Bitcoin Outperforming Altcoins with 62% Market Dominance But These 4 Still Pumping Alongside
- Once BTC starts outperforming altcoins, “there is a significant rush to the king of crypto and the rest of the market falters.”
- Best to be exposed to more Bitcoin, position in altcoins won’t benefit
Bitcoin is pumping hard and is currently down only 38 percent from its all-time high. In the past 7 days, we are up 36.9 percent while surged 212.4 percent in the past 90 days.
The leading cryptocurrency is not only outperforming top cap altcoins but also the mid-cap ones that usually see a much larger pump.
As a matter of fact, once Bitcoin starts outperforming these altcoins, “there is a significant rush to the king of crypto and the rest of the market falters,” notes Coin Metrics, crypto assets and market analysis and research platform.
Best Position is to be More Exposed to Bitcoin
Last week, Coin Metrics reported how in response to the latest macroeconomic developments, “assets that can lay some claim to being a store-of-value experienced strong gains.”
— Timothy Peterson (@nsquaredcrypto) June 26, 2019
Popular crypto trader and investor Josh Rager also explained this to his audience, when Bitcoin is performing better than altcoins, Alt/BTC value of the altcoins will go down, even if the USD value goes up with BTC.
That’s why it is best to be exposed to more Bitcoin because holding position in the majority of altcoins won’t benefit the trader or investor though there are always “altcoins outliers” that can pump. When altcoins start outperforming BTC, typically BTC dominance will see a decrease:
“So it's good to be exposed to more alts while holding BTC as hedge.”
As for the down markets, every crypto suffers during that time but Bitcoin doesn't decrease in value percentage as much as altcoins which means “always holding some BTC is important.” And this is where stablecoin also come in play that keeps the value stable.
Altcoins, that are Doing Well, following Bitcoin
One such altcoins is 27th ranked Qtum which is up by 26 percent in the past 24 hours and surged 52.7 percent in last 7 days. 16th largest cryptocurrency, Neo is another one on this list that is currently up by more than 8 percent while registering gains of 41.6 percent in last 7 days.
Though today in the red by 6.05 percent, the 7 days change in VET price has been 29 percent. Ethereum is following Bitcoin as well but at a much slower pace. It is currently up by 5.68 percent while recording 23.7 percent gains in last 7 days.
A few notable mentions are Nucleus Vision up 20 percent today and OmiseGo that is in the green by 15 percent. Meanwhile, among the top altcoins Bitcoin Cash, Tron, and Dash are up over 10 percent in the past one week.
Bitcoin’s price is $50,988.21 BTC/USD exchange rate today. The real-time BTC market cap of $950.63 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $19.31 Billion and live coin value change of BTC 5.06 in the last 24 hours.