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The current momentum in the altcoin world has reached a notable crescendo, according to insights from James Mullarney of InvestAnswers. In a recent analysis, Mullarney underlines the significant shift we’ve seen over the last month from Bitcoin dominance to an altcoin surge. Top 50 altcoins, he notes, have impressively outperformed Bitcoin in the past 30 days.
The Money Trail in Crypto
By examining various factors such as on-chain data, asset performance, and money flows, a persuasive narrative of altcoin ascendancy emerges. Significantly, Mullarney underscores that the primary monetary inflow is now directed towards altcoins rather than Bitcoin.
The figures support this assertion: there have been 13 million dollars of outflows from Bitcoin, while short Bitcoin products also saw outflows, a trend that has been consistent for 13 weeks in a row.
In the altcoin uptrend, a few stars shine brighter. Ethereum has seen inflows amounting to 6.6 million dollars, indicating a resurgence in sentiment. XRP and Solana (SOL) also bask in the glory of success, with inflows of 2.6 million and 1.1 million respectively.
Polygon (MATIC) isn’t far behind, boasting a healthy 700,000 dollars. This promising financial trend extends to other names in the industry, such as Uniswap, even as Cardano maintains a steady position.
Delving deeper, Mullarney highlighted the ETF approval play, focusing on the GBTC discount which, despite losing steam and currently sitting at 27.5%, shows promise.
The GBTC has outperformed Bitcoin year-to-date with a whopping 124% gain compared to Bitcoin’s 72%, suggesting optimism about the eventual approval of a Bitcoin ETF, with BlackRock potentially leading the way.
The altcoin season has seen a wide array of coins like Maker, Monero, XRP, Solana, Synthetix, and Chainlink performing exceptionally well over the past month.
On the other hand, certain coins such as Stacks, Algorand, Apecoin, Aptos, Elrond, and ICP, that were either overvalued or lacked potential, have seen a decline.With the spotlight now firmly on altcoins, it would be interesting to observe the consequent changes in the crypto landscape.