The Rise of Altcoins after Bitcoin Boost
Altcoins are an alternative digital currency to Bitcoin. The word Altcoin is a portmanteau of “alternative” and “coin”, to form “altcoin”. Altcoins actually refers to a group of cryptocurrencies other than Bitcoin. Bitcoin is one of the most popular digital currencies globally. Moreover, more and more Online Casinos are adding it to their accepted currencies. The start of 2021 has sparked important cryptocurrency news.
Altcoins – Litecoin, Ethereum & Ripple grow with Bitcoin
Interest in other cryptos is gradually increasing and other Altcoins like Litecoin, Ethereum and Ripple increased in demand following Bitcoins rise of $34000. Ethereum reached a $1000 price matching its 2018 record, which was a remarkable increase of 30% for those who trade in this cryptocurrency.
XRP is a digital asset and has also grown in value showing a 7% increase over 24 hours, added to this is the 10% increase in Litecoin which reached a cost of $155. These sudden increase in Altcoins is not unusual and generally seen when the primary cryptocurrency shows signs of growth whereby its alternatives follow suit. These sudden upsurges attract crypto investors, and they begin to see the value and potential of digital assets.
Worlds Second Most Popular Cryptocurrency
Ethereum is the world’s second most popular cryptocurrency after Bitcoin, which was not just a new financial transaction system when launched; it also offered the highest security levels and introduced the world and online casinos to blockchain technology.
In turn, the Ethereum creators used Blockchain technology, enabling them to expand their functions by improving the reliability of financial operations and providing automation of the process. Blockchain guarantees transparent transactions by adding new conditions to the chain.
Which Altcoins Will Survive?
Bitcoin and Ethereum projects have different goals and different technical differences. Bitcoin is the most popular cryptocurrency currently and relatively stable hence its popularity. Ethereum varies in that it aims to cover a broader reach due to being in the smart contracts network.
Which altcoins will survive is one that is unequivocally impossible to answer. The success of cryptocurrencies depends on legislation and the volatility of the market.