Reports

Bitcoin began the month at $57,000 and has since endured substantial selling pressure leading to a monthly low of $30,000 on May 19th. Bitcoin is now hovering in the $32,000 to $39,000 range. Ethereum is currently settling at $2,500 after reaching an all-time high of over $4,100.

“When new money flows into BTC, people are less focused on alts,” Rosenblum told CoinDesk. “Once it feels like the bullish pattern for BTC breaks down, people roll some of those profits into alts.”

As the financial world scrambles to reconstruct portfolios and find hedges to inflation, bitcoin consolidates, readying for new highs. For bitcoin, the question isn’t whether financial institutions are allocating capital to hedge inflation, it is how many, and how much volume can this transpire to.

Bitcoin has made a momentous start to the year, breaching $30,000, then $40,000 in quick succession. The overall market cap of cryptocurrencies has broken through $1 trillion for the first time, a landmark moment that has many skeptics starting to acknowledge the validity of the asset class.