As Bitcoin and Ethereum both swing back and forth above and below critical psychological balance numbers – $40,000 for Bitcoin and $3000 for Ethereum – some analysts are contending that institutional buyers are looking elsewhere for new coin investments.
“Institutional investors have now fully turned their attention to fast-rising altcoins in the market,” writes Best Owie at NewsBTC. “This is evidenced by the inflows that some of these altcoins saw over the past week. While the amount of inflow coming into the market has not been to previous high levels, the share that went to these altcoins has been higher.”
As for which specific all kinds are enjoying these inflows, Owie specifies Solana and a few other choices: Terra, Avalanches, and Algorant.
“Not only did these altcoins see good inflows, but they also took up a majority of the inflows that were recorded for the week,” Owie writes. “Notable inflows include $1.8 million for Avalanche, $0.8 million for Solana, $0.7 million for Terra, and $0.2 million for Algorand. In total, these altcoins together brought in inflows of $3.5 million at a time when outflows are the order of the day for larger digital assets.”
What else is hot right now?
“It can be said that altcoins have now established their own market and they have been able to create an alternative to Bitcoin and other major cryptocurrencies which many investors are beginning to profit from,” writes Martina Zammit at Cryptimi, adding coins like Chainlink, Litecoin and Uniswap to the list.
Aaron S. at BitDegree adds others, including Cardano (ADA).
“Cardano is one of the newest cryptocurrencies but it has still managed to become one of the top altcoins with a market capitalization of $8.86 billion,” he writes. “While it has not given as high returns as other top coins, it is still popular among investors and developers because of its promise of building a highly robust blockchain that offers advantages over Ethereum.”
What’s on your altcoin