At present, Bitcoin and Ethereum are among the biggest cryptocurrency market forces and drivers. However, one Coinbase executive believes that the big players are taking an interest in cryptocurrency beyond the scope of these two giants. The idea was shared by Coinbase’s head of Institutional research named, David Duong.
He claimed that according to the stats from the institutional dealings at Coinbase, it is clear that enterprise adoption is moving to other cryptocurrencies. He explained that the trading data projects that 51% of institutional interest is still locked in top coins like Bitcoin and Ethereum, but the rest has seeped into altcoins.
Institutional Investors are Diversifying their Crypto Portfolios with Altcoins
Coinbase executive has shared that institutional investors have a positive view towards a vast portion of the altcoin market. He maintained that considerable growth in Ethereum is highly anticipated on account of the Shanghai update.
Duong also claimed that present investors are looking at the cryptocurrency market through the lens of macro factors.
He mentioned that crypto is going through a seasonal weakening period. There is a potential for the crypto market to discard the demeanor of being a risk asset. He claimed that this is a time when investors are putting together their 401ks, and there are lots of cuts on account of the taxation duration.
Investment Advisor Mark Yusko Claims that Bitcoin will Bounce Back Soon
In addition to crypto enterprise execs like Duong, private financial experts like Mark Yusko are also positive about the crypto market. Yusko is an advisor at Morgan Creek Capital who has projected that Bitcoin can restart the next bullish lap during the second quarter of the ongoing year. He believes that the next Bull Run is going to be about range-bound price changes.
Despite the increasing interest in altcoin by enterprise investors Bitcoin and Ethereum have shown no signs of slowing down. Thus far, both these currencies have maintained massive market dominance in the overall crypto market cap.
Therefore, all major and minor changes in the price movement of these currencies are associated with deviations in the greater crypto markets.