Last chance to keep up with the growing market
The market is more favorable than ever for investing in digital assets. While BTC resumed its growth after a prolonged flat movement, its dominance declined and the inverters’ attention turned to altcoins. Alternative coins are going to keep up to another bullish rally. That is why it’s important to hurry to invest in alts in a growing market.
Market review
At the beginning of the last week of August, the exchange rate of the BTC/USD pair on the Bitstamp platform fell by $2,000 to $46,700 in only a few hours. This local drop led to a push the coin to the $48,000 level, but the bulls couldn’t gain enough power to attack the $50,000 mark. BTC keeps its flat trend, holding above the 200-day moving average at around $46,000.
At the August end market analysts mostly keep their optimistic mood, despite the fact the BTC price movement didn’t show any significant market activity. While some observers noted a noticeable accumulation at current levels, the coin is keeping within a limited range until the end of the month, as investors prefer altcoins.
Altcoins
The leaders in terms of growth rates among altcoins at the end of the summer were Solana (SOL) and Polkadot (DOT). SOL continued to update its local highs, adding 19% over the day, while DOT increased only by 9.2%. The daily ETH growth was 5%, the coin value exceeded $3,350, which allows us to describe the market as generally bullish.
According to the report of the analytical service CoinShares, BTC-based investment products show the fund outflow for the eighth week in a row totaling $3.8 million, at the same time, products based on alternative coins continue to attract fresh capital.
For the week ended on August 27, the net capital inflow into altcoin-based crypto funds amounted to $24 million, which is about $3 million higher than in the previous week. Funds that invest in Cardano received an inflow of $10.1 million over the past week, while the coin price has doubled over the past month.
Lukas Enzersdorfer-Konrad, Bitpanda company CBO also pointed out the growth of the key altcoin on the blacktop of BTC consolidation, which may reflect the desire of investors to increase their risk.
‘Altcoin Season Index’ which tracks the relative performance of alternative cryptocurrencies over the past 30 days, shows a clear bias towards altcoins. However, on the annual chart, the performance of altcoins is still catching up with BTC’s one.
In August, the well-known indicator ‘Fear & Greed Index’ reached extreme levels, which can be considered as of the signs of a possible closing correction, although historically the market may keep its positions for several months before a trend change.
According to a Bloomberg report, forward BTC contracts trading with an 8.37% premium compared to the spot price, while monthly forward BTC future contracts have a premium of only 6.58%. It may indicate altcoins ‘challenge the BTC dominance in the cryptocurrency industry’.
See also: Visa Infinite from Weld
In particular, investors’ ETH demand is growing. Open interest in ETH contracts increased from less than 0.1 to almost 0.3 in the summer amid institutionals attention. In many ways, the ETH demand growth was facilitated by the London hard fork, which occurred in early August. At the same time, the real benefits of the upgrade will be proved when the coin will become deflationary after a future network upgrade, which is expected in the coming year.
It won’t be cheaper anyway?
All these factors indicate the autumn is more than ever a favorable moment for investing in alternative coins. It probably won’t be cheaper anyway. Weld of Weld Money project is expected to be one of the promising coins. After closed pre-sale for early investors, the company plans coin IDO on one of the major decentralized platforms and a full-fledged listing on all key global exchanges. At each investment stage, the price of the Weld coin will consistently increase.
Follow Weld at Telegram https://t.me/weldmoney
Join Weld Eng chat https://t.me/joinchat/ggw3qsSV-hg2MDUy
Follow Weld at Twitter https://twitter.com/MoneyWeld
Follow Weld at Medium https://medium.com/@money.weld
Join Weld Ru chat https://t.me/joinchat/UI5t4PlemFg1YTgy
