The cryptocurrency market has seen bouts of explosive growth over the past few weeks. However, each episode of growth has ended in a pullback as well. Investors have pulled the market out of the basement with solid overall growth, though. Such growth isn't being driven by any particular event aside from positive investor sentiment. Market growth is much more centralized around Bitcoin compared to Altcoins at the moment. Without a doubt, that fact surprises many investors at the moment.
How Is Bitcoin Performing Today?
Bitcoin continues to dominant the chart with higher growth than Altcoins. The cryptocurrency recently broke the $10,000 barrier and hasn't looked back. At one point, prices rose above $12,000 for Bitcoin and hovered there temporarily. Bull investors continue to call for even more growth, which hasn't been realized to this point. Nonetheless, Bitcoin remains on a mostly upward trend with ample opportunity for growth. It remains to be seen whether Bitcoin falls back below $10,000 soon.
Why Altcoins Aren't Seeing The Same Level of Growth as Bitcoin
On the other hand, Altcoins in general haven't seen similar growth to Bitcoin. Some Altcoins have risen with moderate growth, but that's always the case. XMR, BNB, ETC, and even XRP haven't seen explosive growth in the past few weeks. Those currencies and a number of others continue to see occasional growth in the single digits. From there, most Altcoins have pulled back to keep recent growth down. Certain Altcoins may outperform the rest of the group, but Bitcoin remains the king right now.
What will set Altcoins apart from each other on a long-term basis?
Actual utility and future usefulness will dictate which Altcoins see major growth moving forward. Investors remain less likely than ever to invest in an Altcoin to find the next Bitcoin. On the other hand, they continue to focus on Altcoins that provide some unique value proposition. Those Altcoins may not see major growth right now, but they come with better long-term prospects. As investors exercise more caution, Bitcoin will continue to see the most growth, and that should remain the trend moving forward.