It seems as Bitcoin shines brighter and brighter, most altcoins go dimmer and dimmer. The altcoin market has not been favorable and most have dipped in prices. Cryptocurrency news today learned that the word in the cryptocurrency market is for an overhaul of the altcoins, dropping most underperforming coins so that the performing ones can have the opportunity to grow.
Cryptocurrency News Today – Altcoin News Today – Two Altcoins Outperform Bitcoin While Others Plummet
Out of the ten top-ranking coins in the cryptocurrency market, only two altcoins have been successful in performing better than Bitcoin. Researchers believe that studying the reason why these two coins performed better would give an insight into resurrecting the ailing altcoins. While some cryptocurrency analysts believe that a double bottom achieved from a 50% drop in the altcoin market was the way forward, others hold onto the hope that an all-out season was in the near future. Studying the top ten coins in the cryptocurrency market and how they performed in relation to Bitcoin could make known which coin weather the storm and go the distance.
XRP (XRP) Price Today – XRP / USD
From data shared by cryptocurrency analyst David Martin, only two altcoins were able to outperform Bitcoin since the beginning of the year. The two coins were Litecoin and Binance BNB. From records and data for the year, Bitcoin has grown by 168% from the beginning of the year to now. Litecoin has shown an increase of 214% in the same time frame. The growth of Binance BNB has been simply astonishing as the BNB was able to show a 364% growth increase. The BNB set new records and was able to gather use cases every day, making the BNB the top performing coin for 2019.
Bitcoin Cash takes fourth place in coins that have performed well behind Bitcoin while EOS pushes Ethereum to the fifth position. Ethereum snags the sixth position, Cardano seventh and Tron sits at the eighth position. Ripple comes in at ninth due to the company’s activities in the selling of tokens in abundance throughout the year. In the final tenth position is Stellar which hasn’t been performing since the beginning of the year. It should be noted that this ranking is for coins that have shown an increase and the percentage of that increase since the beginning of the year.
Cryptocurrency News Today – Crypto Latest Update – Cryptocurrency Price Analysis – Altcoins Growth Still Tied To Bitcoin
Statistics show that the growth of the altcoins seems dependent on Bitcoin, and the values of the altcoins have dropped further with relation to the BTC. This shows how poor the state of affairs is for most altcoins as they struggle to stay afloat. An altcoin price prediction doesn’t favor an increase in the value of most altcoins if the current altcoin to Bitcoin ratio is maintained. Should the leading cryptocurrency coin continues its bull runs, the BTC would only absorb the capital from the ailing altcoins.
While most cryptocurrency analysts expect and believe that an alt season could still occur should the BTC continue to correct, others believe that the ailing condition of the altcoins could drag the leading cryptocurrency coin down and cause the collapse of the entire cryptocurrency market.