Investors Flock to Bitcoin Alternatives as Bitrock and Bitcoin Cash Pump
One of the most prominent trends in recent weeks has been investors flocking to Bitcoin derivatives. Often, these projects hold some innate advantage over Bitcoin, enticing investors who hope to buy “the next Bitcoin”.
Bitrock launched at the beginning of July and enjoyed massive gains shortly after its release. Then, the Bitcoin Cash price exploded, as many investors opted for a more scalable Bitcoin alternative. Judging investor sentiment, the next to pump may be BTC20, a Bitcoin alternative built on Ethereum.
Bitrock and Bitcoin Cash Pump, Outpacing the Market
Bitrock is an Ethereum layer two side chain focused on scalability and interoperability. It features a multichain DEX and uses a Proof-of-Authority consensus mechanism, enabling its community to earn rewards.
The project pumped 29,000% from its initial release price, reaching an all-time high (ATH) of $0.3029 on July 29. Since then, the hype has tapered off, with the project down 81% from its peak.
Much of Bitrock’s hype was due to it sharing a similar name to Bitcoin while aiming to fix some of the most prevalent issues faced in blockchain today.
Many crypto investors argue that much of Bitcoin’s technology is outdated. For example, smart contracts cannot run on the Bitcoin network, and transactions are slow and expensive, with a throughput of just seven transactions per second (TPS).
The other crypto to boom recently was Bitcoin Cash. It is a Bitcoin hard fork that has increased the Bitcoin “block size”, enabling a higher TPS. Bitcoin Cash aims to facilitate everyday transactions, such as buying coffee, in a decentralised, peer-to-peer manner.
Bitcoin Cash’s price has significantly outpaced the market recently, up 67% this year.
Much of its bullish price action occurred following the announcement it would be listed on the institutional EDX exchange backed by Citadel, Fidelity and Charles Schwab.
Only four cryptocurrencies are available on EDX Markets, Bitcoin, Ethereum, Litecoin and Bitcoin Cash. This is expected to attract vast liquidity, leading many investors to flock to BCH in anticipation.
Bitcoin Cash’s listing on such a prominent exchange displays the allure of Bitcoin alternatives, even to top TradFi institutions.
With this in mind, the next Bitcoin alternative which looks set to pump is BTC20.
BTC20 Nears Exchange Launch After Presale Sells Out in 10 Days, Raising $6.05M
BTC20 is a new “greener alternative” to Bitcoin built on the Ethereum network. It follows the same tokenomics of Bitcoin but uses a Stake-to-Earn mechanism to enable the community to earn passive rewards easily.
The project recently sold out of its presale, raising $6.05 million in just ten days. BTC20 is heading towards its exchange launch, generating massive excitement among those who missed the presale.
BTC20’s growing interest is evident – as we recently reported Google searches for BTC20 have surged, rivalling that of Pepe and Dogecoin.
There are 21 million BTC20 tokens, with 6.05 million available at presale, priced at $1 each. The presale offered investors the chance to buy a more functional and eco-friendly version of Bitcoin at its 2011 price.
Visit the BTC20 Twitter to stay updated on the project.
The exchange launch on Uniswap will go live on August 10 at 3 PM UTC. Meanwhile, those who managed to secure their presale tokens can begin staking on August 9 at 3 PM UTC.
Join the BTC20 Telegram or visit its website to stay updated on the exchange launch.
Visit the BTC20 Website
Analyst comment
This news can be considered positive for the market. Investors are flocking to Bitcoin alternatives such as Bitrock and Bitcoin Cash, indicating a growing interest in these projects. The market is likely to see increased demand for these alternatives, potentially leading to a pump in their prices.
