Bitcoin, Ether and Stablecoins Total 80% of $1T Crypto Market Cap as Investors Flee Altcoins

📆 6/13/2023 1:07 PM
📰 CoinDesk

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The combined market capitalization of $BTC, $ETH and stablecoins reached 80.5% of the whole crypto market, the highest level since February 2021, K33Research noted, as investors fled to relative safety from smaller altcoins. sndr_krisztian reports

The legal battle could drag on for years, K33 wrote, impeding capital inflows to the assets under SEC scrutiny and propelling the investment case for BTC and ETH as safer bets from regulatory risks.“Funds will likely retort to a hands-off approach due to excess compliance work and overall low trading volumes, disincentivizing market participants to engage. This could limit liquidity further onwards and lead to a prolonged slow market,” K33 wrote.

“Over the next year, we could thus see the BTC and ETH dominance strengthen further due to the cost and risk burden of allocating capital to altcoins from the 2017 era and beyond,” the report added. The two leading cryptos have outperformed smaller tokens this year so far, preserving much of their gains from this year’s crypto market recovery.

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