The recent weakness in the cryptocurrency market has largely mirrored stock market movements.
Today though the cryptocurrencies opened the Friday market on a slight bullish note, but looks like the day will be ended on sluggish price performance.
The Bitcoin which was up by 1% in the early hours today, has now tumbled down by 0.83% trading at $43,220 over the last 24hrs.
However, Ethereum is still showing a bull trend with 0.14% surge trading at $3,237 in the last 24hrs.
But Ethereum couldn’t push other altcoins as most of them are under bearish pull. Nevertheless, institutional investments could play a major role in the bull run for altcoins.
Altcoins Expected To Surge With Institutional Buying
CME Group, an exchange operator, states that it was launching indexes and price indicators for 11 tokens in the space and most of these 11 tokens that were mentioned saw profiting over the last 24hrs.
These planned indexes are the one which will attract more financial institutions towards altcoins that will in turn fuel capital inflows to the token.
The 11 tokens mentioned by CME group include Solana (SOL), Cardano (ADA), Polygon (MATIC) and Uniswap (UNI) which gained by 0.1% to 3% today. Among these 11 tokens, Solana was the best performer that gained 2.8% and this helped the token to overtake Terra (LUNA) to reclaim sixth largest cryptocurrency by market cap.
CME which is the world’s largest commodities trader is the largest newcomer entering into altcoin indexes. Earlier it’s always been dominated by relatively smaller crypto exchanges.
This move is expected to attract new derivatives around altcoins. It is important to note that CME’s Bitcoin futures index is the foundation for all the Bitcoin ETFs that are available in the United States.
This institutional buying can act as a key factor to drive these altcoins’ price towards north.
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