Bitcoin just handed a major shock to analysts and observers who felt it was going to be in the bearish mood forever. Bitcoin just crossed the $6,000 mark and the crypto world is erupting in style again. But as the world’s most prominent cryptocurrency is making a giant stride since its sinking in 2018, other sectors of the crypto market are not enjoying the same impressive growth.
Bitcoin Surges, Others Wail
As a matter of fact, while Bitcoin is enjoying a very impressive stride, almost all the other altcoins are tumbling very badly. As Bitcoin is shocking all the experts, observers are still unsure as to whether other crypto assets like Ripple and Ethereum will keep on bleeding or whether they should just rush and purchase at this stage. But whatever the case, this is surely a good time for those who want to buy Bitcoin.
Investors in Altcoins Will Continue to Wail
A poll organized on Twitter has shown that a considerable majority of crypto investors hold anything from two to nine coins. This may or may not involve Bitcoin. In fact, just about one-fifth of the respondents stated that they invested in Bitcoin. They also clarified that a tiny percentage of the crypto investors are finding the Bitcoin value surge interesting at all.
As Bitcoin continues on its impressive surge, altcoins have continued to post very disappointing results – to the dismay of their investors. A huge chunk of the altcoin platform is linked with BTC on the crypto online trading networks. What this means is that Bitcoin has a tremendous influence on the price of other cryptocurrencies.
Before Bitcoin rallied beyond $4,200 at the beginning of April, altcoin growth was roughly correlating with that of Bitcoin. In fact, it was so interesting that some termed it an ‘alt season’, meaning a season where altcoins also surged alongside BTC.
But that was not to last long, and altcoins have been badly hit since then. But it should be pointed out that the relative link between the values of BTC and altcoins is not always steady. There are times when altcoins rise alongside BTC and there are some other situations where a surge in BTC is followed by a devastating fall in the price of the altcoins.
At the moment, altcoin investors have become the butt of jokes on the various digital currency platforms. But some believe that it may not be only bad news after all a split of the two will strengthen the crypto market.
— A v B (@ArminVanBitcoin) May 9, 2019
One of those who believes this is the case is online celebrity Tone Vays and another is crypto investor Vinny Lingham who believes it is actually needed for even Bitcoin itself to climb much higher than it is at the moment. As for the altcoins like Ripple, Ethereum, Stellar and others keep falling, observers still remain uncertain of the next step to take. While some are totally petrified, others think there is no better time than now to go all out and buy as much as possible.