Altcoin rising

Why is the price of Altcoins still rising?

  • 8 March 2021
  • 326 View

Last week, Bitcoin set a new high record of $ 48,000. Bitcoin is currently trading at $ 48,000. Meanwhile, the price of Altcoins continues to rise.

According to Decrypt, after the news about the procurement of 1.5 billion dollar of  bitcoin by Tesla was published. Several large companies also announced their interest in buying and accepting bitcoins in the news. The price of the largest cryptocurrency reached a new historical record. But in the last few days, the price of Bitcoin has fluctuated in the range of $ 48,000. Bitcoin price stability has allowed the Altcoins the opportunity to move upwards.

Someone who has put money into cryptocurrencies other than Bitcoin for more than a few months will be having knowledge that the efficiency of the Altcoin market is closely related to the proficiency of Bitcoin.

Altcoin related to Bitcoin

Altcoin related to Bitcoin

Is the price of Altcoins continuing to rise?

While the price of bitcoin is stable, the price of Ethereum, the largest Altcoin in the cryptocurrency market, traded at around $ 1,840 on February 14, 2021. It was almost constant compared to the previous day. Ethereum has grown by 15% in recent weeks.

On February 14, the price of Ripple fell 2% to $ 0.61, the price of Cardano fell 4.74% to $ 0.88 and the price of Polkadot fell 3.7% to $ 28.3.

Although the daily returns of these currencies seem to have declined. But all the major coins on the market have grown significantly in recent weeks. This week, Ripple grew 44%, Cardano 37%, and Polkadot 47%.

On the same day, the coins at the top of the table also had a calm but positive performance. The highest weekly growth belongs to the Binance coin; BNB prices have fallen 1 percent in the last 24 hours, but have risen 92 percent to $ 131 in recent weeks.

The price of Stellar fell by 3% on the last day. It has a 48% increase in the recent week by reaching $ 0.55. Besides, the price of LiteCoin increased by 8% yesterday and 49% last week, reaching $ 222. Chain Link also performed well, reaching $ 34, up 12 and 43 percent on the day and last week, respectively.

Dogecoin, the Thirteenth largest currency market in the $ 8.4 billion cryptocurrency market, rose 19 percent last week to $ 0.066. The price of Dogecoin has risen sharply after the attention of several celebrities. The most prominent figure who has helped raise the price of this digital currency is Elon Musk.

Altcoins continuing to rise

Altcoins continuing to rise

Has the Chinese New Year holiday affected currency prices?

Chinese New Year and its 16-day holiday, which started on February 12, usually lower the price of digital currencies as Chinese investors sell some of their coins at this time of year. However, analysts believe that a large share of the market now belongs to Western institutional investors, and therefore, the Chinese New Year will not have much of an impact on the price of bitcoins and coins.

A division of multinational Morgan Stanley, one of the world’s largest financial companies, is considering investing in Bitcoin, Bloomberg reported.

According to CoinDesk, Morgan Stanley’s investment division is called “Counterpoint Global” which invests in future long-term projects. The company has more than $ 150 billion in assets under its management.

Bloomberg noted in its report that the team needs the permission of companies and lawmakers to invest in Bitcoin. This investment is not the first move of Morgan Stanley to Bitcoin. The company currently owns about 11% of Microstrategy. Microstrategy has invested a large portion of its assets in Bitcoin. Recent reports show that most investors are holding bitcoin instead of spending it. This action raises the price of bitcoin.

2 responses to “Why is the price of Altcoins still rising?”

  1. Herve Fodouop says:

    Good informations

  2. Yanga Jili says:

    Great article indeed

Leave a Reply

Your email address will not be published.