Crypto Market Sees $55B Inflow; Altcoin Season Is Here, Says Analyst
CoinEdition
Published Apr 15, 2023 02:56AM ET
Updated Apr 15, 2023 03:30AM ET
Crypto Market Sees $55B Inflow; Altcoin Season Is Here, Says Analyst
- Ethereum price crosses $2k for the first time in a year.
- Bitcoin has seen a 10% increase in the last seven days, trading at $30,838.
- Solana emerges as the best-performing top 10 cryptos with over 23% growth.
This week the price of Ethereum (ETH) crossed $2k for the first time in nearly one year. Expert crypto traders believe the altcoin season has begun, so investors have plenty of opportunities to make significant returns, provided they proceed cautiously.
According to analysts, liquidity flows from Bitcoin (BTC) to Ethereum in a bull market, then altcoins, and finally shitcoins before the cycle repeats itself.
A German crypto influencer on Twitter argued that the current phase is more like 2019 than a real bull market. He said investors should expect coins to react more slowly, with sudden price jumps, violent crashes, and the unpredictable cycle ending.
According to data from the market tracking website, CoinMarketCap, the global crypto market saw an in-flow of over $55 billion in the last 24 hours, putting its market share at nearly $1.3 trillion. The new milestone the most popular crypto, Bitcoin, attained contributed immensely to the new figure.
BTC trades at $30,838, with a 10% increase in the last seven days and a market cap of over half a trillion dollars. The $30k price point represents its highest point this year and since June 2022, when the Terraform Lab’s projects imploded.
Similarly, ETH trades at $2,118 after gaining over 15% in the past week. Of the top ten cryptos with the largest market cap, Solana (SOL) was the best-performing coin. SOL grew by over 23% in the last seven days while crypto traders bought and sold nearly $1 billion of the token.
The post Crypto Market Sees $55B Inflow; Altcoin Season Is Here, Says Analyst appeared first on Coin Edition.
See original on CoinEdition
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.