The post Crypto Market Analysis: XRP, Litecoin, and One Altcoin Defy Market Turbulence appeared first on Coinpedia Fintech News
Despite ongoing institutional crypto outflows, the market showcases a silver lining as certain altcoins exhibit remarkable resilience.
Institutional investors continue to approach the crypto market with caution, resulting in five consecutive weeks of outflows. According to the CoinShares’ Digital Asset Fund Flows Weekly Report, investors sold off $32 million in crypto holdings last week, bringing the total outflows to $232 million over the past five weeks.
Bitcoin On The Decline
Bitcoin (BTC) has borne the brunt of the outflows, with investors parting ways with $33 million worth of BTC. This sustained negative sentiment towards Bitcoin has extended over the past five weeks, reflecting cautious market sentiment surrounding the leading cryptocurrency.
Related: Bitcoin Bulls Exhausted! Peter Brandt Predicts Massive Market Shakeup – Coinpedia Fintech News
Surprisingly, even short-Bitcoin products saw minor outflows of $1.3 million, indicating a coordinated skepticism among investors in both long and short-investment products.
These 4 altcoins have displayed resilience and attracted investor attention:
- Avalanche (AVAX): Avalanche has attracted inflows of $0.7 million. As an innovative platform offering high scalability, fast transactions, and robust security, Avalanche presents itself as an attractive investment option in the ever-evolving crypto landscape. In the past 24 hours, Avalanche has risen 28.06% to $14.81 per AVAX.
- Litecoin (LTC): Litecoin has demonstrated resilience with inflows of $0.3 million. With its faster block generation time and lower transaction fees compared to Bitcoin, Litecoin appeals to investors seeking a practical and efficient cryptocurrency for everyday use. The current price is $ 91.97 per LTC. As of now, Litecoin is 78.01% below the all-time high of $412.96.
- XRP: Despite facing regulatory challenges, XRP has seen inflows of $0.2 million. Its potential for facilitating fast and low-cost cross-border transactions makes it an intriguing investment opportunity for those considering global financial integration. The current price of XRP is $ 0.46, XRP is up 5.75% in the last 24 hours.
- Ethereum (ETH): Notably, Ethereum has also showcased its resilience with $1 million in outflows, faring better than Bitcoin. As a leading smart contract platform, Ethereum’s versatility and potential for decentralized applications continue to attract investor confidence. Currently, ETH is trading at $1,701.59 USD down by 9.14% in the last 24 hours.
Diversification: The Key To SuccessThe crypto market offers multiple chances and opportunities to build a diverse portfolio and explore alternative avenues for potential returns. So, what are your picks for this altseason?
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- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
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