According to financial services company Matrixport, institutional investors from the United States have begun to actively buy bitcoin, which means that altcoins will rise soon.
Matrixport head of research Markus Thielen said that according to the company, large institutional institutions are not abandoning cryptocurrencies. In contrast, 85% of all Bitcoin purchases are made by American institutional investors.
According to the report, there is a way to determine a more profitable asset at any given time for retail or institutional investors. Matrixport experts believe that they were guided by trading hours in the US and Asian countries.
Purchases of bitcoin in the new year increased by 40%. According to Thielen, institutions typically buy bitcoin first before they start investing in other digital assets. Therefore, soon we should see the growth of altcoins. Among them, Thielen singled out Aptos, which shows the highest results during trading hours in the US and Asia. He believes that altcoins may soon surpass bitcoin and ether.
Earlier, a representative of the investment bank JPMorgan, Jared Gross, said that institutional investors would not work with the cryptocurrency market in the near future.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
