Bitcoin Reaches $8000 While Altcoins See Low Market Activity
The past several days have been an interesting time for the crypto community. Bitcoin has broken the $8000 mark since earlier this year and has been steadily growing. However, many other cryptocurrencies are continuing to have low market activity, which is hard to explain.
Bitcoin continues to dominate the crypto markets in all aspects, and the unexpected growth staying by more than 50% high, has attracted much debate.
In major part its progression might be caused in big part by the anticipation against a boosted institutional adoption. It is considered that with the growth of Bitcoin, the rest of the market will suffer. However, it still doesn’t explain the continuous decline that all of the cryptocurrencies have been undergoing the current year.
Are altcoins dying?
The volatility in the crypto world is nothing new and with that said, it is highly unlikely that other cryptocurrencies that were mainstream in this year, will go down for good.
Bitcoin is about 60% down from its all-time high, however, such coins as XRP and dash have decreased by more than 80%.
Many sources suggest that this happens due to the investors’ poor understanding level of concepts surrounding the crypto world. The early money that has been invested seems to be profitable once again, however, as many inexperienced investors continue to stay away from other cryptocurrencies, they might continue their slow decline.