- Noelle Acheson is the head of market insights at Genesis Trading, a crypto trading and lending shop.
- Acheson shares 3 primary factors driving traders to rotate from bitcoin into altcoins this year.
- She breaks down why ethereum layer-two scaling solutions are a group to watch in the year ahead.
If Friday’s Omicron variant-triggered sell-off across global financial markets is any indication, bitcoin is still very much a risk-on asset instead of the digital gold that it is seeking to become.
“That means that many investors have it in their macro portfolios and when they need to move to more defensive positions, they are going to reach for the most volatile, most liquid thing and just get rid of it to raise cash and move into something more defensive,” Noelle Acheson, head of market insights at Genesis Trading, said in an interview.
Amid the whipsaw price action on Black Friday, bitcoin fell below $54,000. Come Monday, the largest digital currency had regained some ground and was hovering near $58,000 as of Tuesday afternoon in New York.