Analyst: Bitcoin and Ethereum benefit from altcoins losing their luster
2026-08-06 18:50:11
According to CoinMeta, in today's crypto market, the price of Bitcoin (BTC) is $64,597.62, up by about 0.9% in the past 24 hours, while the broader CoinDesk 20 Index (CD20) has only risen by 0.16%. The strong stock market, which has reached record highs, seems to have little impact on the crypto market. Bitcoin and Ethereum (ETH) are the only tokens in CD20 that are experiencing positive growth. The Chief Strategy Officer of Crypto Neobank Plasma, Zaheer Ebtikar, stated that altcoins are facing difficulties without the strong support of Bitcoin's momentum. Over the past month, the open interest in altcoins has decreased by about 15%, while Bitcoin has risen by about 8%. The Altcoin Season Index of CoinMarketCap fell by 1 point on Wednesday, to 42/100. Ebtikar also noted that since Bitcoin has become part of the infrastructure of the capital market, its inflows do not require a rise to prove their legitimacy, but most altcoin markets have not yet completed this transition.
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Source:CoinDesk
This content is for market information only and does not constitute investment advice.