Over the last one to two weeks, altcoins have seen slight to moderate gains. However, bitcoin has surpassed the other cryptocurrencies. Because during a banking crisis, money tends to migrate to the “safe haven” bitcoin. But which altcoins should you buy right now?
Why is bitcoin strengthening more than altcoins right now?
Bitcoin’s value has skyrocketed in the last one to two weeks. Bitcoin’s value has increased by more than 27% in the last seven days alone. Immediately following the failure of Silicon Valley Bank in the United States, the price of Bitcoin fell below $20,000. However, the Bitcoin price has risen above $28,000 in the last two weeks.
Altcoins, on the other hand, trailed Bitcoin significantly. The major altcoins either rose by single-digit percentages or gained slightly more than 10%. Some altcoins have even lost value in recent days.
What altcoins are now recommended alongside Bitcoin?
Following are three altcoins that can be recommended as an alternative to Bitcoin in the coming weeks:
Ethereum (ETH)
In times of crisis, as a cryptocurrency enthusiast, you should stick to the tried and true. If you want to invest in Altcoins, Ethereum is a good option.
Ether has also risen the most of the major coins, recently regaining its value of $1,800. The price fell to $1,500 during the bank crash. As a result, the increase in the last few weeks has been enormous. If Bitcoin keeps rising, Ethereum should see significant gains in the coming weeks.
Litecoin (LTC)
Litecoin has recently performed poorly in comparison to Bitcoin and Ethereum. However, in the last seven days, the Litecoin price has increased in value by more than 8%.
Litecoin is similar to Bitcoin in that it is limited in supply. As a result, Litecoin may behave similarly to Bitcoin as silver does to gold. In times of crisis, silver is also regarded as a kind of safe haven.
Solana (SOL)
Solana’s SOL token has seen one of the most rapid increases among altcoins in recent days. This could be primarily because Solana has remained undervalued since the FTX crisis. If you want to be a little more speculative even in these times, the SOL token among the Altcoins could be a good choice.
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Conclusion
In conclusion, the world of cryptocurrency is rapidly evolving, and with it, the potential for life-changing investment opportunities. Altcoins offer investors a chance to diversify their portfolios beyond Bitcoin and potentially achieve significant returns in a relatively short amount of time.
However, it’s important to remember that investing in altcoins is not without risks, and it’s crucial to conduct thorough research and analysis before making any investment decisions. While some altcoins may indeed have the potential to make investors millionaires, success is not guaranteed, and investors should always proceed with caution and invest only what they can afford to lose.