Crypto altcoins are outperforming with Bitcoin 'gravitating' toward $50,000
Bitcoin after the breathtaking surge by the market bellwether in recent weeks.
Cardano surged as much as 30% on Friday, while Solana gained about 8% and Avalanche increased 12%. Meanwhile, Bitcoin was up about 2% and Ether was down around 1%. Combined, the two largest tokens account for about 70% of crypto’s $1.6 trillion market capitalization.
“After the huge rallies Bitcoin and Ethereum have seen, it’s not a surprise that they’re taking a bit of a sideways breather,” said Matt Maley, chief market strategist at Miller Tabak & Co. “However, the fact that these altcoins are rallying so strongly today tells me people have not lost any love for the overall asset class.”
Solana is among the blockchains competing with Ethereum, crypto’s key commercial highway, for a bigger share of digital-asset activity
Did you Know?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose. Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.
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Options traders have been loading up on bets that Bitcoin will surge to $50,000 by January, when many market observers expect the SEC to finally allow exchange-traded funds to directly hold the cryptocurrency.
“I expect the current uptrend to persist, with Bitcoin gravitating towards 50k, where options strikes are clustering,” said Teong Hng, CEO at crypto investment firm Satori Research.
Bitcoin has surged more than 60% since the middle of October, when speculation jumped that the Securities and Exchange Commission was
