Crypto Altcoins Are Outperforming With Bitcoin Price ‘Gravitating’ Toward $50,000
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Smaller, lesser-known digital currencies are outperforming Bitcoin after the breathtaking surge by the market bellwether in recent weeks.
Cardano surged as much as 30% on Friday, while Solana gained about 8% and Avalanche increased 12%. Meanwhile, Bitcoin was up about 2% and Ether was down around 1%. Combined, the two largest tokens account for about 70% of crypto's $1.6 trillion market capitalization.
“After the huge rallies Bitcoin and Ethereum have seen, it's not a surprise that they're taking a bit of a sideways breather,” said Matt Maley, chief market strategist at Miller Tabak & Co. “However, the fact that these altcoins are rallying so strongly today tells me people have not lost any love for the overall asset class.”
Solana is among the blockchains competing with...