Analysts at the Bitfinex crypto exchange say that alternative cryptocurrencies (altcoins) have remained resilient amid Bitcoin’s (BTC) approximately 12.5% correction in the past week.
According to the latest Bitfinex Alpha report, the altcoin market’s resilience is demonstrated in the Total3 index, which reached a new cycle-high market capitalization of $788 billion on March 14. Although the index has fallen by 14% due to the broader market correction, its plunge is less than BTC in absolute terms.
Altcoins Show Remarkable Resilience
The Total3 index tracks the price performance of all crypto assets except BTC and Ether (ETH). The index’s new cycle peak represents a 74.23% rise from its highest point during the bear market. It is also 6.5% shy of the April 2022 record of $837.5 billion.
Bitfinex said the trend indicates a significant growth in investment in altcoins and the diversifying landscape in the crypto market. If the Total3 index smashes its all-time high of $837.5 billio
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