Bitcoin đang ngày càng bị thất thế trước Altcoin và Sh*t coin

Bitcoin is increasingly losing ground to Altcoins and Sh*t coins

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In the last week, the altcoin market has pumped more than $500 billion, bringing the total crypto market capitalization above $2.5 trillion. Ethereum (ETH), Binance Coin (BNB) and Dogecoin (DOGE) have been the top performing cryptocurrencies in the crypto market while Bitcoin (BTC) has been sideways for a long time.

As Altcoins continue to expand their market dominance, Wall Street investors are worried about Bitcoin’s declining market dominance. BTC Dominance From more than 70% at the beginning of 2021, this number has now dropped to less than 44%.

Strategists at JPMorgan Chase & Co and DataTrek Research LLC call this a warning sign of “the rise of altcoins.”

JPMorgan chief strategist Nikolaos Panigirtzoglou has noted that Bitcoin’s waning dominance is like “Froth”.

“The recent growth of Altcoins has been driven more by increasing demand”

“Well, it is clear that Ethereum has consistently dominated over Bitcoin in terms of profit percentage. Earlier in the week, Ethereum hit an all-time high above $4,150, extending its year-to-date gains to a whopping 480%. On the other hand, BTC’s annual return is just over 100%.”

See the chart below to know ETH price How it rose against Bitcoin:

bitcoin and ethereum

Investors feel comfortable with Altcoins

Some Wall Street analysts believe that Bitcoin’s market dominance is waning because more investors are getting comfortable with investing in altcoins.

While this is true at the moment…the reality is that institutional investors are still interested in Bitcoin.

DataTrek’s co-founder, Nicholas Colas, notes that “Historically, Bitcoin has bounced back quite strongly whenever its market dominance gets closer to 40%.”

“With over 2 trillion USD currently poured into the Crypto market…even if you don’t invest in this market, this is a number worth noting, which shows that the attraction of the Crypto market is growing. to what extent” he added.

Meanwhile, CryptoQuant CEO Ki-Young Ju said that “BTC’s estimated leverage has cooled down.”

The CryptoQuant CEO added that Bitcoin’s Exchange Whale Ratio (EWR) is still below 85%, which shows that we are still in a bull market.

Cryptocurrency data analyst, Martin Luther, said that Bitcoin is increasingly losing ground to Altcoins and Sh*t coins, especially he emphasized about Sh*t coins:

“Recently, Bitcoin is being forgotten by investors, instead the money flow is focused on newly launched coins, for example, there is Shiba, Akita or PIG… these are all coins that have increased. very strong growth in the last few days despite the volatility of the market”

“I don’t understand…really don’t understand, a lot of people I know have exited their positions of Bitcoin and top Altcoins to invest in cryptocurrencies like this, may I call them sh* t coins, many of the coins that I consider them to have no background or application, but have a huge increase, the capitalization is up to billions of dollars.”

“So why are people pouring money into it?, I think many people are being attracted by FOMO, attracted to zeros.”

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