A lot has changed over the past few weeks; the crypto market continues to make strides in terms of gaining popularity not only in the retail sector but also among institutional investors. At the same time, Ethereum is holding its price above $4K, which is incredibly amazing news not only for the fans but for the crypto itself. As for Bitcoin, that recent taproot update has proved to be a blessing in disguise as many factors of the blockchain, such as privacy, efficiency, and overall security, have been enhanced.
Despite an upgrade turning the previous blockchain into a decent entity, Bitcoin is losing the interest of institutional investors as they are choosing Cardano and Ethereum over Bitcoin. This comes from dedicated research done by CoinShares, and the data revealed this huge spike of interest flowing towards Ethereum and Cardano by the institutional investors. The influx of institutional investors investing in Cardano is almost equivalent to Ethereum, just something of a statement in itself because Cardano is just beginning its crypto journey being a very recent crypto token.
Bitcoin may Lose Dominance to Altcoins
Whereas Ethereum has been around for some time now and has proved itself to be a pretty decent overall coin that offers minute levels of volatility and consistent performance within the crypto market. This taking of sides by the institutional investors has brought altcoins, in general, relatively more business than Bitcoin for the past few weeks. This definitely hurts the market dominance of the flagship cryptocurrency Bitcoin because investments are fairly slow, and the fluctuation in the price of the crypto over the past few weeks has hurt this aspect for flagship cryptocurrency pretty badly.
This is not the same data as it was a whole year ago because back then, Bitcoin was flying high with the market dominance, and Cardano was just starting. The interest of investors towards Ethereum might be linked to a speedier blockchain network that the crypto has and the issuance of smart contracts through it.