Altcoins Face Explosive Year in Tandem with Bitcoin Price Rise

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The cryptocurrency trading market has seen high sustained growth in 2021, despite the market crash in May. Regardless of the turbulent nature of the year so far, Bitcoin (BTC) and various altcoins have seen unprecedented highs.

Cryptocurrency investment options such as Solana (SOL), Ethereum (ETH), Cardano (ADA) and Ripple (XRP) have reached significant highs and continue to grow. Each of these altcoins has frequently seen increases and even reaching double-digit percentage price increases throughout October. The top ranking cryptoassets were key in driving the entire crypto market value closer to the $3 trillion value milestone.

The price to buy Bitcoin has reached $67000 per unit, a month prior the price had been fluctuating at the $45000 region following the cryptocurrency legislative crackdown. The sharp price spike has been supported largely by the United States creating the first of its kind Bitcoin (BTC) Exchange-Traded Fund (ETF) security. However, this has been shadowed by high performing altcoins that have experienced higher degrees of success comparatively.

Despite red candles being more prominent on Bitcoin exchanges recently, Michael Saylor, the chief executive of MicroStrategy, has recently shared his alternative outlook stating that the sudden capital flow reaching the major crypto giant will come when the Securities and Exchange Commission (SEC) officially allows the Bitcoin exchange-traded funds.

Saylor further explained that he believes that when the ETF is approved by the SEC, this will drive Bitcoin further and could even replace the time-tested commodity, Gold. The firm MicroStategy is one of the various companies that have invested in cryptocurrency, their current holdings report lists $7 billion in cryptoassets and 110,000 Bitcoin (BTC) units.

While Bitcoin has investors retaining bullish perspective, even when considering the price drop, they turn their heads to watch the battle between Ethereum (ETH) and Solana (SOL). Ethereum (ETH) has climbed nearly 5% this week gaining ground on Solana’s (SOL) price increases of around 20%.

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