Is Bitcoin still the ringleader of the crypto?

Why Bitcoin isn't the leader it used to be

Author

Justin
May 12, 2024

Hey everyone,

Market wise there isn’t a lot new going on, so thought this would be a good opportunity to set the table for future topics that relate to altcoins.

In the past we really have put most of our focus on Bitcoin because its been the ring leader of the crypto space…though that may be beginning to change.

Check out this chart. It includes Bitcoin’s historical price (candles), along with the altcoin market cap (orange line). In the past Bitcoin would lead altcoins. Now their price movements seem to be more aligned…markets are always getting smarter and pricing more things in.

So whats up with altcoins?

An altcoins is any cryptocurrency that isn’t Bitcoin. These coins each offer unique features. Let’s explore some key categories of altcoins:

Fyi - For a list of all crypto coins (mostly altcoins) sorted by market cap a good resource is coinmarketcap.

Stablecoins

Stablecoins maintain a stable value by being pegged to assets like the US dollar, making them ideal for transactions and as a store of value in the volatile crypto market.

  • Tether (USDT)

  • USD Coin (USDC)

Both Tether and USDC are leading stablecoins, offering a digital equivalent to the US dollar and meeting global demand for stable digital assets.

Smart Contracts: Automating Agreements

Smart contract coins enable self-executing contracts with terms directly written into code, enhancing efficiency and reducing the need for intermediaries. Having the contract locked in the blockchain increases the trust that it will get executed.

  • Ethereum (ETH)

  • Solana (SOL)

Ethereum, the pioneer, and Solana, known for high-speed transactions, lead this innovative technology.

Utility Tokens: Access to Digital Services

Utility tokens provide access to products or services within a blockchain ecosystem, often used in platforms to pay for services or unlock features.

  • Axie Infinity (AXS)

  • The Sandbox (SAND)

Popular in gaming, these tokens unlock different things you can do in their respective video games.

Memecoins: Fun and Speculation

Memecoins are inspired by internet memes and often gain popularity through community enthusiasm and speculative trading. These cryptos have a tendency to boom. Huge huge returns…and for some of them risks.

  • Dogecoin (DOGE)

  • Dog Wif Hat (WIF)

Dogecoin, initially a joke, has become a cultural phenomenon, showcasing the crypto market’s unpredictability.

Hint: if you just buy and hold Doge long term…its not that risky with huge returns. Only significant risk is buying during one of its bullish spikes up.

Cheers,

Justin

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