Investors and traders have recently expanded their attention from bitcoin to altcoins such as ethereum and binance coin. Ethereum has experienced a large increase in value in recent days, while BNB, Binance’s coin, has also risen considerably. A diversification from bitcoin to altcoins is normal in a bull market, but other factors such as a possible ethereum spot ETF also influence the shift of money.
Bitcoin is having trouble maintaining its price
Over the past week, bitcoin’s value fell 2.8%, struggling to stay above $52,000. The bears eventually gained the upper hand, leading to a drop in the bitcoin price to $50,869.16, which is a 2.2% decline from seven days earlier.
Ethereum and BNB continue to rise
Meanwhile, Ethereum and Binance Coin have shown resilience and growth. The value of ethereum today stands at $2,934.45, which is an increase of 5.1% from the last week, while the current price of binance coin is $374.85, despite a slight decline in the last 24 hours.
The total cryptocurrency market capitalization remains stable at $2.05 trillion, with bitcoin’s market dominance at 48.77%. Furthermore, the market has seen significant activity with cryptocurrencies such as Solana, XRP and Avalanche experiencing fluctuations, and Uniswap experiencing a sudden surge following a proposed governance change.
Increased selling pressure from miners
Notable developments also include bitcoin miners transferring a significant amount of BTC to over-the-counter trading platforms, suggesting they plan to sell some of the cryptocurrency on the open market.
Overall, the crypto market maintains its upward trend, albeit with some delay. Continued inflows into Bitcoin ETFs indicate significant institutional demand, demonstrating the continued appeal of cryptocurrencies as an investment class. As the bull market develops, the focus is increasingly on portfolio diversification, with Ethereum and Binance Coin emerging as prime investments.
Source: https://bitcoinmagazine.nl/nieuws/niet-bitcoin-maar-ethereum-en-binance-coin
