Bitcoin has pumped over $60k today, meaning it has surged nearly 20% just this week. With Bitcoin’s all-time high around $69k, the top cryptocurrency is knocking on the door of record levels once again.
Multiple factors are fueling Bitcoin’s latest rally, chiefly recent Bitcoin ETF approvals allowing major institutions like BlackRock and Fidelity to pour millions into BTC.
However, while Bitcoin booms, many traders’ altcoin portfolios remain oddly stagnant. As a trader and investor myself, I certainly feel some frustration when my holdings lag while Bitcoin erupts. Why is my portfolio so calm?
JUST IN: Total spot #Bitcoin ETF trading volume surpasses $3 billion for the second day in a row:
— Watcher.Guru (@WatcherGuru) February 27, 2024
• BlackRock: $1,323,940,885
• Grayscale: $799,160,227
• Fidelity: $576,812,680
• Ark Invest: $203,762,725
• Bitwise: $78,165,380
• Invesco: $41,289,809
• Franklin:…
The reason is straightforward – the majority of liquidity and market focus is currently laser-focused on Bitcoin and, to some degree, Ethereum. Bitcoin’s upcoming halving in April and potential Ethereum ETF approvals in May have the market’s attention. Capital is flooding into blue-chip cryptos.
So we may need to wait for Bitcoin to cool somewhat before altcoins can mount any major uptrends. Once institutional and retail interest broadens beyond BTC, we should see altcoins play catch up.
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Show more +Some major altcoins underperforming Bitcoin’s recent rally include DOT, INJ, SHIB, DOGE, BEAM, FIL and many more. But altcoin holders must remain patient. Flows should eventually rotate back into the broader crypto market if history is any lesson.
For now, enjoy Bitcoin’s resurgence even if your holdings aren’t pumping. Take profits if you can, but keep the faith that altseason will come.
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