Bitcoin was introduced in the previous decade and has since then been on the rise. As Bitcoin started gaining popularity; other altcoins also joined the league. Ethereum had a good track record of maintaining its value during the epidemic and was therefore preferred by the investors in the coming year. The cryptocurrency fortune-tellers and predictors expected Bitcoin and Ethereum to be the leaders in the next rise.
Bitcoin, contrary to it, did face a downfall during the epidemic; however, it recovered within the same year, which was an almost unbelievable value recovery. To gain investors’ interest over Ethereum that had maintained its value during the epidemic Bitcoin played another card by increasing a significant amount of value within days.
The low lying cryptocurrencies played a good market strategy by increasing their value whenever Bitcoin dropped it’s during the epidemic. However this time Bitcoin left other cryptocurrencies for away in the game of value leaving them with a value gap that they cannot feel in spite of all efforts.
Bitcoin had a huge hike in the 2018 and had attained the highest of its own value. Price Discovery is a milestone which is achieved when a particular cyber asset surpasses its previously highest value. Bitcoin has entered price discovery this Christmas and is constantly hitting the top chart since 3 days.
The general trend is that when Bitcoin rises rapidly, other altcoins fall behind it, but when Bitcoin falls other altcoins experience a much higher percentage increase. If anyone wants to invest in altcoins, it is imperative to check the trend of Bitcoin because that actually impacts the value of other cryptocurrencies. Suppose you check the current performance of the cryptocurrencies. In that case, you will understand that Ethereum is actually underperforming compared to Bitcoin, not just in value but also in the rising trend. However, both of them are constantly on a rise, yet the percentage increase to differ greatly.
The fortune of other cryptocurrencies depends on Bitcoin and Ethereum performance. The other coins will become attractive when the top most contenders fall. There is no evidence or factor that can predict the down fall of the two highly significant cryptocurrencies. Therefore, you cannot expect the lower ones to rise very high at least in 2021. Bitcoin made sure that its downfall in the epidemic does not impact its reputation in 2021 by making huge highs in value after Christmas almost every day.