Crypto investors are ditching other tokens for Bitcoin
— Told, Ditching, Investors, Seen, Tokens, Crypto, Early, Market, Bitcoin, Trading, Finance, Asset — 1 min read
Bitcoin, the world’s largest cryptocurrency by market capitalization, now makes up 47.3% of the total market cap. Bitcoin hasn’t played such a dominant role in investors’ portfolios since July 30, 2021, when the asset traded above $42,000. The asset's volatility has dropped over time, data from Coin Metrics shows. BTC's 30-day correlation with the S&P 500 has seen a sharp drop, though it remains at levels higher than at any point in 2021. In the last two years, its value has risen by 233% from $9,300 per coin, beating all large-cap tech stocks outside of Tesla. The digital asset industry appears to be bracing for its dreaded “crypto winter. Source