Bitcoin broke the record. What about altcoins?
There is competition in the cryptocurrency market between the leading cryptocurrency Bitcoin and altcoins. When Bitcoin increases its market share, the market share of altcoins decreases. But in the long run, we see a strong correlation between Bitcoin and other cryptocurrencies. In other words, we are witnessing that while Bitcoin is gaining value, altcoins are also gaining value. The crises in Bitcoin cause more severe crises in altcoins.
Today, Bitcoin broke the all-time record with $67.000, while Ethereum, the leader of altcoins, broke the $ 4.000 resistance line. In other words, the increase in value in Bitcoin did not cause a decrease in value in Ethereum. In fact, Ethereum gained more value proportionally.
The table below is worth checking out! Bitcoin has gained 3.93% in the last 24 hours, while Ethereum has gained 7.47%. On a weekly basis, a 16% increase in value in two cryptocurrencies draws attention. In other words, Ethereum has gained at least as much value as Bitcoin this week. However, Ethereum's success was overshadowed by Bitcoin.
The total market cap is $2.648 trillion at the time of writing. Bitcoin's share of this cake is 1,250 trillion dollars. Ethereum is worth $0.483 trillion.
In this article, we will take a look at how the altcoin markets changed after Bitcoin broke the all-time record (ATH) in the past years. Bitcoin last broke the all-time record with $64,863 on April 14, 2021. Afterward, Bitcoin, which experienced a correction, fell to 50 thousand dollars. In this process, the total market value of my Bitcoin and altcoins started to decrease. But about a month after the Bitcoin record, the total market value of altcoins peaked. This is clearly seen in the chart below.
In the chart below, we look at the performance of altcoins after Bitcoin broke the record on December 17, 2017. On this date, after the Bitcoin record, 3 weeks later, the total market value of altcoins was a record.
In short, we may see a jump in altcoins in the coming weeks or months.