Money flows out of Bitcoin into DeFi altcoins like Avalanche, Curve, and Crypto.com

Capital is flowing out of Bitcoin and into DeFi projects Avalanche, Crypto.com and Curve DAO. The mid-November cryptocurrency market is focused on purging the speculative excess in dog-themed cryptocurrencies Dogecoin and Shiba Inu. 

Bloomberg strategist notes that the crypto market is shedding speculative excess

Bitcoin price eyes a new critical level as it recovers from a drop below $60,000. The news of Mt.Gox’s recovery of lost Bitcoin to its creditors had a negative impact on BTC price. 

The fear and greed index is considered an indicator of traders’ sentiment towards Bitcoin. The index is currently neutral. It slipped from “greed” to “neutral” as traders lost interest in Bitcoin. 

The last time when Bitcoin hit a new all-time high, the asset’s price hit bottom, and analysts noted extreme fear on the fear and greed index. @rektcapital, a pseudonymous cryptocurrency analyst, expects the sentiment to shift to fear before the BTC price trend reverses. 

Mike McGlone, a senior commodity strategist, commented on the crypto market in mid-November. 

DeFi tokens with relatively high total value locked, Avalanche (AVAX), Crypto.com (CRO) and Curve DAO (CRV), have posted double-digit gains over the past 24 hours. 

Amidst a wider crash in the cryptocurrency market, AVAX price is climbing higher. The DeFi token hit a new all-time high at $104.33, posting over 54% gains over the past two weeks. 

Earlier today, Crypto.com announced that a multi-purpose arena in downtown Los Angeles would be renamed. Staples Center will now be known as Crypto.com ARENA for the next 20 years due to the partnership with the LA Kings and Los Angeles Lakers. 

The DeFi tokens have offered one of the highest risk-adjusted returns over the past 24 hours. @Rager, a pseudonymous cryptocurrency analyst, believes that as long as Bitcoin and Ethereum don’t suffer a price drop, Avalanche price is likely to continue to climb.