Here’s What’s Next for Binance Coin, Chainlink and Four Additional Altcoins, According to Top Analyst
Popular crypto strategist Michaël van de Poppe is mapping out what’s ahead for a half dozen of altcoins including Binance Coin (BNB) and Chainlink (LINK). Van de Poppe tells his 622,300 Twitter followers that BNB, the utility token of crypto exchange Binance, remains in a strong uptrend, but he’s expecting a slight pullback in the […]
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Following the failure of the crypto market to return to its former glory, institutional investors are fleeing in droves. The market has seen a large outflow of institutional cash in recent weeks, according to multiple sources. Coinshares made the figure surrounding the conversation available a few days ago in a recent update. Investors Leave Market According to Coinshares’ latest figures, the total amount of money that has flown out of the market owing to institutional investor withdrawals in a month is over $339 million. Despite the fact that the market saw a similar movement at the start of the year, the study indicated that this one had not overturned it. The sum was roughly $467 million at the start of the year, according to Coinshares, indicating a $128 million difference. According to the report, Bitcoin funds accounted for the majority of the recorded withdrawals. Since a whopping $133 million was seen in June last year, this figure reflects the greatest outflows from the Bitcoin fund in a week. According to the paper, pinpointing the exact root of the problem is difficult. However, much has been said about the market’s drop, while others have speculated on the US Federal Reserve’s report. BTC/USD trades at $39k. Source: TradingView Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet Market Declines Further Institutional investors who had invested in Ethereum were not left out, according to the report, as they withdrew a total of $25 million from the fund last week. This means that since the beginning of the year, Ethereum has only seen outflows in the last five weeks. The total amount of money it has spent is $194 million. Although institutional investors withdrew from most altcoins, funds with a wide portfolio of assets saw tiny inflows to buck the trend. The total market capitalization is at its lowest level since the middle of March. In the last 24 hours, the market has lost 12% of its value, putting it at $1.8 trillion. Bitcoin has also dropped slightly, trading below $38,000, while Ethereum has been circling around the $2,800 mark for quite some time. The bulk of cryptocurrencies have followed the negative trends of prominent coins and have lost a significant portion of their value. NEAR, on the other hand, is still going strong, with a 2.7 percent increase in the market in the last 24 hours. Related Reading | Bitcoin Perfectly Follows Market Cycle Comparison, What Comes Next For Crypto? Featured image from Pixabay, chart from TradingView.com