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Now that Bitcoin and Ethereum have mooned, are mid-cap alts next? – Stockhead

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Bitcoin exploded from US$10,000 to US$64,000 from October through April. Ethereum jumped from US$700 to US$3,300 from January through today. Now is it the smaller altcoins’ time to shine?

Not that they haven’t already, of course. There’s only a handful of top 500 cryptocurrencies, like Chimpion, Efforce and MimbleWimbleCoin, that aren’t up by at least double-digits this year.

Still, some mid-cap altcoins have underperformed Ether’s 359 per cent surge in 2021, including Litecoin (up 130 per cent year-to-date); Stellar (up 316 per cent); Bitcoin SV (128 per cent); EOS (148 per cent); Cosmos (247 per cent); Crypto.com Coin (222 per cent); Tezos (185 per cent); Dash (232 per cent); Nem (68 per cent) and Zcash (272 per cent).

These tokens range from No. 10 (Litecoin) to No. 54 (ZCash) on rankings of tokens by market capitalisation.

It’s hard to make predictions in a market as famously volatile and as new as cryptocurrency – but some on Crypto Twitter feel these things work in cycles.

This afternoon Ethereum Classic, the No. 37 token, was up 13.6 per cent – besting Ether’s 8.8 per cent rise.

Litecoin was up 4.0 per cent, while Bitcoin was down 3.3 per cent.

The counter-argument to all this, of course, is that development and “network effects” all favour Bitcoin and Ethereum — particularly Ether.

Only time will which argument is right.

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Source: stockhead.com.au

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