Cryptocurrencies losing popularity as equities outperform, Wolfe Research predicts downward trend for cryptos.

From Investing.com

August 16, 2024 1:18:54 pm:

Cryptocurrencies are losing steam, a shift from their previous hype, according to Wolfe Research. Equities are outpacing cryptos, with a downward trend expected for cryptos. Wolfe remains neutral on Bitcoin, expecting range-bound trading until a breakout occurs. Bitcoin has fallen from a peak in March and struggles to rally back.

Wolfe Research suggests that the crypto market faces challenges ahead, with key assets showing weakening momentum. Alt coins are breaking down to fresh lows, indicating a trend of continued downside. This shift comes as events that once boosted enthusiasm now have less impact on prices.

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