Other Cryptos are Better than BTC in November!

| Updated on March 27, 2024

According to the data available from November, the other cryptocurrency Bheem the hedge funds were far better than bitcoin. The data was calculated following the market capitalization of different cryptocurrencies. The world’s best cryptocurrency, bitcoin, lost 6.5% of the market capitalization during November. However, other ones were safe out of it. This is because the other cryptocurrency hedge funds were used in the diverse portfolio, and therefore, they included multiple coins. Also, the decrease in their market capitalization was just 2% which is far lower than the decrease in the value of bitcoins. Everything mentioned in this paragraph is taken from the cryptocurrency hedge fund index released by different cryptocurrency trading platforms.

The largest cryptocurrency in the world is none other than bitcoin. It is the largest cryptocurrency in terms of prices and market capitalization. It holds a fair share of the cryptocurrency market, and it was valued at $69,000 at the beginning of November on how criminals steal bitcoins.  However, at the beginning of December, ETH, according to bitcoin, was at high speed. In the last three years, the ratio between these two cryptocurrencies was the highest, indicating that fewer ETH was required to purchase one bitcoin. It clearly shows that the other Cryptocurrencies in the market are performing better than bitcoin, and it is not a good sign for the world’s largest market capitalization holding cryptocurrency. Therefore, it is time that you get to know about the best cryptocurrency to invest your money in the market.

Price of Multiple Coins

Bitcoin is a cryptocurrency that has experienced a significant rise in its price over the years. After the beginning of 2021, bitcoin increased by 67% but the other cryptocurrencies performed even better. The second most popular cryptocurrency, ETH, has increased over 400% according to market capitalization. It is such an incredible multiplication of the wealth for a cryptocurrency. 400% is not a small amount of growth for any cryptocurrency globally. Also, another cryptocurrency named Solana gained about 10,000% from the initial stages of this year. According to market capitalization, it is the fifth-best cryptocurrency globally and a great investment opportunity for many. This data clearly shows that the other cryptocurrencies are outperforming bitcoin for a very long period today in the market.

The same data quoted in the above-given paragraph says that the cryptocurrency hedge funds are also not far away from overtaking bitcoin. The 18 constituents of the different hedge funds in the cryptocurrency hedge fund index have performed excellently this year and gained 170% of their value. It is an excellent achievement for the cryptocurrency hedge funds as they have suffered huge losses over the years. However, now it is not on the same page. Now, the hedge funds are also getting up and taking massive advantage of the market’s volatility. Such fund providers know what people need at this point, and therefore, they are providing the same services to get a hold of the market. Therefore, it is an excellent opportunity for many small investors to profit from hedge funds.

Even though there has been significant bouncing back in the prices of cryptocurrencies over the past two weeks, the crypto market is still under pressure. It is because of multiple reasons. In the coming year, the United States Federal Reserve is looking forward to imposing regulations on cryptocurrencies. Also, there are specific announcements and statements given by the securities exchange commission chairman on the uncertainties of the new Ovid virus. Apart from all this, the United States of America president has also proposed a new infrastructure bill that will impose taxes on cryptocurrency investors. Everything mentioned here is not in favor of the cryptocurrency market, and therefore, bitcoin may not be able to rise back to its highest price soon.

As cryptocurrencies are highly volatile, some experts recommend that you keep only 5% of your portfolio invested in digital tokens. According to some highly advanced and experienced cryptocurrency analysts, if your investment is under 5% in the cryptocurrencies, you have nothing to worry about because the fluctuations will keep happening, and you will keep getting profit.

John M. Flood

John is a crypto enthusiast, Fintech writer, and stock trader. His writings provide guides to perform your best in the crypto world and stock planet. He is a B-Tech graduate from Stanford University and also holds a certification in creative writing. John also has 5 years of experience in exploring and understanding better about the FinTech industry. Over time, he gained experience and expertise by implementing his customized strategies to play in the crypto market.

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