As Bitcoin’s dominance gradually wanes, what crypto assets are institutions considering?

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Crypto is seeing a steady rally as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have traded over 20% over the past month.

The most interesting part of the recent crypto rally is that Bitcoin’s dominance is steadily declining, Cumberland’s Zuehlke said on CNBC’s “Squawk On The Street” Thursday.

Bitcoin’s dominance is near an all-time low, Zuehlke said.

Bitcoin dominance is the measure of Bitcoin’s market capitalization relative to the market capitalization of the rest of the crypto industry.

See also: Scaramucci Still Sees Bitcoin Going To 0,000 By Year End

Zuehlke’s Take on the Cryptocurrency Market: Zuehlke told CNBC that there was increased interest in other aspects of the crypto industry that represent a push for innovation in the crypto space. smart contracts.

Investors are increasingly interested in Layer 1 protocols that enable the disintermediation of smart contracts, he said.

Ethereum, Solana (CRYPTO: SOL), Polkadot (CRYPTO: DOT) and other similar assets have all attracted increased interest in recent times, he said.

“This is a pretty clear indication that institutions are starting to look beyond Bitcoin to see how the industry might move finance in the future.”

Zuehlke expects these Layer 1 protocol assets to be a leader in growth and innovation over the next six to 12 months, he said.

BTC, ETH Price Action: Bitcoin is up 71.58% year-to-date, while Ethereum is up 407.61% year-to-date.

Photo by Christopher Muschitz from Pixabay.

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