At the same time as Bitcoin is soaring to new heights on a daily – or even hourly – basis, it is interesting to note that the other crypto-currencies have been not only lagging behind but even dropping. Ethereum, Bitcoin cash, IOTA, Ripple, Dash, Litecoin or Monero have all fallen on average by 5 to 10%.
This could result from a number of factors: A number of private investors flocking to buy Bitcoins may actually be unfamiliar with blockchain technology and digital currencies. They are simply betting on the main and oldest one, Bitcoin, in a rush to be part of this spectacular increase of value.
Another factor could be that investors are thinking that in the long term only the top digital currency will prevail. And the current king of digital currencies is without doubt Bitcoin.
In any case, the crazy run that Bitcoin is experiencing, without any fundamental reason to explain it, is really pointing towards a major bubble. A price correction is most likely. – however, when it will happen is impossible to predict. And in the meantime Bitcoin will continue its relentless rise in value.
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