Altcoins Are Trending Again, Matching Interest Levels Seen During Last Bull Run

in #news6 years ago

  Several analysts have argued recently that altcoins  are performing relatively well when compared to previous months which  saw some cryptocurrencies lose as much as 90% of their value (from  all-time highs set in late 2017).Altcoins are defined as all digital assets that are not bitcoin (BTC), the world’s first and most dominant cryptocurrency.

Bitcoin Remains Most Dominant Cryptocurrency

According to data from Google Trends,  online searches for major altcoins including ether (ETH), XRP, and  litecoin (LTC) have all picked up in recent weeks. However, Google  searches for bitcoin still remain the highest as the pseudonymous  cryptocurrency currently accounts for nearly 51% of the market  capitalization of the entire digital asset market.In December 2018, Google had published  a list of “what was trending in 2018” and “What is bitcoin” had ranked  as the top “What is…” for users based in the US and the UK. This,  according to a report from Google Trends which revealed (at that time)  that its data had accounted for top searches, important news events,  prominent people, and beauty-related questions.    Notably, the results of a recent survey (conducted via Twitter)  confirm that most crypto investors are still confident in bitcoin’s  long-term potential as an asset that will likely appreciate in value  over time. Twitter user “dave the wave” (@davthewave) had posted  a survey on March 10th, 2019 in which he had asked how much of their  total investment in crypto should new investors allocate to bitcoin.

Litecoin Price Has Increased Over 180% Since Start Of 2019

Approximately  1 in 4 investors recommended keeping all of their initial investment in  bitcoin; 42% of the Twitter user’s 1,726 survey respondents suggested  investing 70% in bitcoin and the rest, or 30%, in altcoins; 22% said  investors should allocate 30% to bitcoin while keeping 70% of their  investment in altcoins; and only 10% said to invest all capital in  altcoins.While bitcoin has continued to play a dominant role in  the crypto market, Google Trends have revealed that searches related to  altcoins are at their highest level since the bull run of late 2017 -  which saw cryptocurrency prices  record their all-time highs. Notably, litecoin’s (LTC) price has  increased by over 180% this year as it surged from about $30 (at the  beginning of this year) to currently around $58.Litecoin’s  halving (when LTC miners’ rewards are reduced in half) is expected to  occur in August 2019. Rewards for litecoin miners are scheduled to be  reduced from 25 LTC to 12.5 LTC. Historical data shows that when the  reward halving date approaches, the price of LTC has increased.  Significantly, LTC’s value surged by more than 700% in just a few months  at the time of its last halving (in 2015).  

Read more:  https://www.cryptoglobe.com/latest/2019/03/altcoins-are-trending-again-matching-interest-levels-seen-during-last-bull-run/