Investors make big bets on altcoins: Forget Bitcoin and Etherium Investors make big bets on altcoins Learn more here: Forget Bitcoin and Etherium, this cryptocurrency has risen 320 percent in 7 days
- Altcoins has overtaken Bitcoin and Ether
- Altcoins reduce the dominance of bullish bitcoins
- Its share in the total crypto market cap is now 45 percent
- The price of IoTeX rose 320 percent in 7 days
The price of cryptocurrency has risen significantly in recent times. Digital currencies like Bitcoin and Ethereum have seen good growth. But alternative coins have overtaken Bitcoin and Ether, the world’s largest, oldest and most popular cryptocurrencies, in the past week.
Edul Patel, CEO and co-founder of automated crypto trading platform Mudrex, said the rally in Altcoin has reduced Bitcoin’s dominance. Its share in the total crypto market cap is now 45 percent. He said that if we look at the money flow index, we can see that there is a significant increase in volume and money flow in the above altcoins. This is because these small altcoins have a lot of growth potential.
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320% increase in 7 days
Major cryptocurrencies such as Bitcoin and Ether have risen between 9 and 12 per cent in the past week following an update on London’s hard work. Altcoins like IoTeX, on the other hand, have grown more than 320 percent in the last 7 days. Similarly, Raven and Terra have risen 78 percent and 62 percent, respectively. During this period, cryptocurrencies such as Solana, Axis Infinity, Cadano, XRP and Dogecoin increased by 40 to 65 percent.
Sharan Nair, CoinSwitch Kuber’s chief business officer, said cryptocurrencies were still in their infancy. There is a lot of potential for new coins right now. Most investors are looking for new coins. They believe that this will revolutionize the environment and that is why they want to invest in them at an early stage and get huge returns. This is what investors in Bitcoin and Ether did.
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Small currency big hope
Investors turning to small cryptocurrencies say there is not much left in Bitcoin and Ether. This is the reason why many altcoins have risen sharply in the market cap chart. Adoption increases demand, which in turn increases prices. Along with the demand for these small altcoins, their market cap will also increase in the coming months. Binance Coin and Cardano, for example, are now the third and fourth largest cryptocurrencies. Similarly, Solana is on the threshold of top 10.
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