Some alternative cryptocurrencies , the second-largest cryptocurrency by market capitalization after bitcoin, rose above $3,000 for the first time in two weeks and was up 3% over the past 24 hours, compared to a rise of as much as 4% in BTC over the same period.
But some analysts remain cautious despite the recent price rise.
Elsewhere, global equities traded higher on Monday while gold, a traditional safe haven, declined.
For now, some analysts see the potential for a short-term relief rally in altcoins, which could signal a greater appetite for risk among crypto investors.
When Glassnode’s risk indicators reach extreme highs, a greater allocation to bitcoin is warranted, similar to what occurred earlier this year.
And here is the Altcoin Season Index by Blockchain Center.
The chart below shows the recent outperformance of the Bitwise Crypto Industry Innovators exchange-traded fund , which tracks the performance of companies that generate the majority of their revenue from their crypto business activities.
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