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Tuesday, August 9, 2022

Altcoins May Perform Better And Push Down BTC

All cryptocurrencies other than Bitcoin are known as altcoins. These cryptocurrencies have risen to popularity in the digital currency industry and have established themselves as key participants. Investing in these altcoins is a fantastic way to diversify your portfolio and avoid being too reliant on a single cryptocurrency.

During the New York trading day, Bitcoin (BTC) fell from a high of $30,658 as purchasers stayed away. The cryptocurrency has gained 3% in the last week but has been unable to beat the bulk of rival cryptocurrencies (altcoins).

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Over the last 24 hours, Internet Computer’s ICP token has lost 10% of its value, compared to BTC‘s flat performance.

Altcoins’ Performance Have Been Steadily Improving

On Friday, Avalanche’s AVAX token and Solana’s SOL token both fell by 4%, while Polkadot’s DOT token increased by 4%.

The bitcoin Fear & Greed Index has dropped in recent days, indicating that crypto traders’ sentiment is still pessimistic. The indicator sank deeper into the “severe dread” area, akin to what happened in January of this year, just before BTC’s price began to rise.

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Nonetheless, technical indications imply that bitcoin’s upside is restricted, notably around its 50-day moving average, which is now at $34,177. The  S&P 500 and Nasdaq fell on Friday even as the 10-year Treasury yield moved higher in conventional markets.

Gold was also down on Friday, and is down 5% in the last three months, compared to a 25% drop in Bitcoin and a 4% drop in the S& P 500. The crypto market may conclude the week reasonably flat but down for the week, stretching its losing skid to an all-time high of nine weeks. Cardano (ADA) and Stellar (XLM), for example, were in the green this week, but both had 50 percent to 70 percent of their gains wiped out.

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