The basis for his optimism is an early indication that institutional investors have been shifting their funds from other crypto tokens to Bitcoin over the past few weeks. This is a reversal of an ongoing trend in April when the rupee depreciation of bitcoin began a market crash this year along with other cryptocurrency prices. In an interview with CNBC, Panigirtzoglou said that Bitcoin’s dominance over the entire crypto market cap provides an insight into when its recent downward spiral will end.
Panigertzoglu said, “As bitcoin dominance is around 45%, we want to see this top digital coin dominate 50 percent of the overall cryptocurrency market. There is a better number in the form. I think that’s another indicator to see if this bear phase is over or not.”
According to CoinDesk, bitcoin was trading at $34,156 (about Rs 25.38 lakh) at the time of writing this report. In April, it had reached an all-time high of about $ 65,000 (about Rs 47.3 lakh). When the market crashed, it fell below $30,000 (approximately Rs 21.8 lakh) before recovering slightly.
Panigertzoglu said, “There has been a gap between bitcoin and other cryptocurrencies. There was also some institutional interest in ethereum from bitcoin in April, and now we are seeing the opposite. Adding this redirection of funds suggests that bitcoin’s The recent price looks attractive to institutional investors.”
Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.