Market Status: Small tokens appear better than Bitcoin

Over the past month, many smaller, lesser-known tokens have outperformed the Bitcoin market; This is not usually the case in declining markets.

To Report The digital currency market as a whole was on an uptrend Tuesday, three days after Bitcoin fell to its lowest level in 52 weeks on Tuesday.

Bitcoin and Atrium both jumped 5% in the last two days. Bitcoin was priced at $ 21,700 at one point and Atrium was trading at around $ 1,140.

The simultaneous jump in financial markets also pushed up prices in the global stock market. For example, the Nasdaq stock index has risen 2.88 percent in the last 24 hours, and the S & P500 index, which has had its worst week since 2020, has jumped 2.74 percent.

Arcane Research Group researchers say that after the end of the most volatile market week since May 2021 (May 1400), the rise in prices on Tuesday may have made traders feel a little better than before.

On the other hand, Morgan Stanley Bank recently said in a note to its customers:

The downtrend will continue until the recession or the transition from this risk.

Matthew Tuttle, CEO of Tuttle Capital Management, said the rise in prices in recent days “could be a short-term leap, and for the long term there is concern that we will see another wave of sales in the market.”

Along with bitcoin, the market’s smaller instruments also jumped on Tuesday, including a 51 percent increase in the prices of Elrond, Satoshi Vision and Helium tokens.

The lesser-known digital currencies on the market performed better this month than bitcoins; However, the digital currency market has generally been in decline for a month, and these small tokens have experienced similar conditions. The Arkan Research Small Currency Index, which tracks the price performance of 50 relatively low-value digital currencies, fell 27 percent in June, while Bitcoin lost 35 percent of its value. And it has had the worst performance compared to other digital currency market indicators.

Arkan Research reports:

It has been a long time since we have seen such a relatively strong performance from small market currencies. It is not uncommon to see small tokens outperform bitcoin in declining markets.

$ 500 million withdrawal from the largest Bitcoin ETF

Last Friday, the largest Bitcoin exchange fund (ETF) lost more than half of its assets; An event that may have had some effect on the recent collapse of the bitcoin market.

The Purpose Bitcoin ETF on Friday saw the release of 24,510 bitcoins, the largest cash withdrawal since the launch of the Canadian fund in April 2021 (April 1400).

This means that $ 500 million worth of bitcoins were withdrawn from the ETF last weekend, exacerbating sales pressures and shaking market conditions.

Vetle Lunde, an analyst at Arkan Research, said:

This big impression seems to belong to a salesman who had no choice but to cash in a large portion of his capital. In addition, the same sale may have reduced 24,000 units of bitcoin to $ 17,600.