As Bitcoin (BTC) continues to rebound, many of the major altcoins are now seeing similar recoveries in price. The top ten cryptocurrencies are all in the green – save for Tether (USDT). By its nature, Tether will remain pegged to the U.S. Dollar. The rise is especially welcome after a punishing 2018. As some of the top cryptocurrencies lost over 90% of their value, there was considerable doubt whether small projects had the ability to recover. Despite this, the market appears to be returning to healthy gains as Bitcoin shakes off a prolonged hibernation.
Concurrently with the sudden bull market, many traditional companies are announcing blockchain integration. Infrastructure projects that began during the crypto-winter are now coming to fruition. Projects like Flexa/Spedn that allow users to make purchases at brick-and-mortar stores using cryptocurrency. Through a partnered network of stores that include Whole Foods and Nordstrom, users can make purchases through the app using major currencies.
Always a weathervane, Bitcoin’s recent performance roused investors throughout the market. From a low of $3,200 per coin, BTC now hovers near $8,000 – more than double in the span of a few months. The rise may, at least in part, be due to concerns over traditional investments. As the traditional stock market falters, cryptocurrency seems to be taking up some of the slack.
After initial concerns as performance lagged, Ethereum is now racing to match Bitcoin’s percentage increase. The second largest cryptocurrency suffered one of the worst setbacks of the crypto-winter – dropping from a high near $2000 down to double digit values. Ethereum’s creation of the decentralized application marketplace easily earns them their spot – and, perhaps, an even higher rise in price.
Long rumored as a Coinbase addition, Ripple none-the-less remained markedly absent from the fiat gateway. Until last week, when Coinbase began trading in the number three currency. Investors reacted immediately, spiking XRP’s value by 25%. Ripple’s steady approach to development over the past year and a half leaves them in the perfect position to capitalize on a bull market.
Although in a less enviable position than they held in 2017, LTC remains a strong contender in a saturated market. Litecoin is often seen as one of the best true ‘digital currencies’ for use in actual purchasing. With the addition of the Mimblewimble protocol, they will also become one of the stronger privacy coins available.
Article By: Adam Stone