Investors Shift Focus to Altcoins Over Bitcoin
There has been a shift in investor sentiment that has started a trend toward altcoins, away from the leading cryptocurrency. Known as “capital rotation,” this trend has historically led to gains for prominent altcoins. Layer 1 blockchains experienced significant gains as a result. Cardano (ADA), Avalanche (AVAX), and Algorand (ALGO) saw respective increases of 15%, 33%, and 11%, as per data analyzed by S&P Global Market Intelligence.
While Bitcoin remains the premier cryptocurrency, the increased attention on these alternative digital assets has resulted in a decline in global cryptocurrency market cap. The trading volume within the crypto sphere within the past 24 hours also dipped. Stablecoins continue to dominate the market’s trading volume.
Top Trending Crypto Coins: PEPE and CRESO
Pepe (PEPE) and Creso (CRE) are among the top-trending cryptocurrencies. They have maintained commendable market performance over the past, despite facing a substantial pullback. Pepe saw a notable surge past a resistance zone, while Creso is actively trading across decentralized and centralized exchanges.
Meanwhile, Peapods (PEAS), a newly minted cryptocurrency, has debuted on prominent exchanges.
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