After April’s Rally: Should You Hold Bitcoin or Alcoins?

  • by Ahmed Mamdouh
  • May 3, 2019, 16:51 AM
  • 230 Views
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Cryptocurrencies started a bull run in April after they have ended their bullish direction that hit the digital market since the record highs registered at the end of 2017.

A key question to crypto traders at the meantime is whether to buy or hold the Bitcoin or other Altcoins to generate the most revenues from the expected bull run.

In April, the Bitcoin gained a robust 30.33 percent, leading the recovery in cryptocurrencies after it hit its lowest level at $3,191.30 on December 15, 2018, according to CoinMarketCap.

The following bar chart shows that the Bitcoin was only surpassed by its hard fork the Bitcoin Cash, which shot up more than 55 percent.

Top-cryptocurrencies-Ofeed.PNG

Hence, it is reasonable to claim that investors still put their confidence in the Bitcoin as the leading cryptocurrency, noting that the BTC dominance currently stands at 55.1 percent.

Ripple was nearly flat and the stellar reported a drop last month, as it seems that investors dealt with both of them as future payment virtual currencies rather than an investment opportunity.

Binance Coin (BNB) recorded a strong rise of 27 percent, adding analysts’ expectations that it would displace the Bitcoin as the world’s top cryptocurrency in the coming years.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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