When Bitcoin soared to $20k back in 2017, altcoins exploded shortly after. January 2018 saw the altcoin market siphon the dominance away from Bitcoin. The cryptocurrency community was buzzing with hopes and beliefs that blockchain would soon take over the world.
Everyone wanted a piece of the tokenization movement. But after this boom, Bitcoin and altcoins took a nosedive. And a lot of investors who eagerly jumped into the altcoin scene were stuck with sinking assets.
Ceteris Paribus, a crypto trader who offers technical analysis on Twitter thinks the path that altcoins are on right now will not take them back to their all-time highs. He refers to data from Messari that suggests altcoins will never return to their glory days.
$BTC needs ~10x (930%) to hit $100K. If $ALT‘s keep their ratio to $BTC during this time, 130/165 (79%) will still be below their all-time high reached during the last cycle.
The top 30 by mcap, and the % they would *still* be down from their high, are in the chart below. pic.twitter.com/N9j6Nkqmte
— Ceteris Paribus (@ceterispar1bus) July 24, 2019
The opinion that Altcoins may never recover to their all-time highs, is popular amongst Bitcoin maximalists. With ETH for example, near its lowest ratio ever compared to BTC, many in the space are wondering if that was a once in a lifetime run. The crypto trader and Blockstream developer, Grubles, warns that altcoin holders might be up to the river.
“‘Altseason’ was just a flash in the pan caused by Bitcoin miners delaying a protocol upgrade and massively profiting from altcoin mining. We’re now returning to 2013 where alts are effectively unused bad jokes like BBQCoin or PPCoin.”
Even though it’s not exactly an unpopular opinion that alts will continue to sink compared to BTC, there are still plenty of altcoin believers. Altman’s contend that this is all a part of the ebb and flow of the cryptocurrency market. In fact, many traders think Bitcoin reaching 80% dominance is a signal that altcoins are about to run.
