As cryptocurrencies are becoming more popular even, banks are adding support for them. In the past, we have seen big names like Goldman Sachs, JP Morgan, BNY Mellon, and many others speak in favor of Bitcoin and provide trading services. But none of them progressed on the path of adding altcoin support, and this is where Revolut bank comes in. They are based in London and have added support for 11 new altcoins that are available to trade on their platform. Some of these coins are popular among ALTs, while some are not very popular and relatively new.
If Crypto is the ocean, Revolut Bank is at Mariana Trench!
The altcoins whose support was added are ADA, Uniswap, Uma, Bancor, Loopring, Orchid, Filecoin, Yearn Finance, The Graph, Synthetix, and Numeraire. I am sure you have heard most of the names on the lost, but some are pretty new. So, it is great to see a bank take the initiative to add more crypto support on their platforms. Revolut is not new to this space, and so they understand this well. They were one of the few banks that added BTC, ETH, and Litecoin support back in 2017 when they made new highs.
And slowly, as time passed, they started to add new coins on their platform based on their market volume and performance. It added support for BTC cash, XRP, tezos, EOS, and more. And this time around, the expansion of the list of tokens of crypto is even higher, with many of them being really new coins. This shows that Revolut is completely into the sector and is not just into Bitcoin.
The Crypto market is bullish!
With such positive announcements going around and the significant adoption rate, the crypto market is very bullish. The price of Bitcoin has again climbed past the $61k price point, and Ethereum is trading close to the $2200 price. Even other altcoins are doing significantly well. ADA is up by almost 8% in a week, while Filecoin is up 4 times in the past month. Other coins in the list have seen a significant price rise, except for a few. It is really easy to say that slowly, but steadily altcoins will take over Bitcoin by market cap as its dominance is constantly falling.
And this is not a bad thing. Altcoins have the tendency to give huge gains if you invest in the right ones. Most of them are up by 100x in the last 8 months and some even more. So, if someone is entering the crypto market, it is wise to allocate some part of the portfolio to altcoins to have a better profit margin.
What are your thoughts on Revolut bank adding support for 11 new cryptocurrencies on their platform? And do you think this affected the market in a positive way? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.