Bitcoin Soars as Altcoins Diverge Amid Rising Institutional Interest
Bitcoin (BTC) has been on a tear this week, rising by 16% over the past seven days. Meanwhile, other top cryptocurrencies have seen more modest returns, with Ethereum (ETH) up just 2% and Cardano (ADA) down 4%. The Shiba Token (SHIB), however, has surged an impressive 123%, driven in part by its upcoming NFT avatar drop.
Fantom (FTM), a blockchain often referred to as the 'Ethereum Killer,' has also seen significant growth. Its assets under management have risen by over 200% in the past week, reaching $7 billion. This growth is attributed to the increasing use of AnySwap, a cross-chain protocol that allows users to swap cryptocurrencies across various platforms.
The Bitcoin rally is being driven largely by institutional capital, with more market buy orders than sell orders on the spot market. The buy-and-sell ratio stands at 54.8% for OTC brokers, 54.6% for funds, and 54.5% for family offices. Open interest in Bitcoin futures has also increased by over 45%, reaching $18 billion.