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Bitcoin’s recent struggles continued over the past 24 hours as the asset fell to a five-day low of about $46,500. On the other hand, some alternative coins have risen. Ethereum is a great example as it has surpassed $3,500 for the first time in over three months.
It’s safe to say that most altcoins have outperformed Bitcoin in recent weeks. Ethereum, for example, had fallen below $3,200 on Monday. However, the second-largest crypto has added more than $300 since then.
As a result, it has surpassed $3,500 for the first time since mid-May and is still trading above that level.
Ripple has risen by a similar percentage to ETH over the past 24 hours and reached $1.2 an hour ago. Polkadot and Uniswap are making even more gains, both of which are up about 10% in one day. Interestingly, DOT and UNI have also recovered $30.
Binance Coin and Dogecoin are slightly in the green, while Cardano – another recent high thief – has stalled around $2.8.
Solana, which recently hit back-to-back all-time highs, is down 8% in one day to around $110.
Revain added the most value on a 24-hour scale with a 22% increase. Kusama, whose upcoming para chain auction begins today, hit a multi-month high of more than $400.
OKB, Elrond, Aave, and Arweave also saw double-digit price increases, but the combined market capitalization remained below $2.1 trillion.
While some alts have been heading north recently, bitcoin has been struggling. The leading crypto-currency failed to stay above $49,000 over the weekend as bears returned to play.
Over the next few days, BTC initially dropped below $47,000, tried to recover ground, and pumped back up to near $49,000 before being pushed south over the last 24 hours.
This resulted in a multi-day low of $46,500 (on Bitstamp) hit just a few hours ago. As of now, bitcoin has recovered about $1,000 and is currently above $47,000.
The market cap is just under $900 billion, but BTC’s dominance over altcoins has diminished considerably. The metric has dropped about 3% in a few weeks and is now at just over 42%.
Additionally, according to this new analysis from Coinshares, the institutional appetite for ADA and ETH is particularly notable over the past week. This is especially the case for Ethereum assets: dedicated ETH products saw an influx of $17.2 million last week. Cardano’s ADA, meanwhile, saw an influx of capital to the tune of $10.1 million. This is the first time that this share has grown so much.
For comparison, institutional investors pulled $3.8 million from Bitcoin-dedicated investment products over the same period. This seems to indicate a stronger appeal for altcoins. This is further confirmed by an influx of $2.7 million into Solana (SOL) dedicated products.
This is the 8th consecutive week that Bitcoin has seen institutional dedicated funds lose capital: this corresponds to a loss of $60.9 million for the month. Altcoins currently account for 32% of assets under management, a threshold close to the record 35% set in mid-May.