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Bitcoin Reaches $11K As Investors Swap Altcoins For BTC

Bitcoin is rapidly regaining its recent losses after dropping ~70% from its ATH in late December. Today is yet another green day for the crypto market as bitcoin only 2 days after reaching $10k is at $11k. At the time of this writing, bitcoin is valued at $11.117 (up 8.89% in last 24 hours).  This kind of growth has been going on almost daily in recent times especially because investors regain trust in the technology, big institutions are joining the space & many media outlets are being very bullish concerning their coverage of bitcoin.

2018-02-18 00_54_39-Cryptocurrency Market Capitalizations _ CoinMarketCap – Google ChromeSource: Coinmarketcap.com

Something interesting going on in the market right now is the number of altcoins that are being traded for the backbone of cryptocurrency, bitcoin. When looking at the crypto-market from a BTC-point of view everything in the top 10 is down at least 3%. This indicates that many investors are looking for security in bitcoin or simply believe it is a better investment at this point in time. The top 10 coins listed in BTC:

2018-02-18 01_03_11-Cryptocurrency Market Capitalizations _ CoinMarketCap – Google Chrome.png Source: Coinmarketcap.com

This means that you would have made more money in the last 24 hours if you held bitcoin not that you haven’t made money holding these coins in red. Historically speaking the crypto investors seem to be more bullish on altcoins when bitcoin hits a new ATH because people want to find the next “get rich quick opportunity” for massive profits.  If this theory is true then holding most of your portfolio in bitcoin seems to be a great decision atm.

Notice: useacoin.com is not a financial advisor, do your own research and invest responsibly. 

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1 comment on “Bitcoin Reaches $11K As Investors Swap Altcoins For BTC

  1. Pingback: Bitcoin Reaches $11K As Investors Swap Altcoins For BTC | E-Bitcoin News Portal

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