Top Analyst Is 'Shocked' At The State Of The Altcoin Market, Highlights Weakness Against Bitcoin, Ethereum
Portfolio Pulse from Khyathi Dalal
Crypto analyst Miles Deutscher highlights the weakness of the altcoin market against Bitcoin and Ethereum, attributing it to altcoin dispersion, inflows into BTC and ETH spot ETFs, and liquidity moving towards meme coins. He advises focusing on quality assets and taking profits during market rotations.
August 02, 2024 | 5:49 pm
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POSITIVE IMPACT
Bitcoin is maintaining a strong position in the market, with a 5% increase over the past 30 days. Inflows into spot ETFs for BTC are contributing to its strength.
Bitcoin's strong performance and inflows into spot ETFs indicate a positive short-term outlook. The analyst's observations suggest continued strength for BTC.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Solana has experienced a 10% increase over the past 30 days, showing relative strength in the altcoin market.
Solana's recent performance indicates relative strength in the altcoin market, suggesting a positive short-term outlook.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
XRP has seen a 19% increase over the past 30 days, indicating strong performance in the altcoin market.
XRP's significant increase suggests strong performance in the altcoin market, indicating a positive short-term outlook.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Ethereum has seen an 8% decline over the past 30 days but remains a strong player in the market. Inflows into ETH spot ETFs are noted as a contributing factor.
Despite the recent decline, Ethereum's position in the market remains strong due to inflows into spot ETFs. The short-term outlook is neutral.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80