As Bitcoin (BTC) Dropped Below $50,000, Investors Flocked to These Altcoins!


The leading cryptocurrency Bitcoin (BTC) it continues to fall, and this decline of Bitcoin does not scare investors the way it used to. While it was seen that altcoins fell much more sharply in previous levels and BTC’s market dominance increased, a much different situation has occurred now.

Is the Rise of Altcoins Over?

During the past few months altcoins indeed, it has experienced an impressive rise and captured Bitcoin’s market dominance. The market dominance of the leading crypto currency declined to 49.5%, the lowest level seen since August 2018, signaling this.

Even in the moments when Bitcoin is in decline I ethereu (ETH) the fact that its price has risen and renewed its all-time record indicates that the altcoin rally is actually underway. BTC is 20% behind the all-time record, while ETH’s record shows that investors are now evaluating the declines by buying altcoins.

Why Are Altcoins Moving in the Opposite Direction?

Thomas Farley, President of the New York Stock Exchange, stressed that the DeFi exchanges have now reached volumes close to the volume of Coinbase. According to Farley, this also shows the interest of the individual investor. It is known that investors mostly prefer altcoins over BTC, and even just this can be cited as the reason for the rise of altcoins.

According to Bybt data, while the Bitcoin price fell sharply, investors flocked to 3 important altcoins, and they, respectively Chainlink(LINK), Band Protocol(BAND) and I ethereu (ETH) It has happened. considering the market deceleration experienced within 24 hours, it is not lost sight that Ethereum (ETH) is the least affected among the top 10 crypto currencies.

The Ones That Withstand the Hard Fall the Most

The DeFi-oriented price flow (oracle) platform Chainlink is also the 12th. although it was next in line, it was one of the least affected crypto currencies while it was in decline. Again, BAND, which has a similar infrastructure, managed to stand even more firmly than Bitcoin with a decline of only 7%.

Looking at the crypto currency market as a whole, it seems that Solana (LEFT) is challenging the crypto currency market precisely with a decline of only 1.7%. SOL’s 24-hour business volume also continues to grow, which indicates that purchases are strengthening. Bitcoin’s market dominance has reached 52% levels and it has been seen that it has increased in the last 24 hours. After this development, it seems that the scene may remain in BTC. BTC price and he saw the $50,000 top again.

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