Bitcoin (BTC), the largest virtual currency in the market, became also the best performing coin in the last 24 hours among the top 75 coins. Altcoins are tanking and Bitcoin is maintaining its value compared to 24 hours ago. This comes after Bitcoin surged to over $13,600 a few hours ago.
Bitcoin The Best-Performing Crypto
Bitcoin is the most established cryptocurrency in the world. However, a large number of altcoins has been expanding in the crypto industry offering a wide range of services for users. Nonetheless, not even one of them was able to challenge Bitcoin’s dominance in the market.
Understanding crypto flows might be a difficult thing to do, due to the large number of variables we have in the market. This time we see that Bitcoin is maintaining its value while other virtual currencies are tanking. This is something positive for Bitcoin that was able to attract a large number of users that were fleeing altcoins.
One thing is clear, Bitcoin works as a conservative investment in the cryptocurrency market. Altcoins are usually added to portfolios in order to increase the potential gains in the crypto industry. Indeed, it is very strange to see a Bitcoin sell-off with altcoins pumping. In general, when Bitcoin tanks, altcoins follow.
This time, and according to CoinMarketCap, we see how Bitcoin registered a 24-hour price change of -0.24%. Just to compare, Ethereum (ETH), the second-largest cryptocurrency, fell by 3.1% during the same period of time. XRP registered losses of 3.79%, Bitcoin Cash (BCH) 2.07%, Chainlink (LINK) 5.35%, Binance Coin (BNB) 7.38%, Litecoin (LTC) 4.95% and finally Polkadot (DOT) 8.95%.
The situation is difficult in the cryptocurrency space. Many coins were not able to recover from the sell-off registered in March this year after the expansion of the Coronavirus around the world. Now, the European Central Bank (ECB) is indicating a likely action to increase stimulus in the coming months as the second wave of COVID-19 seems to be chasing the European continent.
Bitcoin has been one of the best-performing assets in the last years and it may continue to do so in the coming decades as we see companies such as PayPal are offering crypto support for users. At the time of writing this article, Bitcoin is being traded around $13,250 and it has a market valuation of $245.32 billion.