Ethereum and Ripple's XRP have climbed sharply this week as the bitcoin and cryptocurrency industry comes together for one of the biggest events in the cryptocurrency calendar starting—Blockchain Week NYC and CoinDesk’s Consensus 2019 event, running all this week out of the New York Hilton Midtown.
Bitcoin and cryptocurrency analyst Nik Patel has meanwhile found that, historically, after bitcoin surges higher smaller cryptocurrencies such as ethereum and Ripple's XRP generally rally hard in the aftermath.
"Of the previous four [alt coin] bear cycles, the average drawdown has been 69.7%. The current drawdown of this [altcoin] bear cycle is 66.5%. The average growth experienced across the past five [altcoin] bull cycles was 617%," Patel said via Twitter, suggesting we could be about to see a further rise in the value of many so-called altcoins.
A big question for investors is always whether to bet on the leader continuing to outperform and when to look at laggards that have the potential to experience a catch-up play.Click HERE to subscribe to Fuller Treacy Money Back to top