It is generally believed that when the legendary coin Bitcoin is going up then the next in line are all other cryptocurrencies. For the past three odd months, Bitcoin’s value is going higher and higher. In between these highs, only a few times, the value for Bitcoin declined but within no time the value was re-acquired.
With Bitcoin going up, the second-largest cryptocurrency, Ethereum, too was then able to follow Bitcoin’s lead.
Currently, Bitcoin is fighting the next price barrier of US$ 20,000 and it is expected that it will do so before the year ends. During this time, Bitcoin gained 15% increase in its value since the last week alone. But for the past 10 days, Bitcoin’s price had gone high as of at least 20%. Resultantly, the price of Bitcoin in the past week broke its earlier record high of December 2017.
In the meantime, the third-largest cryptocurrency, XRP too got to see a high increase in its value. It was recorded that during the year, the price of XRP had increased upto 25%. But there were much more for other cryptocurrencies as well. For instance, digital assets such as Polkadot, Cardano, Litecoin, and Stellar too got to see remarkable upward trending in their values. The owners of these cryptocurrencies are told to have earned more profits than those who owned and possess Bitcoin.
The analysts at CoinDesk told that this is inevitable because when top digital assets go up so do the smaller ones. Generally, the smaller coins have high percentages of values attached to them. Similarly, these smaller coins can be bought in bulk because of their lesser values. This in return allows the investors to gain considerable profits when the prices of these smaller coins go up.
Meanwhile, the value of Bitcoin is so huge therefore the investors are forced to buy small quantities of Bitcoin. Therefore, the profits could be high but it would not be in multiples. For example, for those investors who want to invest for a long-term basis, then top-notch cryptocurrencies are best for them. However, if someone wants to invest in the short term, then investing in smaller coins would be highly profitable.