The BTC has not changed much, while the large cap counterfeit currency has increased by 5% -10% due to the expansion of the cryptocurrency market.An analyst said that the decline in Bitcoin's dominant market value indicates that investors have a higher risk in their market stance
- The BTC has not changed much, while the large cap counterfeit currency has increased by 5% -10% due to the expansion of the cryptocurrency market.
- An analyst said that the decline in Bitcoin's dominant market value indicates that investors have a higher risk in their market stance.
- ByteTree analysts hinted at early signs of a potential competitive currency season, increasing the weight of counterfeit currency in their investment portfolio at the expense of BTC.
The alternative cryptocurrency, Shanzhai Coin, rose 5% -10% on Monday, while Bitcoin (BTC) hovered around $35000 as investors ventured into riskier tokens.
Following last week's key approvals for the company to operate and provide services in Georgia and Dubai, Ripple's XRP rose nearly 10% on the same day and surpassed Coin An's BNB to become the fourth largest cryptocurrency by market value.
Other large-scale digital assets, such as the native tokens Cardano (ADA) and Avalanche (AVAX) of the first layer network, the popular meme token Dogecoin (Doge), the tokens of Chainlink (LINK) of the oracle network, and the tokens of UniSwap (UNI) on the decentralized exchange, have increased by 5%, up from -6% in the past 24 hours.
The irreplaceable token (NFT) market, Blur's token (BLUR), rose 32% today, with prices more than doubling in a month. The platform is preparing to airdrop 300 million tokens to users on November 20th.
Meanwhile, Bitcoin has been trading in a narrow range of $35000 on Monday. Ethereum (ETH) has also remained almost unchanged.
The CoinDesk Market Index (CMI) of a basket of cryptocurrencies rose 0.6%.
Bitcoin's decline in dominance triggers the arrival of the competitive currency season
The excellent performance of the competitive currency (although only lasting for a few days) may indicate that traders will continue to shift the profits of BTC, which rose by about 30% in October, towards low market value digital assets.
According to TradingView data, Bitcoin's market value dominance, which measures the market share of the largest cryptocurrency asset in the total cryptocurrency market value, has dropped from around 54.3% at the end of October to 52.5% on Monday, a 30 month high at that time.
Matteo Greco, a research analyst at Fineqia International, said in an email: "After five consecutive weeks of gains, the decline in dominant position marks the first sign of increased investor interest in counterfeit coins, indicating greater market stance risk
Investment consulting firm ByteTree suggests that the early stages of the 'counterfeit currency season' - a period when the broader competitive currency market outperformed BTC prices - provide a more supportive risk asset environment as the market breadth of cryptocurrency rebounds and the Federal Reserve's interest rate hike cycle may end.
ByteTree analyst wrote, "Today, we made the most significant investment in counterfeit currency for some time." "Bitcoin has risen, and space is catching up
The company added Layer 1 protocol NEAR tokens (NEAR), Bitcoin based smart contract platform Stacks (STX), LINK, and XRP to its model portfolio by reducing the weight of BTC.
According to data from the Blockchain Center, although the rise of BTC has spread to counterfeit coins, its growth is still not widespread enough for the mature competitive currency season.
Among the top 50 digital assets, approximately 57% have outperformed BTC in the past 30 days, and 33% have outperformed BTC in the past 90 days, which is lower than the 75% Threshold # BTC in the competitive currency season#
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