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Bitcoin Breaks Above $10,000 But are Altcoins the Ones to Watch?

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July 25, 2019 | 

Darryn Pollock |  0 Comments| 

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After struggling to regain some of its price potential, Bitcoin has once again made it back over the all-important $10,000 mark. However, the real focus for the cryptocurrency market should now be on altcoins, which are rallying stronger than the most prominent coin.

Bitcoin reached a new year-high this time last month, but since then has languished around the $10,000 mark, often dropping below that on news of regulatory pressure on Facebook’s Libra coin.

However, the latest push above the key $10,000 marker has the additional drive of several altcoins also looking to make some good gains after months of poor performance. 

Back on the move

While Bitcoin has not shed massive value in the past month, its performance has been lacking, and whenever there has been a small rally, it has always been predicted to be short-lived; this has also been the case. 

Since July 10, when Bitcoin again crossed the $13,000 mark, it has been on a steady decline, having lost its hold on $10,000 earlier this week. Now, with a four percent increase, Bitcoin hovers at $10,100.

Big for altcoins

As is often the case, a rise in price for Bitcoin usually spells a surge for the rest of the market, however, for the first time in a long time the rally comes from the altcoin side of things seems to be better. 

In the top 10 coins by market cap, EOS is seeing the most significant rise having managed to gain 10 percent. Ethereum and Cardona are also up seven percent, while even Tron, which is suffering at the hands of its CEO, Justin Sun’s, controversies are even seeing small gains. 

Altcoins have had a tough time of things recently. They have had to play second fiddle to Bitcoin, which has reached impressive market dominance once again. Bitcoin's dominance, at 65 percent, has seen interest in altcoins wain significantly. 

Long term potential?

Altcoin season, which often follows the rise and fall of Bitcoin, has not been forthcoming as many predicted in the last few months. It still feels though that the moment is right for these coins to start to break away from Bitcoin and gain significantly. 

In terms of long term predictions, it is too early to call this small and brief rally the start of something big for coins other than Bitcoin, but the latent potential for a significant rally remains. 

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