Market activity in recent months has focused on bitcoin. But experts are constantly reminding: there are other cryptocurrencies. And they can be at least not the worst storage of value. Interest in altcoins is also fueling by a bitcoin flat for a long time.
Hedge funds are already noticed activity in Ethereum, Ripple, Litecoin, Stellar and other top cryptocurrencies. This is explained by the desire of institutional investors to diversify investments in crypto. It also indirectly indicates that the summ of investments in cryptocurrencies is generally growing.
Rayhaneh Sharif-Askary, Director of Sales and Business Development at Grayscale, notes:
– I think it’s important to take a step back and look at the bigger picture and the broader trend. The fact that we have, over time, been moving away from Bitcoin maximalism, where Bitcoin represents a safety asset in the space… shows that investors are more comfortable diversifying beyond just Bitcoin and [that’s] really positive.
According to the company, a third of the products in the third quarter were alts. In the second quarter there were only 25%, and in the first quarter only 1%. This is truly positive for the crypto industry, as investors recognize other cryptocurrencies. In total, Grayscale reports on investments in cryptocurrencies in the third quarter in the amount of $ 254.9 million. Almost 90% of this amount was invested by institutionals. In absolute terms, Bitcoin demonstrates “the largest quarterly investment in the product’s history”.
Bitcoin has been holding in the $ 8000- $ 8500 corridor for almost a month now. Not surprisingly, against this background, players are interested in altcoins.