Crypto goes a lot further than just Bitcoin

One of the more interesting trends in cryptocurrencies is the relationship between them.

While some lump all of the various coins into one basket, there have been some interesting moves going on between the coins.

Bitcoin – long the biggest and most successful of the cryptocurrencies – has not had everything going its way for a change, with its dominant position reducing a little in the face of a wave of newer coins that are attracting speculators and investors.

Of course, much of that is a function of price, with Bitcoin suffering as some of the smaller hot newcomers take off, such as Polkadot and Cardano.

That could change quite quickly if there was a rush back to Bitcoin – something that some chartists are tipping for the future, pointing to past rapid rises in the price of Bitcoin after it suffered a series of falls.

Bitcoin off by around 20% – giving other coins room to grow
By some estimates assets under management for Bitcoin related investment products fell by about 20% to $54 billion in December, even as the cryptocurrency continued to make progress in becoming a legitimate part of the global economy.

That has seen Bitcoin fall below 70% of the digital coins as some of the smaller coins make up some ground as their value and networks expand.

Many cryptocurrencies other than the largest few posted spectacular returns in 2021, with Dogecoin, Polkadot and Cardano all becoming better known – along with the stablecoin Tether.

https://smallcaps.com.au/crypto-goes-lot-further-than-just-bitcoin/