Altcoins Rally Ahead as Bitcoin Set to Breach $30k

We have witnessed a rally in altcoins as bitcoin set to breach the $30k mark. Bitcoin price surged past $29,000 for the first time ever on Tuesday, pushing the market capitalization of all digital currencies above $700 billion. Altcoins, including ether, ripple XRP and litecoin, have rallied as well in what appears to be a sign of renewed investor confidence in the space. The surge in prices has come as investors see bitcoin's path towards mainstream adoption becoming clearer with major companies such as Paypal beginning to accept it as a payment option. This has helped to drive up the price of bitcoin, which is now trading at its highest level since December 2018. The strength of altcoins can also be seen in their respective market capitalizations. Ether, ripple XRP and litecoin are all up more than 50% over the last year, while Bitcoin remains up merely 30%. This demonstrates that altcoins are having an outsized impact on the crypto market and may be driving investors away from bitcoin into smaller tokens. The rise in prices also suggests that investors are expecting more regulation and clarity on how these tokens will operate within established markets and economies. Many countries have voiced concerns about cryptocurrencies and their potential for money laundering or other illicit transactions. However, many governments have taken steps towards regulating digital assets which may be reassuring some investors who previously shied away from investing in these markets. It is clear that altcoins are playing an increasingly important role in crypto markets and that they could continue to gain traction moving forward. With bitcoin set to breach $30k, it will be interesting to see how these tokens perform over the next few weeks and months.