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Home CRYPTO

ETH and XRP Stake their Claim Following Bitcoin’s Weakening Dominance

by BlockNews Team
July 27, 2023
in CRYPTO, FINANCE, INVESTING
Reading Time: 3 mins read
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  • Ether (ETH) and Ripple (XRP) are emerging as popular investment options, while Bitcoin (BTC) experiences a slight decline in interest.
  • CoinShares’ recent research reveals a shift in cryptocurrency investments, with Bitcoin witnessing its first week of outflows since June.
  • Despite a small setback, Bitcoin remains dominant with $25.0 billion in assets under management, even as it faces competition from Ether and XRP.

The landscape of the crypto market is ever-evolving, and in this latest chapter, Ether (ETH) and Ripple’s XRP are making notable strides. They are chipping away at Bitcoin’s dominance, which has been seeing a bit of a stumble recently. The week closing on July 21 witnessed this shift, with Bitcoin-oriented investment products experiencing a slight decrease in appeal.

This trend was highlighted in a study released by CoinShares’ Chief of Research, James Butterfill, on July 24. The report detailed an outflow of $13 million from Bitcoin investment commodities, bringing an end to a five-week streak of favorable influx.

In stark contrast, Ether and XRP attracted a collective $9.3 million inflow during the identical timeframe. Ether emerged as the top performer, drawing in $6.7 million, thereby outshining all other crypto-based investment products. XRP trailed with an impressive inflow of $2.6 million. Rising stars of the altcoin scene, Solana (SOL) and Polygon (MATIC), also enjoyed inflows of $1.2 million and $0.8 million, respectively.

However, it’s not time for Bitcoin’s eulogy just yet. With a remarkable $558 million of inflows in this year alone and an impressive $25.0 billion of assets under management, Bitcoin still holds a firm grip on the market, boasting a market share of 67.7%. That being said, its price has seen a 3.1% dip over the past day, settling at a current value of $29,208.

In the background, a number of influential financial corporations have petitioned the SEC for Bitcoin spot Exchange Traded Fund (ETF) provisions over the last month. These companies comprise of heavy hitters like BlackRock, Fidelity, ARK Invest, Valkyrie Investments, Galaxy Digital, WisdomTree, VanEck, NYDIG, and SkyBridge. Their actions represent continued confidence in Bitcoin’s future, hinting at a potential recovery.

Bitcoin’s Dominance Wavers, Altcoin Season Could Be Approaching

The dominance of Bitcoin – its share in the total market capitalization of all cryptocurrencies – plays a vital role in shaping investor behavior. When Bitcoin’s stake is high, it signals a preference for the pioneer cryptocurrency over its counterparts, known as altcoins. 

However, a recent dip in Bitcoin’s dominance indicates a shift. Investors are diversifying their portfolios, driving the popularity and value of altcoins upward. This shift typically ushers in what market experts dub as the “altcoin season” – a period of high performance for altcoins that often outpaces Bitcoin. This is triggered by multiple factors such as new project developments, changes in market sentiment, and strategic investment reallocations. As Bitcoin’s dominance wanes, the investment community keenly watches the rise of the altcoins, heralding a potential new season of opportunity in the crypto market.

Tags: Bitcoinethereumxrp
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