The basis for his optimism is an early indication that institutional investors have been shifting their funds from other crypto tokens to Bitcoin over the past few weeks. This is a reversal of the trend in April when other cryptocurrency prices with bitcoin price in rupees The market crash started in In an interview with CNBC, Panigirtzoglou said that Bitcoin’s dominance over the entire crypto market cap provides an insight into when its recent downward spiral will end.
Panigertzoglu said, “As bitcoin dominance is around 45%, we want to see this top digital coin dominate 50 percent of the overall cryptocurrency market. There’s a better number in the form. I think that’s another indicator to see if this bear phase is over or not.”
CoinDesk As per reports, at the time of writing this report, bitcoin was trading at $34,156 (about Rs 25.38 lakh). In April, it had reached an all-time high of about $ 65,000 (about Rs 47.3 lakh). When the market crashed, it fell below $30,000 (approximately Rs 21.8 lakh) before recovering slightly.
Panigertzoglu said, “There has been a gap between bitcoin and other cryptocurrencies. There was also some institutional interest in ethereum from bitcoin in April, and now we are seeing the opposite. Adding this redirection of funds suggests that bitcoin’s The recent price looks attractive to institutional investors.”