Skip to main content

MAJORITY BELIEVE BITCOIN WILL OUTPERFORM ALTCOINS FOR THE NEXT 30 DAYS



According to a recent poll, the majority of people think that Bitcoin will outperform altcoins in the next 30 days. Moreover, information also reveals that the number of people who are holding altcoins has decreased since the beginning of April.



People Think Bitcoin Will Continue To Outperform Altcoins




Perhaps somewhat unsurprisingly, the majority of those who voted (53%), think that Bitcoin will outperform altcoins. The poll saw a total of 1532 votes.
Crunching the numbers, we can see that Bitcoin managed to increase by a total of 175% during 2019. More importantly, the cryptocurrency is behaving relatively stable and even though it saw a decline of around 27% since its yearly high, it doesn’t mark any violent declines.



The situation is far from the same with altcoins. While a lot of them are up in the positive on the year-to-date chart, their recent performance in the past few months is looking bleak. Ethereum, for instance, lost 45% since its yearly high. Interestingly enough, Binance Coin (BNB) lost almost the exact same number.
Things seem even worse when we see how altcoins are performing against Bitcoin as most of them are reaching long-term lows and show no signs of stopping the fall. BNB, for example, lost more than 55% of its BTC value since its peak this year but remains up for the year. ETH, on the other hand, is down almost 50% against BTC since January 1st.
Despite the magnitude of news coming up regarding altcoins, we can see no actual impact on their price and it appears that investors are no longer buying it. As Tech Tic reported earlier this year, the main difference is that Bitcoin has already proven its use case while the majority of the altcoins have yet to do so.



Investors Losing Confidence In Altcoins



It’s also worth noting that it appears that investors are losing faith in altcoins. Popular Twitter account DonAlt did a series of polls, starting back in April. As we reported back then, 47% of investors had between 60% and 100% of their entire portfolio allocated into altcoins.
He did the same poll at the end of august and that number was reduced to 38%, while the number of people holding between 0% and 19% increased to as much as 43% from just 23% in April.
This means that people are increasingly reducing their expositions to the altcoin market. Given all of the above, we can see why.

Comments

Post a Comment

Popular posts from this blog

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more
  First US Stimulus Check Now Worth Almost $9,000 if Invested in Bitcoin If American citizens used their $1,200 stimulus checks to buy BTC in April 2020, they would have seen a return of over 620%. A bitcoin investment worth $1,200 following the first stimulus checks sent by the US government in April 2020 would have skyrocketed by more than 600% until today to over $8,500. Although this is a spectacular growth for less than a year, the same investment put in Ether would have presented an even better ROI of over 1,000%. Option 1) Stimulus Put In BTC The US government initiated a drastic measure last year to sent stimulus packages to its citizens following the COVID-19 pandemic, which caused numerous disruptions to people’s lives, businesses, and personal finances. Following the initial deal that then-President Donald Trump signed, the Federal Reserve sent out checks worth $1,200 to every adult making below $75,000 per year. The first  reported  cases of people receiving t...
Post a Comment
Read more