It looks like everyone has been so obsessed with bitcoin as of late that people have forgotten about some of the smaller coins that the asset is known to compete with. Currencies such as Ethereum, Litecoin, Ripple’s XRP and Chainlink.
Ethereum and Smaller Assets Are Also Booming
To an extent, we can’t blame individuals for looking away considering how well bitcoin has been doing. The currency has reached its highest point in three years and is presently trading for well over $18,500. At the same time, we must realize that while bitcoin is a big and powerful entity, the currency is not the only one doing business in this new industry. Bitcoin may be the face of crypto, but it’s not an island. It’s often supported by a lot of these smaller coins, and without them, bitcoin isn’t quite the powerhouse we assume it is.
Either way, these assets saw their prices surge in recent days, with XRP jumping more than 70 percent over the last week. Ethereum, Chainlink and Litecoin have all surged by anywhere between 22 and 36 percent, making this a bullish week for the entire industry and not just bitcoin.
Now, the day before Thanksgiving, many analysts and industry experts believe a pre-Turkey Day surge is likely to occur at any moment. In addition, they think crypto is likely to get a helpful push from the likes of the European Central Bank (ECB) and the U.S. Federal Reserve.
In the past, large U.S. holidays have caused bitcoin and some of its biggest competitors to spike. Catherine Coley – chief executive of Binance.US – commented in an interview:
Nothing like a pre-Thanksgiving bitcoin run. This year has been extremely unpredictable, but bitcoin held onto its value through most of the year, and the recent bullish momentum proves to many bitcoin fans what we already knew: a global digital asset untethered to local fundamentals has extreme potential for global growth and adoption, especially in a time where nations are printing more of their currency to revive economic activity.
Both the ECB and the Fed are looking to revive stimulus talks to ensure citizens suffering from the coronavirus pandemic get the funds they need while the disease is still in full force, though to be fair, this has been going on since last July. However, bitcoin always tends to jump whenever news of these talks emerged.
Don’t Believe in BTC? Prove Why It Doesn’t Work!
Furthermore, the currency is getting a slight push from the likes of folks like Danny Scott, the chief executive of a bitcoin exchange known as Coin Corner. He explains:
For ten years, arguments against bitcoin have been the same, and yet bitcoin has continued to grow its user base, infrastructure and value, despite the naysayers. I feel we’re almost at the point where the requirement for proof is on the skeptics as to why bitcoin won’t work rather than throw empty, uneducated arguments out.