Forex and Crypto News

Only two altcoins have grown to Bitcoin this year

12:17 23 October /2019

Despite Bitcoin's price spikes, 2019 remains a success for Bitcoin. It shows an uptrend. For most altcoins, 2019 is also a success. They were able to grow against the dollar. But with Bitcoin, altcoins show a negative trend. Only two altcoins were able to show an uptrend with Bitcoin in 2019.

According to the report of the analytical company Messari, only Binance Coin (BNB) and Chainlink (LINK) were able to strengthen to Bitcoin.

When compiling the report, campaign analysts focused on the fact that Bitcoin trading volumes are relatively constant. At the same time, altcoins trading volumes change with increasing price volatility of these altcoins.

Ethereum can be a prime example in this case. In September, Ethereum showed growth and was able to reach $220, while the price of Bitcoin, on the contrary, fell. Analysts speculated that Ethereum’s market capitalization could exceed Bitcoin’s capitalization, but this did not happen. And from the beginning of the year, the price of Ethereum to Bitcoin continues to fall.

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As for the two altcoins that grew with Bitcoin in 2019: Binance Coin grew by 42% against Bitcoin, and LINK grew by 269%.

But it is worth noting that BNB plays the role of the internal currency of the cryptocurrency exchange and is not a full-fledged competitor to Bitcoin. Therefore, BNB is unlikely to be a way of saving capital. Binance Coin could claim the status of “shares” if the Binance exchange paid part of the commission to the holders of coins.

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Another altcoin LINK has become very volatile this year. He was able to show growth with Bitcoin due to volatility, but his trading resembles a game.

And although the SEC is still not sure about Bitcoin's security and considers it speculative, it primarily considers investors as a refuge for its capital and can be a digital alternative to traditional gold.

And other altcoins that have functions that Bitcoin does not have can remain altcoins. Because it is possible that in the future Bitcoin will not be endowed with these functions.

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