150-Year Old Insurance Company, Metlife, Talks About The New Kids On The Block; The ‘Altcoin Revolution’
It has been a whirlwind week for Bitcoin.
BTC/USD is currently keeping around $37,650 BTC -1.05% Bitcoin / USD BTCUSD $ 58,202.00
-$611.12-1.05% Volume 66.09 b Change -$611.12 Open $58,202.00 Circulating 18.7 m Market Cap 1.09 t 17 h VanEck Files for the First Ethereum ETF in the US 20 h Risk-on Sentiment Sending Bitcoin, Ether, & Gold Higher as President Biden Declares 'We Can’t Let Up' 1 d BoE Governor Andrew Bailey Says Crypto Investors Trading In A Bubble trying to make up its mind about the next direction it wants to move in — back to $42k for a new ATH or make its way down to $30k yet again for another correction.
The crypto market is simply in a bull mode with total market capitalization also back above $1 trillion today.
A lot of BTC is also being sent to cryptocurrency exchanges. In the past 7-days, the highest amount of BTC has been sent to Binance at 14,647 BTC, as per Viewbase. With “everyone's heading to the shitcoin casino that is Binance,” some see it as good for altcoins.
In the past 24 hours, just under 1,950 BTC was moved on the exchanges, which doesn't portray a bearish picture for Bitcoin, further supporting more uptrend for altcoins.
Altcoins in Focus
Interestingly, insurance company Metlife Investment Management is giving attention to altcoins as well.
Usually, institutional investors exclusively talk about Bitcoin, but this time, the 150-year old company with $651 billion in total assets under management also covered the “Altcoin Revolution” in its Macro Strategy. It reads,
“Ethereum is one of the most important coins in cryptocurrency… in many respects, the project has been a ground-breaking success and has pushed the boundaries of what is possible in the space,” having “the capability of harboring what are known as “smart contracts,” or code that allows the user to execute an automated command in order to achieve a certain end.”
Among the new kids on the block, some of the “landmark” coins mentioned here besides Ethereum (ETH) are Monero (XMR), Litecoin (LTC), Chainlink (LINK), Polkadot (DOT), Cardano (ADA), Decred (DCR), and DAI.
The main theme of “The Blockchain Blockbuster” is Central Bank Digital Currencies (CBDC), which notes that “Just as the dreams of cryptocurrency developers tend to be rather lofty, so are those of various CBDC initiatives.” However, the introductory paper sees CBDCs getting “mounting attention” rather than being a passing fad as the world becomes ever more digitized.