FXstreet

ETH, XRP, LTC, and XLM staged a big rally over the last seven days, beating Bitcoin, which lost some ground, has caught some market observers by surprise. The rally was broad, spreading across the whole market, with73 out of the top 100 cryptocurrencies advancing and 27 declining.



Patrick Devereaux, CFO of Illumnine, Corp, believes it’s the market roller coaster that pushes investors to cryptocurrencies. "It is impressive, how some tokens have seen more than a 40% increase in value over this past week," he says. "A large part of this is related to continued consumer adaptation and user utility. The overall financial markets are a roller coaster ride, and it seems more new users are coming to the table."



Alex Karasulu, Chief Executive Officer of OptDyn, believes it’s a big shift in the way they sea Bitcoin. "Personally, I think the dogmatism around Bitcoin as the ONLY viable cryptocurrency is starting to wear thin and we see an unexpected resurgence in altcoins," he says. Bitcoin is a great store of value, but transaction rates are the worst in the industry at 7 transactions per second. There's talk of several solutions but no action yet." That has diminished the effectiveness of the digital currency in carrying out transactions.

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