The recent weakness in the cryptocurrency market has largely mirrored movements in the stock market.

Today, although cryptocurrencies opened Friday’s market on a slight bullish note, it looks like the day will end with sluggish price performance.

Bitcoin, which was up 1% in early hours today, has now slumped 0.83% trading at $43,220 in the last 24 hours.

However, Ethereum continues to show an uptrend with an increase of 0.14% trading at $3,237 in the last 24 hours.

But Ethereum was unable to push other altcoins as most of them are under bearish pull. However, institutional investments could play a significant role in the altcoin bull run.

Altcoins Expected to Rise on Institutional Buys

CME Group, an exchange operator, claims that it was releasing indices and price indicators for 11 tokens in the space and most of these 11 tokens that were mentioned made gains in the last 24 hours.

These planned indices are what will attract more financial institutions to altcoins which, in turn, will drive capital inflows into the token.

The 11 tokens mentioned by the CME group include Solana (SOL), Cardano (ADA), Polygon (MATIC), and Uniswap (UNI), which gained between 0.1% and 3% today. Among these 11 tokens, Solana was the best performer gaining 2.8% and this helped the token overtake Terra (LUNA) to regain the sixth largest cryptocurrency by market cap.

CME, which is the largest commodity trader in the world, is the biggest newcomer entering the altcoin indices. Previously, it has always been dominated by relatively smaller crypto exchanges.

This move is expected to attract new derivatives around altcoins. It is important to note that the CME Bitcoin Futures Index is the foundation for all Bitcoin ETFs that are available in the United States.

This institutional buying may act as a key factor in driving the price of these altcoins north.

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