Bitcoin Price Stagnates, Altcoins See Brighter, Why?
Bitcoin experienced a slight decline on Thursday, dropping 0.6% to $102,775.6. This decline occurred amid slow capital inflows from institutional investors, despite the end of the lengthy US government shutdown, providing a slight boost to market risk appetite. While some altcoins experienced a modest recovery, Bitcoin appears to be struggling to continue its upward movement.
Data shows that fund flows to Bitcoin ETFs continue to be negative, with nearly $278 million outflows on Wednesday and a total of $1.2 billion outflows in the first week of November. This outflow follows a major drop in crypto values last October, which shook institutional confidence in the crypto market. This led to a lack of capital needed to push Bitcoin prices higher.
Furthermore, the slow price movement has also discouraged retail traders. Bitcoin, which was previously attractive to speculative investors due to its volatility, no longer shows significant price spikes. Bitcoin's price has also struggled to break through $110,000 since early October and remained below $105,000 throughout November, even dropping below $100,000.
Meanwhile, several altcoins showed positive movement. Ether rose 2.6% to $3,530.65, and XRP rose 4.8%. This suggests that the crypto market is favoring several coins other than Bitcoin, which has been hampered by a lack of interest from large investors and stagnant price movements. (asd)
Source: Newsmaker.id
