Bitfinex report: If Bitcoin market share reaches a local peak, altcoins may perform better than the overall market in the coming months
Cryptocurrency exchange Bitfinex stated that altcoins showed resilience during last week's market sell-off, with a decrease in Bitcoin dominance (the proportion of Bitcoin market value to the total cryptocurrency market value) as selling pressure intensified, unlike previous market downturns. Bitfinex believes that if the market capitalization of Bitcoin has indeed reached a local high, altcoins may perform better in the coming months.
In its "Bitfinex Alpha" report released on Monday, Bitfinex pointed out that last week's market downturn pushed Bitcoin prices below the key low of $56711 seen on May 1st, a level that had previously triggered a rapid rebound. The recent sell-off has led to a decrease in leveraged positions, indicating that the market may be approaching local lows.
Bitfinex also pointed out that the correlation between Bitcoin prices and traditional financial markets still exists, and the significant outflow of funds from spot ETFs in the past week indicates that traditional financial investors are reducing their exposure to cryptocurrencies. It is worth noting that since August 27th, the net outflow of Bitcoin ETFs has reached $706.1 million, and the cumulative increase in spot trades (CVD) has shown a downward trend, indicating aggressive selling in the spot market.
At the same time, the altcoin market has shown resilience, with Bitcoin's market capitalization decreasing by 1.3% during last week's intensified sell-off, while all other cryptocurrency assets (excluding the top ten cryptocurrencies by market capitalization) increased by 4.4%. Bitfinex continues to write:
We cannot help but say that this change implies a potential pattern shift, where investors are seeking the value of altcoins, which is different from the typical pattern of investors flocking to Bitcoin during downturns
Bitfinex added that the number of open contracts for altcoins has also dropped by 55% from historical highs, indicating a cold speculative interest and potential exhaustion of sellers. In addition, as a representative of the altcoin market, the ETH/BTC ratio is still below its 365 day simple moving average (SMA), reflecting the overall poor performance of Ethereum (ETH) since its merger.
Bitfinex believes that if the market capitalization of Bitcoin has indeed reached a local high, "we may see a period of altcoins outperforming the market in the coming months, which could lay the foundation for a bullish fourth quarter if macroeconomic pressures ease.
data source
(责任编辑:基金优选)
-
Palantir是一家目前估值200亿美金、号称全球第一的大数据公司,也是大数据公司中第一个独角兽公司。...[详细]
-
这场讨论会的观看人数超过140万人,用户的评论数达到了50万条以上。...[详细]
-
这不仅为99%的女子所咂舌,连寻常男子也难以复制其道路。...[详细]
-
反观我们的产品,在服务商端,他们的确有强烈的转型升级的需求,但是,在企业端,这个方面的管理需求却并不强烈,特别是我们面向的中小企业,对于这样的产品,基本都属于可有可无的状态,或者说它并不是企业的刚需&...[详细]
-
搜索匹配广告系列,其中唯一的目标便是匹配没有进行竞价投放的关键词。...[详细]
-
网易云音乐,乐评+用户+歌曲名的文案呈现方式,能在最短时间里勾起人的回忆,或挑拨其某种情绪,拍照转发也只是顺手的事。...[详细]
-
4.4用户需求分析 手机端精品游戏的需求:随着智能手机的发展和PC机势力的弱化,越来越多的用户拥有着智能手机并且使用时长在增加,然而手机端的游戏目前大多数都还是粗制滥造的,缺少足够多的精品手游;...[详细]
-
从2012年开始,双方共同经历了移动互联网的发展壮大,作为百度联盟的老朋友,风行网深度参与到百度联盟移动互联网的升级转型过程中。...[详细]
-
亿万富翁斯坦利·德鲁肯米勒投资10.27亿美元投资三只低调的股票
一个像SharedCount这样的网站可以快速向你反馈你的网站在社交媒体上的表现如何。...[详细]
-
” 而李宇认为电动汽车分时租赁领域,目前市场正在形成一个良好的教育过程,大量年轻用户愿意接受新能源车,友友用车方面还列举了这个模式的优势: 第一,相比P2P模式,新的分时租赁业务在流程...[详细]