Bitcoin’s market cap now accounts for 58 percent of the entire crypto market. Last time Bitcoin’s share was that large, the Bitcoin price was at its historic high of around $20,000. Bitcoin is constantly outperforming the mean of the altcoin market.
Even Mike Novogratz, the billionaire CEO of Galaxy Capital and a former hedge fund manager at Fortress Investment Group, believes alternative cryptocurrencies, or altcoins, will be outperformed by bitcoin in the bull market.
Altcoins typically mount in value when the bitcoin price shows stability at a tight price range, leaving investors to take high-risk and high-return options over the dominant cryptocurrency. The optimism towards bitcoin, despite the emergence of sophisticated altcoins, is well founded due to the involvement of major financial institutions in the likes of Fidelity and TD Ameritrade building infrastructure on top of bitcoin.
However, these 3 Altcoins have done better than Bitcoin up till now. It might not be the case in the future though.
BCH has become a clear winner from the earlier split. It has outperformed BTC by 25%. Roger Ver had earlier said that
“With Bitcoin Cash, we are looking to create a currency of the future. It is fast, secure, and cost-negligible when compared to BTC. I would rather ask people to use it for themselves to decide. I’d always rather go for cryptocurrency that has a cheap and reliable transaction.”
Chainlink has a bullish short-term trading outlook, with the cryptocurrency advancing to its highest trading level since February 2018. These tokens soared after the announcement that it will launch its decentralized Oracle platform on the Ethereum mainnet on May 30. The platform also announced plans to deploy additional blockchain networks.
Solve might just be the best-performing asset in the recent crypto bull run outperforming Bitcoin by an astounding 144% and quickly becoming the 72nd biggest crypto. SOLVE tokens may be used to secure efficient and transparent healthcare administration around the world. SOLVE token runs natively on the Ethereum blockchain and is designed to follow the ERC20 token standard.
The gains of these currencies are totally owed to the fact that something dramatic has happened that has led to positive news around the asset. This case will not be the same for too long looking at the basic fundamentals of these coins.