SOL - Why Altcoins Continued to Blast Higher on Thursday

2024-02-29 18:44:48 ET

At this point, it feels like we might be in for a long and sustained rally in cryptocurrencies. In yet another day when investors couldn't get enough of digital coins and tokens, many altcoins booked solid gains in Thursday's trading.

Among this long list of winners were the already-popular Solana (CRYPTO: SOL) and utility coin Filecoin (CRYPTO: FIL) , both of which motored ahead by over 12%. Meme coin Shiba Inu (CRYPTO: SHIB) has attracted its fair share of criticism, but it was barking happily with a similar gain. Another well-known altcoin, Cardano (CRYPTO: ADA) didn't quite reach those heights, but still increased by a very healthy 7%.

At their core, all cryptocurrencies function similarly -- they are distributed among scores of "nodes" that track their creation and distribution. That's why, when trading, all tend to follow the trajectory of the original and still most significant crypto, Bitcoin (CRYPTO: BTC) . It's a truism that when Bitcoin has a good day, for the most part altcoins tend to do well too.

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