The recent surge in price of Bitcoin has also driven up the price of many other Altcoins, but not to the extent you might think. Normally when Bitcoin rises in price, other cryptocurrencies follow suit. The recent price increase in Bitcoin has affected other cryptocurrencies, but this time the percentage increase in other Altcoins is not as high. One of the reasons that Altcoins have not increased as much this time around is because many investors are flocking to Bitcoin and giving up on Altcoins.
Crypto Markets
In the last four months the cryptocurrency market has gone up over $50 billion and the price of Bitcoin has surged past $5,000 to over $5,200. The recent price surge is good news for those people holding Bitcoin, but there is no great concern that other Altcoins will not see a corresponding price increase. One leading cryptocurrency trader said recently to the media that he is less confident in Altcoins going forward. “A lot of my confidence in altcoins the past few days was predicated on smallcap dominance being able to break up. After this rejection, I’m significantly less interested in altcoins. Shifting my portfolio heavier skewed to BTC.”
Some smaller Altcoins have actually seen losses against Bitcoin and the dollar recently. Basic Attention Token (BAT), Crypto.com Chain (CRO), Ravencoin (RVN), and Golem (GNT) have had recent losses, despite Bitcoin going up in price.
Bitcoin Price
What does the lack of confidence in Altcoins mean for Bitcoin? Many analysts believe that Bitcoin is going to continue to surge. That doesn’t mean a slight dip to $4,600 or $4,800 isn’t possible, but most people are looking at Bitcoin rising in price to more than $6,000 in the very near future. The time to buy more Bitcoin could be when the next dip occurs. Many major markets around the world are seeing an increase in Bitcoin buying. Some markets in South Korea have seen increased confidence from investors recently in terms of Bitcoin.
Bitcoin Companies
Did you know that more and more companies are using Bitcoin in their business every day? BookMaker is a leading online sportsbook and their customers now use Bitcoin for most of their deposits and withdrawals. There are many other major companies who are using Bitcoin. Overstock.com was one of the first major companies to accept Bitcoin for payment. Microsoft is another major company that gives customers the option to use Bitcoin for payments. Newegg.com is another computer parts supplier that lets customers pay using Bitcoin. If you are someone who travels then you may have used CheapAir.com and their site features Bitcoin as a payment option. Recently it was announced that Starbucks would be incorporating Bitcoin into their payment options.
Not only can customers use Bitcoin as a payment option at many companies, they can also use Bitcoin in some other ways. They can choose to use Bitcoin through some bill paying services and there are some sites that allow you to use Bitcoin to pay for gift cards. More and more options are becoming available every day so that people can use Bitcoin.
If you are a sports bettor then you already know that Bitcoin is a great option for sending and receiving funds from an online sportsbook. Remember when you could use Neteller as a funding option? It was a great choice but it was undone because a government came in and told Neteller what they could and couldn’t do. That can’t happen with Bitcoin because the cryptocurrency is not controlled by any central authority. There is no worry about a government coming in and deciding that people can’t use the cryptocurrency. It is a safe and reliable payment option in today’s high tech world and one that has been great news for sports bettors.
BookMaker has become known as a top Bitcoin sportsbook because of their reliable Bitcoin deposit and withdrawal options. Check out the latest Bitcoin options available today at BookMaker.eu and join the many people who are benefiting by using this cryptocurrency.
