Smart Money Sells Bitcoin and Moves To These Altcoins! Here is the List –

Ever since Sam Bankman Fried’s exchange, FTX, went bankrupt, there has been a lot of fear in the crypto market. So much so that with the revival of risk, cryptocurrencies separated from traditional markets. Still, the dominance rate of Bitcoin (BTC) has shown interesting results. The share of the largest cryptocurrency in the total crypto market would rise sharply in times of stress. But it has now held steady at around 40 percent, contradicting its record. According to observers, the stagnant dominance rate represents various developments, including the exit of investors from the market. Here are the details…

People are leaving the cryptocurrency market

Wes Hansen, director of commerce and operations at crypto fund Arca, said, “Bitcoin has not performed well in recent months due to its downward move. That’s why investors no longer see it as a safe haven.” Hansen also used the following statements:

More generally, the events of November 2022 have shaken the confidence of many investors in this space. In previous cycles, investors would turn to BTC to protect the downside when the market fell. But due to the scale of the scandals this year and the far-reaching effects, many investors are not switching to BTC because they are leaving the space altogether. As we reported, the collapse of FTX was the largest in a series of major crypto-related failures. It even knocked out several funds, including the crypto lender BlockFi. Bitcoin has the most liquidity. It is the least volatile of all cryptocurrencies except stablecoins. For this reason, investors tended to move money to BTC when they were not very sure about cryptos.

No more safe haven status for Bitcoin?

The Fed’s hawkish turn and Terra’s boom led to a crash in the broader crypto market. Thus, investors took refuge in Bitcoin in the first half of this year. The safe-haven offer for Bitcoin increased its dominance rate from 39 percent to 48 percent. A similar spike was present during the market crash in May and June 2021 and in the 2018 bear market. This time, however, investors are switching to cash. According to Hansen, registered investment advisors (RIAs) were the largest group to leave the crypto market at this point.

According to Richard Rosenblum, co-founder of crypto trading firm and liquidity provider GSR, holding stablecoins, which are cryptocurrencies with fixed values ​​in an external asset like the US dollar, is currently a better option for investors. Rosenblum used the following statements:

There are many risks, including those from macro markets and the perceived risk of holding post-FTX crypto on an exchange. Compared to eventually switching to BTC, which is still a volatile asset, the transition to stablecoins is the most defensive stance.

The most popular stablecoins include Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), Pax Dollar (USDP), TrueUSD (TUSD), USDD (USDD), Gemini Dollar (GUSD) .

Institutional Investors buy these 2 altcoin projects and sell 4!

It is normal for users to exit the market

However, Rosenblum pointed out that it is normal for people to leave the market during a prolonged price volatility. He stated that this does not mean the end of the world. He warned not to scrutinize the dominance ratio too much. “It would be an oversimplification to look at dominance as a metric on its own. It had more meaning in 2017 or 2018. “There is now much more component in both crypto and how other asset classes and events affect the space.”

Bitcoin no longer represents a major development happening in the crypto industry as it was in 2018 and before. Exactly four years ago, during the peak of the 2018 bear market, Bitcoin’s share of the overall crypto market was 59.4 percent versus 40 percent at the time of writing.

4 Analyst: Bitcoin Is At These Levels In The Months To Come

Expert Noelle Acheson expressed a similar view in a note to subscribers over the weekend. “It is possible that BTC has not outperformed other crypto assets,” Acheson said. Because investors have largely left the market instead of returning to relative safety,” he said. Acheson added that the strange behavior of Bitcoin’s dominance rate during the ongoing market turmoil tells us that the market composition has changed for the better. “Bitcoin is still by far the main asset, but the volatility of its character is weakening,” Acheson said.

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