In the last week the major cryptocurrencies, ETH, XRP, LTC, and XLM rallied and moved ahead of Bitcoin which caught some observers off guard. For the top 100 cryptocurrencies the rally saw for 73 white the rest (27) saw a decline.
What is surprising is that Bitcoin is usually the market leader because there is a train of thought that it is the only viable one out there. However, consumers are becoming more adaptable and with new customers coming into the market the other currencies are also gaining in popularity.
Some of these tokens have risen in value by a massive 40% in the last week and although Bitcoin remains valuable its transaction rates are currently lagging behind making it less effective when it comes to conducting transactions.
Customers are not willing to wait too long to verify a transaction and this lends weight to the thinking that Bitcoin is old and slow and there are better alternatives out there.
It has been noted that when Bitcoin drops the altcoins start to move forward and sooner of later traders are likely to make the move over to the cheaper alternative of alt currencies. However, Bitcoin is not a spent force, people are still talking about the currency and social sentiment for it is high.
In the industry it is not unusually for large jumps to be followed by a large drop. Everyone is waiting for an altcoin breakout, it may be now, it may be in the future, but it will be obvious when it finally happens.