Ever since the dawn of cryptocurrency, it has been Bitcoin against other coins. Each year has continuously been tagged the “Altcoin” year, with hopes that most of the new and upcoming coins, will rival Bitcoin and give the digital currency the necessary competition it needs, to make the crypto market an exciting place to be.
Cryptocurrency adoption has been on the rise for some time now, and it’s very evident in the new surge of cryptocurrencies into the market each day. However, Bitcoin has still been the stand-up coin, and upon numeral attempts to neutralize its power, nothing seems to be doing that.
Being a newbie in the crypto world could be a little uneasy when it comes to deciding on what coin to buy. It’s always the established coins against relatively smaller coins in the hopes of earning a higher return on your investment.
This year as always was expected to produce some healthy rivalry between Bitcoin and other altcoins, but half the year is gone, and these altcoins continue to bow before Bitcoin, and this isn’t what altcoins speculators had in mind.
Bitcoin undoubtedly is the biggest cryptocurrency in the digital currency market and by that, is supposed to be superior, a major indicator to explain why Altcoins are still falling behind Bitcoin is that not only does Bitcoin dominates the crypto market, its value also dictates the Altcoin terrain in BTC value as well as USD.
Bitcoins rise in value causes problems for many alternative markets, and when it falls back, it again drags the value of most altcoins down with it, of which many do not recover. The most significant problem of altcoins is their individual ratio against Bitcoin, which is annihilated this year.
Many altcoins have been seeing red over the past week when it comes to their BTC value, and not more than seven markets in the top 50 have seen a rise in their BTC value.
The second largest digital coin has lost almost 35% of its value against BTC since the beginning of 2019, and things are even worse for the relatively smaller ones. Waves, for instance, has seen a whopping 85% drop in value against BTC since the start of this year and with Bitcoin’s sudden burst of confidence this year, altcoins will be left in a sea of red.
There is an inevitable assurance that, new coins will continue to hit the crypto market, as well as hope that, these coins will give Bitcoin a run for its value, but that would have to be achieved another way because Bitcoin’s misery in the crypto market still glitters than the prime performances of many altcoins.