The Alt Coinxs lead Bitcoin (BTC) – Edward Ludbrook
In the beginning, there was only Bitcoin. Then Charlie Lee came along and said he could create a better type of payment crypto and that’s when we saw the creation of Litecoin.
Since those early days, literally 1000s of coins have been created and they’re all referenced to the ‘mother coin’ Bitcoin. These are known as ‘alternative coins’ or Alts.
Yet Bitcoin still defines the crypto space and dominates the value, it is 63% of the total value. This is the coin we talk about and quote in price terms to describe the market rather than the total market cap of crypto. So when I talk of the market I say, ‘yes, it went from $9000 to $10,000, 12% growth!’. That’s Bitcoin price, rather than saying ‘Yes is was 260 billion to 290 billion’, to reflect the total value of the market.
The problem with this normal market talk is that a Bitcoin focus can mean you miss the market moving. Sometimes, in fact normally, when the market becomes positive, the Alts move first.
In the first quarter of 2019, the market was flat, Bitcoin was not moving. Yet, for those who were observant, Litecoin was rocketing. Although it’s not big enough to move this Bitcoin dominated market, this was the indication people should have needed to buy, buy, buy.
In the second quarter, Ethereum and other Alts started to grow fast and then Bitcoin followed, with the total market booming 300% in 10 weeks!
Already in 2020, the Crypto market has rocked, up 40%+. Bitcoin is up 41% with Litecoin and Ethereum up 90%.
The Alts are leading the market which makes for exciting times ahead! (Psssst tell everyone now)!
Published at Tue, 18 Feb 2020 01:11:40 +0000
