Bitcoin fights with altcoins

Bitcoin fights with altcoins

Lately there has been clear competition for prices between Bitcoin and the main altcoins. It is expected one of two scenarios: that the price of Bitcoin rises and the price of the altcoins goes down or vice versa, however the moments of coexistence in which the prices of all cryptocurrencies rise or fall alike seem to have ended, at least for now.

What happens to the price of bitcoin?

Bitcoin price has tripled in the last 7 months, from 4,000 USD to approximately 12,000 USD. This phenomenon had been seen in 2017 when the price of Bitcoin reached more than 20,000 USD. However it seems that the main altcoins, such as Ethereum, Litecoin, Dash and Bitcoin Cash, do not follow the same pattern and when the price of Bitcoin rises, the price of these vs Bitcoin goes down. However, when comparing the price with Fiat there seems to be a more discrete increase in the price of the altcoins than in Bitcoin.

The changes in the price of cryptocurrencies are mainly based on the price of these in the exchanges. To receive higher profits, users make purchases of cryptocurrencies while they remain at low cost and then sell them at a higher price. If the price falls and it is not affordable for the users to sell, they simply wait for another moment to sell them and thus earn profits. For example, there are still many users who bought their cryptocurrencies in 2017, when the price of Bitcoin was around 20,000 USD, but they have not been able to sell them because the current price is not convenient, however if the trend of bitcoin prices increases, that Bitcoin price could be reached before the end of the year.

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