HOW SMALL SCALE CRYPTOCURRENCIES SURGED AFTER THE HUGE RALLY OF BITCOIN

  • Ether, from the blockchain of Ethereum, has crossed the $1,000 level in the beginning of this week, Monday.  Since February, 2018 this has been the highest degree that has been reached by Ether with a rise of nearly 30%, upto a mark of $1,038 in the past 24 hours. 
  • XRP, from the blockchain of Ripple, has started rising in the scoreboard of cryptocurrencies.  It has surged by 7% over his level in the past 24 hours. However, it has a much less value compared to others, but it did surpass its previous level. 
  • Litecoin rose by 10%, this Monday by touching the $155 mark. It was created under the blockchain of Bitcoin, and its motive was to make transactions more efficient.

Witnessing Bitcoin’s battle through the intense rallies, cryptocurrencies at a less recognized level, as compared to Bitcoin has rapidly moved up the ladder. Bitcoin has nearly rallied past the $30,000 mark in its history so far. Several financial bodies claimed that Bitcoin would slowly and gradually become the most standard method, very soon. However, amidst all these hype for Bitcoin the small-scale cryptocurrencies are setting in with a rise, and making a mark in the financial market.

The mark set by Bitcoin

However, Bitcoin has always ruled the scoreboard, and presently with it, crossing the mark of $34,000, it seems unstoppable. Bitcoin proves to be the greatest of all times, a hallmark in the domain of Cryptocurrencies and proves to be the most revolutionary gift presented to the financial world by Satoshi Nakamoto. The present value reached by Bitcoin in the market is $34,452, and that shows how much people trust it. 

The  smaller ones are catching the pace

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The rise is exponential, and the rise is remarkable. With this announcement of the statistical data on Monday, John Hardy said, 

“The super-exponential pace of gains is impressive, but brings with it the risk of very sharp corrections when they do finally arrive.”

Although Bitcoin outran all other cryptocurrencies, the smaller ones like XRP, Ether, etc have not given up and have kept on improving their results with time. And we have seen its statistical outcomes as a proof of its increasing demand. We can hope that they will keep it going and the numbers will keep on increasing.

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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