Altcoins Owe Gratitude to Bitcoin Price Explosion

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Altcoins Owe Gratitude to Bitcoin Price Explosion

ForexMinute.com – Bitcoin sometimes feel like the locomotive of some train, with multiple bogies (altcoins) tied to its back. As a result, wherever it goes, the altcoins follow.

To prove this analysis, one can see how each and every top cryptocurrency has reacted Bitcoin’s explosive price rally to the north (currently above $450). Even the so-called dead coins are rising from their virtual graves, and the entire marketplace seems to be painted with green upward arrows. In this section, we will see which altcoins have been benefitting the most from the current Bitcoin bullish sentiment.

Litecoin

25.1

The nearest, most-traded cryptocurrency to Bitcoin is Litecoin. The silver-unit was previously subjected to too much criticism, as it value was faltering rapidly due to low demand, manipulation from the miners’ end, and increasing competition. However over the last 24 hours proved that Litecoin still holds potential of being the next-best cryptocurrency for masses. When Bitcoin bullish rally began to appear, Litecoin prices also advanced north and rose from $3.65 to the current $4.05. It is almost 18%.

Dogecoin

25.2

The fun-filled cryptocurrency is less about market caps and values and more about community strength. Even then, it had its shares of downfalls in the past. Like Litecoin, its market has also suffered a range of issues like increasing mining difficulty, low hashrates, less merchant demand, etc. But in the last few days, the meme-based cryptocurrency displayed a vast improvement after following the Bitcoin market’s optimism. Over the last week, the DOGE/USD surged from $0.00021 to $0.00024 (about 12%).

Peercoin

25.3

Even with the less media coverages, Peercoin currently holds a substantial community for being among the only cryptocurrency having a steady and long-term sustainability. However in terms of market cap and value, this PoS coin is facing competitions from the new, feature-rich altcoins. But in the last few days, the coin is slowly adopting the current optimism in the market, initiated after the Bitcoin upward rally. Over the last week, the PEER/USD value has jumped from $0.73 to $0.88 (around 10% higher).

Darkcoin

25.4

Darkcoin, even though rising impressively, is still unable to adopt the current market’s optimism It might be because of an ongoing patchwork in its Darksend platform, due to which the obfuscation service is unavailable to its users. Outside the Darkcoin community, investors without an adequate knowledge of Darkcoin may be just waiting for this patchwork to finish before making any trades. Even though, the DRK/USD is at a better place, rising from last week’s $1.97 to $2.53.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com