Today, cryptocurrencies are witnessing significant gains, fueled by Bitcoin's strong performance and its temporary sideways trend around $62,000. While Bitcoin is less than 10% away from its historical highs, smaller cryptocurrencies are benefiting from increased capital inflow into the sector. Some investors are following a well-known crypto market scenario where capital gradually shifts away from Bitcoin and moves into smaller projects like Ethereum, Solana, and Cardano, with the latter two leading today.
Solana, in particular, stands out with a 15% increase. Analysts at Glassnode recently highlighted that altcoins, other than Bitcoin and Ethereum, which are currently having their 'moment,' remained relatively dormant and might experience a broader rebound if market optimism persists. We are witnessing the realization of such a scenario today. Data from the US has reassured investors that inflation will not be a major concern for the Fed, suggesting that rate cuts may be closer than expected. Furthermore, the positive sentiment on Wall Street could positively influence further inflows into ETF funds.
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Source: xStation5
Source: xStation5
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