- Bitcoin has become an inaccessible cryptocurrency for many investors, but the rest of the cryptocurrencies are gaining ground
2021 is being a great year for Bitcoin (BTC), but, while the first and most famous of the digital currencies loses the momentum that previously propelled it to great heights, the rest of the cryptocurrencies are gaining ground. These other currencies, called “altcoins” (alternatives to Bitcoin), do not enjoy the name and recognition of Bitcoin but, according to the analysts of StormGain: “It would be a mistake to underestimate them, since many of these altcoins represent great investment opportunities, which well they could outperform Bitcoin, as the latest trends in the market also demonstrate. “Following recently observed losses, Bitcoin’s dominance rate now stands at 49.5%, its lowest level in nearly three years. This fluctuation is a clear reflection of the growing interest in altcoins in the market and has led many traders to declare the season open for altcoins, estimating that they will win the race against Bitcoin in the short term.
The dominant opinion in the relatively new world of cryptocurrencies establishes that the value of altcoins is subject to the price of Bitcoin, so the surge caused by the advance of Bitcoin tends to also favor the advance of the rest of cryptocurrencies. Similarly, when Bitcoin goes bad, it can drag down altcoins, although this dynamic seems to be over.
Keep track of these altcoins
2021 has been discovered as a true turning point for cryptocurrencies, whereby the previous patterns are no longer fulfilled and the value of altcoins is increasingly decoupled from Bitcoin. According to those responsible for StormGain: “The case of the second digital currency according to its market capitalization, Ethereum (ETH), which has reached new all-time highs while Bitcoin lost 20% compared to its all-time high, is particularly relevant. This could well be due to the encouraging statements made by Visa at the end of March, after stating that it will accept transactions and payments with cryptocurrencies, using the Ethereum blockchain for this ”. Other examples analyzed by StormGain are as follows:
Dogecoin (DOGE) has once again reached all-time highs, thanks again to Elon Musk’s tweets. Thus, the founder of Tesla called himself “Doge’s father” while promoting his upcoming appearance on the television show Saturday Night Live on May 8. Musk has promised that he will “literally take Dogecoin to the moon” with the launch of the SpaceX rocket, a company with which Musk has joined the race for commercial flights to the moon.
Chainlink (LINK) has also obtained good results after publishing its version 2.0 Whitepaper, a technical document in which it presents a new architecture for the creation of smart contracts, through a framework for multiple interoperable decentralized oracle networks. For its part, LINK hit all-time highs of $ 44 before experiencing a correction to $ 36. Nonetheless, it is still a solid investment option.
Other altcoins that should be watched are Qtum (QTUM) and Pancakeswap (CAKE). These are innovative tokens that recently hit all-time highs, but are still affordable for retail investors. Without forgetting the already consolidated Litecoin (LTC) and Monero (XMR).
What is the interest in altcoins due to?
Each currency serves a function, be it a digital currency, government token, a gas smart contract, etc. Even ‘meme coins’ like Dogecoin do the job, according to StormGain.
A clear factor in its favor is its profitability, which may be the reason for the attraction to altcoins that so many traders are experiencing during the Bitcoin pullback. BTC has lost ground with respect to its historical highs, but it is an asset with great recovery capacity, which has managed to rise after the fall suffered, remaining at $ 55,000. Even so, there are many retail investors who cannot consider the idea of buying a whole Bitcoin.
However, more and more people want to invest, today, in the cryptocurrency market and altcoins are discovered as a much more affordable and accessible asset for new traders, who have just entered the world of cryptocurrencies and are starting now to create your portfolios.
Seize the altcoin season
“With the altcoin season open, every trader should carefully choose a trusted cryptocurrency platform that makes a wide variety of altcoins available to them and produces the best returns on their investments,” say those responsible for StormGain.
StormGain, the low-fee, high-leverage cryptocurrency trading platform, has just unveiled its new range of altcoins, including the aforementioned currencies and many other assets. StormGain users trade ETH, XMR, LINK, CAKE, DOGE and other altcoins, with the best conditions, but they can also benefit from exclusive advantages, such as accrued interest or the Bitcoin Cloud Miner.
Creating an account at StormGain is easy; It is accessed through its website or smartphone application, choose a username and password and start operating in just a few seconds.