Altcoin Market Gains Momentum as Traders Flee to Riskier Assets

The crypto market capitalization has risen by over 2.2% in the past 24 hours to $2.66T, bringing it closer to the midpoint of the range seen over the past month.

This positive momentum was underpinned by rising stock indices and a general appetite for risk, with traders cautiously shifting their focus towards altcoins.

The top performers among these were NEAR Protocol (+30.1%), Uniswap (+26.2%) and Aptos (+17.9%), while Bitcoin has gained relatively modestly over the past 24 hours to mark its third consecutive day of gains and a recovery towards $77.5K.

However, according to Wintermute, outflows from US spot Bitcoin ETFs have weakened one of the key factors supporting BTC's growth in recent months.