Bitcoin’s price correction in the ongoing rally has been rather short-lived and the asset is back at the $ 32,400 level based on data from CoinMarketCap. Although traders suffered losses on the decline and institutions continued to buy, the decline was gratifying for altcoins as it changed the direction of investment flow. Against 100% of HODLing Bitcoin wallets being profitable, there are currently 88% of HODLers in profit. Bitcoin’s dominance is 63.9%, suggesting that the active offer hitting exchanges may indicate a sell-off and bearish sentiment among users, buying altcoins with double-digit gains.
There has been a significant increase in ROI over the past week for the top altcoins on the chart. For XLM and AAVE there is an increase from 20% to 120%. Due to the correlation with Bitcoin, it is safe to conclude that it is likely that the price rally in the Bitcoin range has fueled the increase in the price and return on investment of altcoin. The overall market capitalization may have fallen.
In their recent post, @ByzGeneral noted that most altcoins performed better than Bitcoin. Bitcoin consolidation has paid off for the altcoin market. Because the return on investment of UNI and LINK increases considerably compared to other altcoins.
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