Altcoin Aversion: Why Bitcoin And Stablecoin Dominance Is On The Rise

Bitcoin and the crypto market are back in the red. The first crypto by market cap records a 2% loss in the last 24-hours and could push other digital assets into critical support zones. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 At the time of writing, Bitcoin is one of the best-performing assets in this ranking only surpassed by Binance Coin (BNB) and Ethereum (ETH), according to data from Coingecko. BTC’s price trades at $37,600 with a 7% loss over the past week. After a major outage to its network, Solana (SOL) records a 16% loss and stands as the worst-performing cryptocurrency by market cap. Terra’s native cryptocurrency LUNA closely follows with a 15.5%. These losses seem small when compared to other cryptocurrencies in the top 100 by market cap. Tokens that were higher in the ranking, like Shiba Inu (SHIB) and Avalanche (AVAX), now record as much as 20% losses in one week alone. According to a recent report from Arcane Research, smaller cryptocurrencies have been underperforming in the current market conditions. Investors seem to be fleeting to “safety” as the appetite for risk decreases pending a potential 50 basis point increase from the U.S. Federal Reserve (FED). While Bitcoin and larger cryptocurrencies have been showing a correlation with a 16% loss for April, Arcane Research’s small-cap index and mid-cap index are trending lower. The former record a 30% loss while the latter ...