When Bitcoin soared to $20,000 in 2017, the competition soon exploded. In January 2018, the competitive currency market took the dominant position from Bitcoin. The cryptocurrency community is full of hope and belief that the blockchain will soon occupy the world.
Everyone wants to take a share of the token-based movement. But after this boom, bitcoin and rival coins plummeted. Many investors eager to join the competitive currency market are caught in the dilemma of asset shrinkage.
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Ceteris Paribus, a cryptocurrency trader who provides technical analysis on Twitter, believes that the current trend of the coin will not bring it back to an all-time high. He mentioned data from Messari, which shows that the coin will never return to a glorious day.
“Bitcoin needs to rise about 10 times (930%) to reach $100,000. If during this period, the competition currency maintains the exchange rate with BTC, by the end, 130/165 (79%) of the competition coins will still be unable to reach their Historical highs. Among the top 30 competitive currencies in the market capitalization, the chart below shows the percentages they still need to return to historical highs."
Bitcoin supremeists generally believe that competitive coins may never return to historical highs. Take ETH as an example. Compared with BTC, the exchange rate of the two is almost the lowest in history. Many people in the industry want to know if this is the only time in life. The cryptocurrency trader and Blockstream developer Grubles warned that holders of competitive currencies may be pushed into the river.
“The 'competitive coin season' is just a flash in the pan, because Bitcoin miners have postponed the agreement upgrade and have made huge profits from mining coin mining. We are now back in 2013, the competition currency is actually useless like BBQCoin or PPCoin. joke."
The idea that the competition currency will continue to decline compared to BTC is not completely unpopular, but there are still many competitors. Altman believes that this is part of the ups and downs of the cryptocurrency market. In fact, many traders believe that bitcoin will be the signal to escape the competition when it reaches 80% of the dominant position.