What a Difference a Year Makes in Crypto Land as Most Altcoins Die While Bitcoin Regains Investor’s Attention
2018 was a rough year for Bitcoin. It started off on a low note and ended on an even lower note. For altcoins, however, 2018 started off on a high note and ended devastatingly. In essence, it witnessed the rise and fall of altcoins. Interestingly, the demise of altcoins has proven beneficial for Bitcoin.
A Rocky Year For Bitcoin, Devastating For Altcoins
Altcoins such as Ripple and Verge started off 2018 on a high note. Bitcoin, on the other hand, was struggling to maintain its upward trajectory. For altcoin enthusiasts, this was seen as a good thing as Bitcoin’s falling dominance was expected to pave the way for other cryptocurrencies to find their footing in an increasingly volatile market. However, it did not take long until altcoins also bowed to the bears’ pressure and, like Bitcoin, started falling. Some such as Ripple withstood the fall for some months but eventually gave in as well.
Bitcoin is currently ranging at $3,000 with mixed signals for the future. Most altcoins, however, are effectively dead with prices ranging at all-time lows. Analysts speculate that majority of altcoins may never recover from the ongoing bear market – those that may recover will not perform nearly as well as they did in 2017.
Where Is The Altcoin Army?
There is an eerie silence among altcoins social circles since the bear market caught up with the likes of Ripple and Verge. Back in 2017 and 2018, altcoin enthusiasts would attack any person or media outlet that labeled their cryptocurrencies as FUD. Several figures were especially notable. Today, many of these enthusiasts are nowhere to be found. For instance, “The Coin Dad”, a (previously) passionate altcoin enthusiast on Twitter, has since deleted his Twitter account.
Other notable voices that have since fallen silent include Hector Rodriguez and Steven Fowler. So, where has the altcoin army gone?
Retreat To Bitcoin Or Give Up!
Altcoins may be dead, but Bitcoin is still holding on. Bitcoin prices may have fallen from an all-time high of over $19,000 but the current price range is still good considering that the first BTC sold for pennies. To this end, many investors are taking this opportunity to buy into Bitcoin in anticipation of brighter times ahead. Former Bitcoin critics and altcoin enthusiasts are also joining the Bitcoin brigade now that they have come to terms with the fate of alternative cryptocurrencies.
While some former altcoin enthusiasts have been going back to Bitcoin others have decided to give up on cryptocurrencies altogether. These mostly comprise of speculative investors, especially those who lost the most from the ongoing bear run.
What Does the Future Hold?
Bitcoin is here to stay – that much has been established. Many altcoins, however, are dead or dying. Those with a future are the ones backed by innovative ideas, and even they have years of recovery to look forward to before their prices can recover to their previous highs.
Bitcoin may have taken a hit in 2018 but it is still here. Altcoin enthusiasts who rejoiced at Bitcoin’s downfall are now crying foul as most altcoins have not only depreciated in value but also become entirely unviable. To this end, former altcoin enthusiasts are either reverting to Bitcoin or exiting the cryptocurrency market altogether.