Who will Become Wall Street’s Preferred Third Crypto Project?
Perhaps we’re already too late to ask the question, but with Bitcoin domination of the total cryptocurrency market value rapidly declining as Ether breached the $3k point easily, is it time for altseason or is it already underway?
James Quinn, managing director at Q9 Capital, a Hong Kong crypto firm, commented in Reuters on the stellar performance of crypto so far this year, saying:
At first, the rally was really led by bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call.
But as the rally has matured over the last six months, you have DeFi and a lot of DeFi is built on ethereum.
70% Bitcoin dominance to 46%
In the beginning of the year, when traders and analysts could only speak of Bitcoin, its dominance over the crypto market was a whopping 70%. As Ether and other altcoins rose in prominence and got into the cross hairs of Wall Street investors looking to diversify, that percentage dropped considerably.
Ethereum is rising and not much seems to be in its way.
Edward Moya, senior market analyst at Oanda said to clients in a research note.
As Ether crossed the $3k point yesterday, Bitcoin dominance slipped to 46%. Ether meanwhile sees its control of the crypto world increase and now has 15% dominance.
Other altcoins now represent 39% share of market control.
Third preferred project of Wall Street?
It will be interesting to watch who will emerge as the third wheel in the coming months. Although there was talk in the months of February and March of Binance Coin, Cardano or even Polkadot being able to take Ethereum’s spot as the second biggest crypto, that hope has now faded and it will be more interesting to see who picks up the preferred third position of Wall Street investors.
Lastly, let’s not underestimate a possible return of XRP to the main stage as well. If CEO Brad Garlinghouse is able to settle (or even win) his court case against the SEC, expect XRP to make another run for it.
Other projects which might be next could be: Cardano, Polkadot, Chainlink or maybe even Litecoin. What do you think?
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