Bitcoin Growth and Other Altcoins: Check Here to Get All the Updates!

Bitcoin Growth and Other Altcoins

Coins and tokens in the digital currency world tend to follow similar patterns. When the value of bitcoin (BTC), the world’s most valuable cryptocurrency, rises, other digital tokens tend to follow suit.

When the price of BTC falls, it’s likely that the price of other cryptocurrencies will follow suit.

Many cryptocurrencies have fallen even farther in what has been an extremely difficult year so far, but this pattern has remained.

Ethereum and other altcoins, on the other hand, have been affected worse than bitcoin overall, according to research by Why are altcoins losing more money than the most popular cryptocurrency?

Bitcoin ETF News

Since the beginning of this month, bitcoin has held more than half of the overall cryptocurrency market value.

Bitcoin Growth and Other Altcoins

The announcement that the SEC will defer any announcement of a decision regarding the approval of a cryptocurrency exchange-traded fund (ETF) until the end of September was a crucial turning point for the crypto market.

Despite the fact that this pronouncement, made earlier this month, was bad news for all digital currencies, Ethereum and other altcoins seem to have taken the brunt of it.

Also Read: Google Play Store Removes 8 Fake Cryptocurrency Mining Apps: For Tricking the App Users

Bitcoin was able to retain its value better than other digital currencies following the SEC announcement. The price of Ethereum fell below $300 for the first time in almost a year.

Bitcoin Stability?

For the time being, investors may see BTC as the most stable digital token in the industry. Despite the fact that BTC’s volatility is still a matter of contention, it has gained traction in comparison to other cryptocurrencies.

In a bear market, investors may be more likely to move their money from altcoins to bitcoin if they are concerned about the future of younger, smaller cryptocurrencies.

Geopolitical Concerns

The geopolitical climate could also play a role in Bitcoin’s relative strength in comparison to other cryptocurrencies.

Investors have poured a lot of money into the cryptocurrency market because of the country’s persistent civil instability and growing economic difficulties.

According to the research, a significant percentage of these assets has been transferred directly to bitcoin. Turkey’s domestic currency, the Turkish lira, has plummeted in value, and many Turks have resorted to Bitcoin as a more reliable form of payment.

During the next major financial crisis, the position in Turkey could serve as a warning to the rest of the world.

Bitcoin Growth and Other Altcoins

When the next financial crisis occurs, the actual test of bitcoin and other cryptocurrencies will be put to the test. Is the cryptocurrency market going to attract a group of investors?

Also Read: Bitcoin Soars Toward USD 40K: Amid Speculation Over Amazon Cryptocurrency Plans

Will they concentrate their efforts on a single competitor, as they did with BTC? Or, will cryptocurrencies go the way of the dodo bird with the rest of the financial system?

It doesn’t matter what the causes are for bitcoin’s recent relative success, “relative” is the essential word here.

Bitcoin continues to struggle, as it did for the majority of the year. This year’s digital currency market has lost a huge amount of ground compared to where we were at this time last year.

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