Whenever the price of bitcoin increases, the trend is a significant impact on the growth of altcoins
Bitcoin and altcoins are having a strong start to the year, according to the ZyCrypto website. The largest cryptocurrency in the market for much of its existence dominated the market in terms of performance, market value and was also the “choice” of investors. Altcoins are also an important part of the crypto market, with many equipped with the resources and technology to rival Bitcoin for a place at the top.
Altcoins, however, are the ones that receive the most in terms of dominance, as Bitcoin tends to make its presence felt in the market. Being the largest and most popular digital currency, it comes with its advantages and, for some time, Bitcoin has more than flexed this muscle of superiority. There has been a great correlation between the performance of bitcoin and that of altcoins for years. Whenever the price of bitcoin increases, it tends to have a significant impact on the growth of altcoins in the same way when their prices start to fall.
Although altcoins underperformed bitcoin a few years ago, their worst performance started after the upward trend ended in the final stages of 2018.
Bitcoin had a 39% dominance in early 2018, but rose to 70% in July last year and hovered in that region for the rest of the year.
This year, regardless of its initial phase, was interesting in terms of performances. Altcoins is performing a performance that caught the attention of many crypto experts, with some believing that this year may finally be the year when altcoins take the biggest cryptocurrency for a ride.
Many developments, involving altcoins like Ethereum, Tron, Litecoin, Tezos and many more currencies, have started an upward trend in the altcoin space. From commercial developments to projects and initiatives designed to transform the transaction speed of most of these digital currencies, altcoins may be up to the mark this year.
Bitcoin itself is not having a bad year and, as far as domination is concerned, digital currency is also underway to reinforce this with a good performance on the crypto ladder, as well as the highly anticipated half-way event. in cryptocurrencies believe this, the event this time will not be very good for the price of bitcoin, as the number of coins in circulation will still increase. However, your positive feelings, as previously experienced, can have an important effect on the price of what the basics of the event.
With bitcoin still the largest and most preferred currency option for crypto beginners, its dominance remains something to overcome, regardless of the fact that altcoins are undergoing mass adoption and are being integrated with financial payment solutions and other endeavors. The latest altcoins Bull Run is also being linked to bitcoin’s strong performance this year, a notion or statement of fact, which is not about to change anytime soon.
Altcoins underperform bitcoin in most years, but diminishing their potential this year would be a very risky thing. Whether or not they can break bitcoin’s dominance is also a difficult question to answer, but the important thing this year is that altcoins are showing glimpses of hope and can change things this time around.