Altcoins have followed Bitcoin after its price increase above $15,500 in recent days. Most of the virtual currencies in the market have experienced large movements upwards. In some cases, the surge is as much as 62% for Yearn.Finance (YFI) or 40% for Solana (SOL).
Altcoins Move Higher
We have been closely following Bitcoin in recent weeks. The digital currency was able to move towards $15,500, the largest price registered since 2018. However, altcoins didn’t follow the same trend. Most of them remained without change or even lost part of their price.
Now, in the last few hours, altcoins were able to massively surge and get in line with Bitcoin. Just to mention a few virtual currencies, YFI grew by more than 62% in the last hours and reached a price per coin of $14,765. Solana skyrocketed by 40% and it became the 91st largest altcoin in the market.
Band Protocol (BAND) and DxChain Token (DX) experienced a growth of over 30% in the last 24 hours. We could continue mentioning other altcoins that moved by over 20% in the last hours but there are many of them. Only 8 digital assets didn’t register gains in the last 24 hours.
We need to take into consideration that when Bitcoin moves higher or lower, altcoins tend to follow. Although the move comes with a few hours of delay (in this case a few days of delay), we will not always experience this behaviour. Many times in the past, Bitcoin’s price moved higher but altcoins didn’t follow.
When investing in digital assets it is always recommended to have a diversified portfolio. Allocating funds in other digital assets could be a good way to increase our profits, reduce our risk and diversify our holdings – we are not financial advisors.
Altcoins tend to move with larger magnitudes due to the lower liquidity they have. There is an exception for the largest digital assets such as Ethereum (ETH), Litecoin (LTC) or XRP. All the other coins are going to be moving higher or lower in a faster and more volatile way. This does not happen in Bitcoin anymore (when was the last time Bitcoin fell or surged by over 25%?).
Among the top 10, the best performing digital asset was Chainlink (LINK) With a price growth of $12.96. This virtual currency was followed by Cardano (ADA), growing 9.35% during the same period of time.
