Is the Pendulum shifting towards Altcoins?

Altcoins like Ethereum, Uniswap, and Chainlink have recently outperformed bitcoins
  • Altcoins are cryptocurrencies that were introduced as alternatives after Bitcoin’s success
  • Altcoins like Ethereum, Uniswap, and Chainlink have recently outperformed bitcoins
  • Bitcoins grew by 27 percent while large-cap altcoins like XRP, Ethereum, and Litecoin grew by 29 percent

The fall in Bitcoins’ prices was always anticipated, and the drop is getting witnessed at a rapid pace. Bitcoins have plummeted around $10,000 from their peak, and this is sufficient to impact the entire cryptocurrency market. Surprisingly, altcoins are holding up better than expected. Altcoins are alternative cryptocurrencies that were launched post Bitcoin’s success as replacements.

Buyers Accumulating on Altcoins

There is an on-again, off-again relationship between Bitcoin and altcoins, and that’s no surprise for the two types of volatile digital assets. The performance of both currencies is generally concurrent and directionally similar. However, certain altcoins are holding up against the harsh market performance compared to others in this situation.

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Experts believe that Altcoins such as Ethereum, Uniswap, and Chainlink has been outperforming Bitcoins very recently. These are alternatives that should be getting attention.

Post the extended Bitcoin rally; investors have many profits to realize, which could be the perfect time to extract the maximum benefits. 

As a result, the sale is becoming more serious. Statistics from H1 2020 showed that altcoins comfortably outpaced Bitcoins due to a fall in BTC maintenance and small-cap setting all-time highs recently.

[Source: Altcoin Performance]

As per the above graph, Bitcoins grew by 27%, whereas large-cap altcoins like XRP, Ethereum, and Litecoin grew by 29%. At the same time, midcaps also displayed growth of 54%. The small caps have thoroughly beaten expectations by clocking in a 141% growth, around five times more than Bitcoins.

This can be termed as the high point for altcoins, but much more has to be achieved before prices double like Bitcoins.  On the other hand, some alts do not make substantial profits, and therefore, due to a lack of interest, the desired level may not be achieved.

Therefore, considering investors want to diversify their portfolio and perhaps the performance of Bitcoins peaking out, Altcoins could be an alternative option in the near term. This is also an indication that buyers are buying the blood currently, but at the same time avoiding Bitcoin for the time being.

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Ritika Sharma
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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