What cryptocurrency to buy right now?
November 24, 2020 12:24 pmVideo
Latest News
- Market Comment – Sentiment sours after strong US PMIs; stocks slip, dollar climbs May 24, 2024
- Technical Analysis – AUDUSD outlook turns neutral again May 24, 2024
- EUR/USD and GBP/USD: Technical analysis on May 24 May 24, 2024
- Trading plan for GBP/USD on May 24. Simple tips for beginners May 24, 2024
- Technical Analysis – WTI crude oil opens the way for bearish actions May 24, 2024
- Could developments in Iran and Saudi Arabia turn the tide for oil? – Special Report May 24, 2024
- Forecast for EUR/USD on May 24, 2024 May 24, 2024
- Forecast for GBP/USD on May 24, 2024 May 24, 2024
- Forecast for AUD/USD on May 24, 2024 May 24, 2024
- The yen may have already executed a long-term reversal. Overview of USD/JPY May 24, 2024
- Analysis of EUR/USD pair on May 23rd. Buyers make a second attempt to test the 1.0880 level May 23, 2024
- Analysis of GBP/USD pair on May 23rd. American reports saved the dollar May 23, 2024
- Forecast of EUR/USD pair on May 23, 2024 May 23, 2024
- Forecast of GBP/USD pair on May 23, 2024 May 23, 2024
- USD/JPY: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- GBP/USD: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- EUR/USD: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- GBP/USD: trading plan for the US session on May 23rd (analysis of morning deals). Buyers hit resistance at 1.2760 May 23, 2024
- EUR/USD: trading plan for the US session on May 23rd (analysis of morning deals). The euro rebounded from the 1.0819 level May 23, 2024
- Technical analysis – US 500 index slips after all-time high but holds within bullish area May 23, 2024
Last week, altcoins were more profitable than bitcoins. Bitcoin gained only 14% to $18.600, while Ethereum rose by 31% to $594. The most profitable cryptocurrency was XRP, which skyrocketed by 86% to $0.50. The BTC lost its share in the digital money market. Last week, the share of bitcoin was more than 68%, and now it is 62.8%.
The same situation was observed in 2017 when bitcoin rose in price first, and then other altcoins did the same. Analysts said this is natural. They are confident that it is dangerous to buy bitcoin when its price rises greatly, because at any moment a correctional process may begin. In this regard, investors are switching to cheaper assets thus contributing to their growth.
Experts have noticed that digital currencies are growing consistently. Bitcoin is the first, then, Litecoin, Ethereum, and XRP. Analysts believe that once reliable coins reach certain heights, less popular coins will also begin to grow.
The altcoin market is likely to be volatile, and then impulsive growth may begin. The correction in the altcoins market will begin after bitcoin’s correction. However, this does not mean that the market will start a bearish trend.
Analysts say altcoins will push the BTC price higher. They recommend buying altcoins now. Bitcoin may hit a new record soon. It means that other coins will advance too. Experts advise buying ethereum, lightcoin, EOS, NEO, and VET.
Moreover, the head of the Binance crypto exchange Changpeng Zhao stated that the digital money market could grow by 1,000 times.
Meanwhile, on Tuesday, EOS climbed by 10.58% to $3,4274. This is the sharpest daily rise. Currently, EOS is still below 85.08% of its $22.98 peak which was reached on April 29, 2018.
At the same time, Bitcoin fell by 0.32% to $18,348.1. Ethereum gained 8.70% to trade at $606.95.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: