Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin Slips as Altcoins Find Favor Amid Historic $2tn Milestone

Published 2021-04-06, 03:57 p/m
Updated 2021-04-06, 04:04 p/m

By Yasin Ebrahim

Investing.com – Bitcoin stuttered Tuesday, as the wave of new funds coming into the market that took the overall market cap above an unprecedented $2 trillion appears to be hunting down opportunities in other cryptocurrencies showing healthy momentum.

BTC/USD fell 1.42% to $58,259 and is down about 1% over the past seven days.

BTC's dominance rate – the ratio of BTC market cap over total market cap – fell to 55%, it's lowest level since June last year, according to CoinMarketCap, as the influx of new funds found its way to red-hot cryptocurrencies like ether and Binance's BNB.

ETH/USD rose 0.58% to $2,117.2, gaining more than 15% over the past seven days, on growing demand for ether, used to power the Ethereum network, the technology behind the emerging blockchain-based technology such as decentralized finance, or DeFi, applications and non-fungible tokens, or NFTs.

BNB/USD was up 5% to $391.8, with gains of about 31% over the past seven days, and its market cap has more than quadrupled over since hitting a trough in January.

BNB, used on Binance, the largest cryptocurrency exchange by volume, has risen to the third most valuable crypto by market cap as the ongoing appreciation in crypto continues to attract more users to the platform.

Yet, despite the rising interest in altcoins, bitcoin is expected to reign supreme for the long haul, backed by demand from big institutional investors and ongoing signs that long-term demand remains intact.

Goldman Sachs (NYSE:GS) reportedly will soon jump into bitcoin, creating a new Digital Assets Group within its private wealth management division, Barron's reported, citing a memo that was delivered to employees of the bank.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.