Several analysts have argued recently that altcoins are performing relatively well when compared to previous months which saw some cryptocurrencies lose as much as 90% of their value (from all-time highs set in late 2017).
Altcoins are defined as all digital assets that are not bitcoin (BTC), the world’s first and most dominant cryptocurrency.
Bitcoin Remains Most Dominant Cryptocurrency
According to data from Google Trends, online searches for major altcoins including ether (ETH), XRP, and litecoin (LTC) have all picked up in recent weeks. However, Google searches for bitcoin still remain the highest as the pseudonymous cryptocurrency currently accounts for nearly 51% of the market capitalization of the entire digital asset market.
In December 2018, Google had published a list of “what was trending in 2018” and “What is bitcoin” had ranked as the top “What is…” for users based in the US and the UK. This, according to a report from Google Trends which revealed (at that time) that its data had accounted for top searches, important news events, prominent people, and beauty-related questions.
Notably, the results of a recent survey (conducted via Twitter) confirm that most crypto investors are still confident in bitcoin’s long-term potential as an asset that will likely appreciate in value over time. Twitter user “dave the wave” (@davthewave) had posted a survey on March 10th, 2019 in which he had asked how much of their total investment in crypto should new investors allocate to bitcoin.
Litecoin Price Has Increased Over 180% Since Start Of 2019
Approximately 1 in 4 investors recommended keeping all of their initial investment in bitcoin; 42% of the Twitter user’s 1,726 survey respondents suggested investing 70% in bitcoin and the rest, or 30%, in altcoins; 22% said investors should allocate 30% to bitcoin while keeping 70% of their investment in altcoins; and only 10% said to invest all capital in altcoins.
While bitcoin has continued to play a dominant role in the crypto market, Google Trends have revealed that searches related to altcoins are at their highest level since the bull run of late 2017 - which saw cryptocurrency prices record their all-time highs. Notably, litecoin’s (LTC) price has increased by over 180% this year as it surged from about $30 (at the beginning of this year) to currently around $58.
Litecoin’s halving (when LTC miners’ rewards are reduced in half) is expected to occur in August 2019. Rewards for litecoin miners are scheduled to be reduced from 25 LTC to 12.5 LTC. Historical data shows that when the reward halving date approaches, the price of LTC has increased. Significantly, LTC’s value surged by more than 700% in just a few months at the time of its last halving (in 2015).