After a quite destructive period, the altcoin market seems to regain strength. Among altcoins, there are several cryptocurrencies that brought users a significant profit if they decided to invest in them at the beginning of 2019. Check what coins are included!
Bitcoin dominates over altcoins
With a few exceptions, most of the altcoins did bad this year. BTC's dominance over other cryptocurrencies seems to be stagnating around 65%. In 2018, the number was 34% but because of the fact that the investors started to flee the altcoins after the burst of the ICO bubble, BTC regained its position. After the bloodshed on the cryptocurrency market, many people considered the diversification of their wallets.
Examples of the best altcoins
The first one is Chainlink (LINK). The price of it at the beginning of the year was around $0.29. However, at the end of the first half of 2019, it increased to USD 3.90. It is obvious, that since then Chainlink's rate has dropped slightly, but investors who managed to buy it at the beginning of 2019 and sell it on the 30th of June gained a significant return on investment. The current price of this altcoin is 2.60 USD while over the past 24 hours, its rate has risen by 1.49% bringing this cryptocurrency the fifteenth position in the CoinMarketCap ranking.
Another example of altcoin which took dominance when it came to growth at the turn of this year is Ravencoin (RVN). Probably not many of you have heard of it. This cryptocurrency is on the 38th position when it comes to market capitalization. It has brought significant profits to many traders this year, however, as the rate of this altcoin rose from $0.013 in January to $0.04 in June.
When will the altcoins season come?
As some analysts believe, as long as Bitcoin's historical dominance level (67.20%) is not confirmed, altcoins still have a chance to gain traction.
Rumors about BTC starting to perform worse than altcoins started when the cryptocurrency king began to stagnate. One investor wrote on Twitter that people will continue analyzing Bitcoin's reach, which will make them miss significant altcoin movements.