All top 10 cryptocurrencies are currently outperforming Bitcoin in the last 24 hours. According to data provided by CoinMarketCap, Bitcoin Cash (BCH), and Bitcoin SV (BSV) are the two best performing cryptos. Other cryptos having a good performance include EOS and Ethereum (ETH).
Altcoins Recover After Bear Trend In BTC Terms
2019 was a very positive year for digital currencies, specifically for Bitcoin (BTC), Litecoin (LTC) and Binance Coin (BNB) among the top ten. However, other digital currencies have been lagging behind Bitcoin in terms of growth.
We have seen this 2019 a migration from altcoins to Bitcoin. Many experts suggested that the most valuable digital asset was going to be growing this year and reaching new all-time highs in the coming years or months.
Although Litecoin and Binance Coin were market leaders earlier in 2019, both digital assets have been in a bear trend during the last few months. Although today Bitcoin is falling against all the top ten cryptos, this does not mean that the bear market is over for alts.
At the moment, Ethereum is registering a price increase in BTC of 6.18%, XRP 6.08%, Bitcoin Cash 11.31%, Litecoin 5.95%, Binance Coin 3%, Tether (USDT) 7.49%, EOS 7.51%, Bitcoin SV 9.99% and Stellar (XLM) 5.82%.
However, if we consider the price performance of these digital currencies in USD terms, the situation looks different. Bitcoin is the worst-performing crypto among the top 10 with a price decrease of 7.51% in the last 24 hours. The only two virtual currencies experiencing positive returns during the same period are Bitcoin Cash and Bitcoin SV.
In 2019, Bitcoin experienced an increase in its dominance in the crypto space, moving from 51.5% dominance and reaching almost 70% dominance. This is the best performance Bitcoin had since early 2017, more than two years ago. Specifically this year, there was a poor performance for XRP, that remained traded close to the $0.3 level working as support. Ethereum has also been losing part of its dominance compared to Bitcoin, that reached $13,700 in June.
Smaller altcoins have underperformed this year when they are compared to Bitcoin. Why did that happen? Bitcoin has been gathering the attention of investors as a store of value in periods of turmoil and financial uncertainty around the world. As tensions intensified, Bitcoin was able to increase in price and suggest an even larger move upwards.
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