Where’s the Alt-coin bump?
Prior to the latest rise (Since April), Bitcoin was 50% of the valuation of the entire Crypto market. Now its 63%. It seems to have stabilized around this level. That’s the highest percentage of dominance since April of 2017 when the vast majority of Alt-coins did not even exist. What that means is that for the latest rise in value, all the other currencies enjoyed a small bump in value, to Bitcoin’s large bump.
So, what’s the issue? A rising tide floats all boats, right? In this case, it doesn’t seem so. Traditionally, Alt-coins would have enjoyed a similar bump after Bitcoin started correcting. That did not happen. If Bitcoin corrects further or drops back to previous levels, current trends would indicate that all alt-coins would follow it. In other words, they only floated partway up with Bitcoin, but they will sink at the same rate as Bitcoin, leaving most under water.
Does Bitcoin’s rising tide float the alt-coin boats?
It’s a disturbing trend for the short-term and could wash out a lot of projects that depend on rising values to fund their projects.
The amazing benefits of Cryptocurrency are too great to go away. That doesn’t mean that they have to be in the current form and even in the current governance (but that is another article). Unfortunately for many, that may mean a major shift is coming. Maybe the industry is ready for the new batch of corporate protected coins like Libra and Hedera; Or new trending coins like Algorand. Too new to predict, but what seems to be clear, confidence is low in Bitcoin and even lower in current Alt-coins.
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