Microsoft took 44 years to reach US$1 trillion market capitalization. Apple took 42 years while both Amazon and Google took just 24 years. But the scenario is completely different for bitcoin. The foremost cryptocurrency took just 12 years to reach the US$1 trillion mark. Besides, it also triggered the whole digital token market to touch US$3 trillion this year. Despite its ability to stay dominant for over a decade now, other altcoins are eyeing to take down bitcoin whenever possible. Although even the gap between bitcoin and its closest rival, ethereum, is extremely void, altcoins are experiencing massive growth compared to the native currency. This November, altcoins are expected to be more dominant.
Bitcoin always gets the lion's share in the cryptocurrency market with more people trying their hand on the digital token. Since its inception in 2009, bitcoin has experienced massive growth and introduced the revolutionary decentralized finance model to the world. Besides its own growth, BTC has also paved the way for many top-performing altcoins that followed its footsteps and came all the way till 2021. After holding the top position for a very long time, maybe it is time for bitcoin to give away its position to altcoins. The newer players are also burgeoning with eye-watering promises of cheaper transactions, less energy consumption, and speed. This comes at a time when bitcoin is all set for the new upgrade called 'Taproot.' The biggest upgrade after Segregated Witness (SegWit) in 2017 will help bitcoin transactions become more private, efficient, and cost-effective. However, the changes didn't directly influence the price of BTC like it usually does. Therefore, this November has indicated a strong altcoins season that could take investors further into 2022.
After following bitcoin's footprint since its inception, ethereum managed to show its potential in October. Whenever BTC price goes up or down, it has a direct influence on ethereum and a few other altcoins also. But this time even when bitcoin touched a record high of US$68,000 and fell back to trade at US$58,000 to US$63,000, ethereum managed to touch its all-time high without BTC's support. It indicated the first major win for ether.
Even on a general scale, ethereum's growth has outperformed bitcoin this year as it recorded a 600% increase while bitcoin saw a 127% rise. Upgrades in ethereum with the introduction of Ethereum 2.0 and its ability to sportfully house smart contracts can further increase the value of the digital token. Besides, the recent burn-off feature in the network is anticipated to combat the inflammation challenges that ether has been facing so far. According to an analysis, ethereum's recent graph indicates the same spike it went through between June and September.
Dogecoin is another altcoin plus meme coin combo that has the potential to outperform bitcoin in the far future. Born out of online jokes and memes in 2013, dogecoin maintained a low profile for over seven years before hitting the mainstream investment portfolio. Since 2020, all is well for the meme token. With big names like Elon Musk and Mark Cuban as the biggest backers, dogecoin has no other way but to move forward.
But the recent dogecoin price surge was solely because of the tough fight for meme coins dominance. Its archrival, Shiba Inu, suddenly grew to prominence, pushing DOGE from its long-occupied top meme coin position. However, unlike other currencies, dogecoin has a large set of honest followers who are willing to do anything to pump up its value. DOGE investors geared up their game and got back the ninth position it lost. Although dogecoin is maintaining a moderate value now, it has the potential to be the altcoin of the month.
Despite the emergence of new cryptocurrencies in the market, Litecoin has managed to remain resilient to all the big blows. Recently, litecoin experienced a rally for 48-hours on the 8th and 9th of November. Over this short bull run, the coin gained over 30% in value, breaching the US$260 barrier. The price rally was because of the mainstream rally in which bitcoin and other cryptos gained value and new investors tried their hand on litecoin. With this said, Litecoin is all set to be one of the altcoins of November.
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