Following the market revival, crypto investors and traders shifted towards Altcoins rather than Bitcoin – Arcane Research reported.
Bitcoin is reported to experience growth lag in comparison to altcoins. Several indicators show that prominent crypto assets belonging to the altcoins section including Ethereum (ETH), BNB (BNB) and Polkadot (DOT), etc are outperforming Bitcoin (BTC). Clearly this shows the decreasing popularity of BTC among the crypto investors.
Investors are making distance from Bitcoin and are left with the only choice to consider increasing their investments in altcoins. The change in crypto market dynamics are also clearly visible in this way. All these factors combine, pointing towards an indication that bitcoin’s dominance within the crypto space is on decline.
Even last year, altcoins including Ethereum (ETH) were reaching their all time-highs, while dominance of bitcoin (BTC) was experiencing a decline at the time. The possibilities given the current circumstances, it continues to move with the similar space, bitcoin would see more distance from altcoins. While this might not come as any good for the flagship currency, many altcoins would get a chance to regain their dominance in the crypto space.
Arcane Research reported their altcoins Crypto Indexes showing positive outcomes during August month. The index of research firms sees different profits belonging to different categories that is 9% for Large cap, 7% for Mid cap and 5% for Small Cap Index. However, bitcoin could see profits of 2%.
Clearly the predictions for the top currency is comparatively low and becomes a matter of concern. For this, Arcane research reported that the dominance of bitcoin has declined from 47% at the time of its peak in the June month to approx 40% currently. It further noted that with the recovery in the market following the improvement in market sentiment, crypto traders and investors were seen more leaned towards altcoins relative to bitcoin.
Source: https://www.thecoinrepublic.com/2022/08/10/crypto-investors-considering-altcoins-over-bitcoin-for-investment/