Forget bitcoin. These cryptocurrencies are surging even more
CNNNew York CNN Business — The dramatic rise in bitcoin may seem overly speculative. “The explosion in cryptocurrencies is a consequence of the economic environment,” said Michael Shaulov, CEO of Fireblocks, a digital asset security firm. “There has been more demand from mainstream financial mangers about cryptocurrencies, and the big question is what is the relative value for these altcoins compared to bitcoin,” he said. “There is probably more upside in ethereum than bitcoin.” Guy Hirsch, managing director for the US at eToro, a brokerage and trading firm, added that there has been more interest lately for ethereum and XRP as they have gained “more recognition and credibility.” Some of the even smaller cryptocurrencies may rally even further. “There’s more to the cryptocurrency market than bitcoin, just like there’s the more to the equity market than Apple,” said Denis Vinokourov, head of research at digital assets prime broker Bequant.