Why are many crypto assets depreciating at a higher rate than Bitcoin?

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Bitcoin, the most popular crypto currency, slipped below $30K in the early hours of Saturday as investors remained cautious. In the recent week, the cryptocurrency has gained some ground, but it has been unable to outperform the majority of rival cryptocurrencies (altcoins).

Despite failing to break over the $2,000 falling channel barrier on May 31, the largest altcoin, Ether, is still in the red. This three-week price trend may point to a retest of the $1,700 support.

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All major crypto tokens were selling at a discount, with the exception of Axie Infinity, Chiliz, and Helium. However, in the vast majority of cases, the losses were minor. The Internet computer was one of the poorest performances, falling 13%, while Solana, Tron fell 9%.
What you need to know

The fact that investors in the field regard BTC to be the most stable digital asset at the time may explain Bitcoin’s robustness in compared to other cryptocurrencies.

Bitcoin’s severe volatility is still a point of contention for opponents, but it is still more established than some other tokens.

Investors who are concerned about younger, lesser cryptocurrencies may transfer their funds from altcoins to the flagship crypto asset while the bear market is in existence.

The bitcoin Fear & Greed Index has fallen in recent days, showing that cryptocurrency traders remain gloomy. The indicator slid deeper into the “extreme dread” zone, similar to what happened in January of this year, just before BTC’s price started to increase.

Nonetheless, technical indicators suggest that bitcoin’s upside is limited, particularly at its 50-day moving average of $34K.

Gold fell 2% on Friday, and is now down 5% in the last three months, compared to a 25% decrease in Bitcoin and a 4% drop in the S&P 500.

So far, some cryptocurrency traders have lowered their risk exposure. During downturn markets, cryptocurrencies generally decrease more than bitcoin due to their higher risk profile. As a result, when markets are down, bitcoin’s market value rises in relation to the entire crypto market cap (dominance ratio).

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