Altcoins have generally followed in the footsteps of Bitcoin, the world’s largest cryptocurrency in terms of both price and volume. Analysts have also spotted several patters between the price movement of alts and BTC, with the most common notion being that the price movement is inverse between both.
Bitcoin had a stellar October, with the price shooting up by 30 percent. The price bump resulted in the cryptocurrency settling near the $10,000 mark after languishing near $7000 for prolonged periods of time. This time frame also some major alts climbing out of their ruts too, albeit not at the same rate as the Big B.
At press time, however, Bitcoin showed that the value had more or less capitulated near the $9000 mark and was trading for $9378 with a total market cap of $169.11 billion. BTC held a 24-hour market volume of $26.7 billion after a slight 0.62 percent price appreciation in the 24-hour spectrum.
Ethereum, the biggest altcoin in the market, had a different story to tell. When Bitcoin’s value rose last month, Ethereum had followed suit at a gradual pace. Now that Bitcoin has settled in terms of movement, ETH has shifted gears to grow in value. In the space of a month, ETH went from $175.2 to $188.6 and then settled at the current $186 range. At the time of writing, Ethereum was one of the few altcoins that were on the rise at rates more than Bitcoin. Several analysts with Paddy Stash tweeting have spotted this altcoin>Bitcoin pattern”
“Altcoin dominance has continued to climb back upwards since the big $Btc spike from $7.4 to over $10k last week. $ETH just jumped from $181 to a high of $188 just a few hours ago. ALts all look ready to move again. Lets see Big alts and Chinese alts blow up and bring the rest up.”
Stellar Lumens, the 10th placed cryptocurrency, was the surprise winner in the top 10 club, as the cryptocurrency was on a remarkable double-digit growth. XLM had taken a 16.18 percent hike in the past 35 hours, outperforming every other assets in the top 50 club. After the rise, XLM was trading for $0.079, which was a perpendicular growth on the charts from its earlier price point of $0.069.
The second-biggest gainer in the top 10 club was EOS, with Broke Pierce’s baby going up by 5.25 percent. Although the developments related to EOS are quite low now, the community has not lost in the crypto, which promised to provide a completely decentralized and streamlined financial ecosystem.
The market’s volatility continues to grow as the Bitcoin-altcoin correlation remains strong. On the back of the current market atmosphere, some famous advocates of the space have predicted 2020 to be the year of the ‘altcoin boom.’
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.