Interest in Bitcoin hit its high point leading up to its own high of $20,000 in the middle of last year December. Interest peaked not only in investing circles but also in the mainstream as Bitcoin became the buzzword on everyone lips.
This adoption championed by Bitcoin as it welcomed millions of users to the cryptocurrency community as expressed in Coinbase’s figures alone. However, in this fast paced ecosystem, Bitcoin is not enough to hold the attention of this vastly diverse community. So, while it may be the ideal coin to get people hooked on cryptocurrencies once they are in and settled, there is time to seek out a multitude of other coins that are better suited to their needs or beliefs.
THE DRAW OF BIG GROWTH:
Bitcoin’s biggest draw was the incredible returns it was offering as it rallied from 2,000 percent in 12 months. This phenomenal growth continued to increase interest in the currency, and that sparked even further growth in this massive hype cycle.
PROOF:
Colas tries to justify this position by explaining how Ethereum has been the only coin that has fared relatively well in the top echelons of the CoinMarket cap.
“Some of the movement in Ethereum, which has traded much better [in January], is just money which is being pulled out of Bitcoin.
It is important to note that Bitcoin’s price fluctuation and movement are still heavily linked to all other coin. The saying that:
‘the tide moves all boats’ is still true in the cryptocurrency market with Bitcoin essentially being the tide. When Bitcoin is up, most coins follow, and when it is down, the same red graphs appear to follow suit across the board.
Source:https://cointelegraph.com/news/bitcoin-not-giving-a-big-enough-hit-as-gateway-drug
I hope You like this post.Must follow me for more news
