Investors are investing in altcoin funds instead of bitcoin
Date: 2023-07-26 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, BUSINESS
From July 17 to July 21, the capital of bitcoin funds decreased by $ 13 million, and the amount of investments in financial instruments based on Ethereum (ETH), XRP (XRP), Solana (SOL) and Polygon (MATIC), on the contrary, increased. Ethereum-based funds were in the highest demand, raising $6.6 million.
The decrease in interest in bitcoin funds occurred against the backdrop of a fall in the level of volatility of the cryptocurrency exchange rate.
According to the Deribit exchange, the amplitude of BTC price fluctuations dropped to a two-year low of 37%. The level of volatility in the price of Ethereum also fell to 37%, but this did not prevent the creators of investment instruments from receiving funding. In this regard, it can be assumed that the outflow of capital from bitcoin funds was not due to a flat.
The investment attractiveness of XRP, apparently, has increased for objective reasons. Recently, the issuer of coins, the firm Ripple, got the upper hand in a lawsuit with the American regulator and achieved a positive outcome for itself, because the XRP tokens were not recognized as valuable papers.
