Institutions showing significant Inclination toward altcoins along with ETH & BTC: Coinbase
The Coinbase executive dragged attention toward a significant institutional money flow in the altcoin projects, alongside the Ethereum & Bitcoin ecosystem.
Bitcoin (BTC) & Ethereum (ETH) are two top-ranked crypto assets and these are now overpriced, as per the analysis of some big traditional market analysts. Every type of investor in the crypto sector is aware of the potential of the return on investment in altcoins over Bitcoin.
Recently Coinbase’s head of institutional research David Duong appeared in an interview with crypto analyst Scott Melker. In the interview, David dragged attention to the institutional investment which is in Ethereum & Bitcoin by only 55%.
David suggested crypto investors focus on the ecosystem of other altcoins, in which institutional investors are also engaged with a significant amount of investment.
“There’s still a lot of attention being paid to what’s happening in the rest of the ecosystem outside of just Bitcoin and Ethereum. That said, of course, Ethereum will be the next big event risk on the Shanghai fork, still on people’s radar,” David said.
Further on the current critical situation of the crypto market, the Ripple executive said that we are in an uncertain phase of the crypto sector and here we have to understand the situation with the way is coming down between crypto and other risk assets.
Bitcoin price
The current trade price of Bitcoin is $22,400 & this price is 4.42% low over the last 7 days of trade price.
A sudden downfall in the Bitcoin price can be seen, which took place between 2-3 March because of several negative news in the crypto market.
The current Bitcoin greed index is 48, which means people are confused in this situation and they are not confident with Bitcoin investment.
Read also: Australian crypto regulation may come by the end of 2024
