Market Wrap: Altcoins Rally as Bitcoin Buyers Return

Posted on by American Coins & Gold

Market Wrap: Altcoins Rally as Bitcoin Buyers Return
Bitcoin rose above $43,000 on Wednesday, suggesting that a recovery from a two month-long downtrend is underway.Alternative cryptocurrencies (altcoins) such as FTM, XLM and the popular dog-themed shiba inu (SHIB) token led the way higher, all up more than 10% over the past 24 hours. The rally in altcoins, which typically outperform bitcoin in a rising market, reflects a greater appetite for risk among traders.Still, there are signs that the rally in highly speculative altcoins is due for a pullback. “In the layer 1 scene, both FTM and NEAR see an open interest-to-market capitalization ratio substantially above the large-cap tokens,”…