the top ten cryptocurrencies by market capitalization) increased by 4.4%. Bitfinex continues to write:
We cannot help but say that this change implies a potential pattern shift, where investors are seeking the value of altcoins, which is different from the typical pattern of investors flocking to Bitcoin during downturns
Bitfinex added that the number of open contracts for altcoins has also dropped by 55% from historical highs, indicating a cold speculative interest and potential exhaustion of sellers. In addition, as a representative of the altcoin market, the ETH/BTC ratio is still below its 365 day simple moving average (SMA), reflecting the overall poor performance of Ethereum (ETH) since its merger.
Bitfinex believes that if the market capitalization of Bitcoin has indeed reached a local high, "we may see a period of altcoins outperforming the market in the coming months, which could lay the foundation for a bullish fourth quarter if macroeconomic pressures ease.
data source
(责任编辑:游戏)
- ·梳理以太坊基金会公开支出:已发放1.7亿美元项目资助成预算“大头”
- ·10月31日浦银安盛港股通量化混合C净值下跌0.64%,近1个月累计下跌3.9%
- ·稳岗补贴用于缴纳社会保险的会计处理
- ·10月31日安信优质企业三年持有混合C净值下跌0.58%,近1个月累计下跌3.76%
- ·10大国内比特币平台排行 加密货币交易平台top10
- ·10月31日鹏华改革红利股票净值增长0.33%,近3个月累计上涨17.04%
- ·如何使用ENS域名?ENS域名注册教学
- ·meme币交易中心手机端下载平台 meme币交易中心官方版
- ·世界数字货币交易平台-
- ·10月31日前海开源医疗健康A净值下跌1.77%,今年来累计下跌19.51%
- ·台风是什么地区的什么-台风是什么地区的什么风暴
- ·10月31日招商量化精选股票A净值增长0.60%,近3个月累计上涨16.26%
- ·牛市不牛?DeFi 老研究员带你从数据看市场现状
- ·英洛华:拟收购全方科技100%股权交易价1.2亿元
- ·新浪模拟股票-新浪模拟股票网
- ·盈链价格
- · ok币
- · okx官方
- · 欧易最新版本
- · 亿欧app下载
- · 虚拟货币交易平台排名
- · 虚拟货币交易
- · 欧易开户
- · okcoin下载官方app
- · 欧亿交易所怎么样。
- · okx网页版