Lucky
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- 14.09.20
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Bitcoin smashing through $12,000 gave the cryptocurrency enough momentum and energy to take out $13,000 and revisit last year’s highs. But while it did so, it caused altcoins like Ethereum, Chainlink, and dozens more to bleed out relative to BTC.
It has left alts in a precarious position, potentially about to be left for dead by Bitcoin dominance and a possible 30% rally from here.
Bitcoin first arrived after the Great Recession of 2008. Within a few years, the underlying technology itself took new life in the form of altcoins, many designed to improve upon the original cryptocurrency in some way.
Ethereum added smart contracts, while Litecoin sought to improve speed and loosen up the tight supply slightly. Others were created to solve scalability.
No altcoins have been able to beat Bitcoin at its own game, but the allure of the next big thing in crypto caused a frenzy of FOMO after Bitcoin exploded to $20,000. The hyper-growth across the crypto industry in both capital and in total coins created, caused BTC dominance, a metric measuring the top crypto asset’s weight
It has left alts in a precarious position, potentially about to be left for dead by Bitcoin dominance and a possible 30% rally from here.
Bitcoin first arrived after the Great Recession of 2008. Within a few years, the underlying technology itself took new life in the form of altcoins, many designed to improve upon the original cryptocurrency in some way.
Ethereum added smart contracts, while Litecoin sought to improve speed and loosen up the tight supply slightly. Others were created to solve scalability.
No altcoins have been able to beat Bitcoin at its own game, but the allure of the next big thing in crypto caused a frenzy of FOMO after Bitcoin exploded to $20,000. The hyper-growth across the crypto industry in both capital and in total coins created, caused BTC dominance, a metric measuring the top crypto asset’s weight