Bitcoin has been outperforming many top digital currencies lately, steadily increasing its market share as investors flock to the world’s most prominent cryptocurrency.
Since April 1, the first digital currency to scale has rallied sharply, climbing more than 50% through midnight EDT yesterday, CoinDesk data shows.
By generating these gains, bitcoin has outperformed ether (up 20.7% in the same period), XRP (down 1.36%), litecoin (up 21.7%) and EOS (up 16.1%), additional CoinDesk figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
“Financial institutions have begun to dip their toes into the space,” said Yazan Barghuthi, CEO of Jibrel Network.
“The natural entry point is the oldest and most robust coin, Bitcoin.”
David Martin, chief investment officer at U.S. asset manager Blockforce Capital, offered similar input.
“There has been a slew of positive news for the space, and I believe that the rally is increasing the institutionalization of the asset class, especially with Fidelity and E-trade getting involved in trading,” he stated.
“For the most part, it seems that their interest is primarily in bitcoin, which is causing the alts to underperform.”
Ben Ritchie, chief operations officer of Australian investment manager Digital Capital Management, shed some light on why financial institutions are taking interest in cryptocurrencies.
He cited a recent Fidelity survey, which found that nearly half of all respondents thought that these digital assets were worth…