Crypto analyst and economist Alex Krüger says an index of the largest cryptocurrencies outside of the top 10 coins by market cap proves altcoin season has arrived.
Krüger cites the latest data from the Bitwise 20, which shows the 11th through 30th biggest crypto assets are up 53.5% since January 1st, compared to Bitcoin’s 21% rise in the same time frame. Krüger says he hopes traders are celebrating, but warns that each coin will have to prove its worth in the long run.
“We often joke about alt-season, but this definitively qualities [sic] as such. Hope everyone has made a killing. Most of these tokens still are vaporware regardless.”
The crypto price aggregator CoinGecko tracks how far coins have fallen since their all-time highs. The sobering data highlights the extreme volatility and risk involved in investing in BTC and the altcoin markets.
Here’s a look at the top 10 coins by market cap and their declines, excluding the stablecoin Tether.
Drop From All-Time Highs
- Bitcoin – Down 54%
- Ethereum – Down 88%
- XRP – Down 93%
- Bitcoin Cash – Down 90%
- Bitcoin SV – Down 24%
- Litecoin –Down 83%
- EOS – Down 82%
- Binance Coin – Down 54%
- Ethereum Classic – Down 79%
- Tron – Down 92%
As for Bitcoin’s price trajectory through the years, a video of Luke Martin of Venture Coinist is making waves on crypto Twitter. Martin appeared on CNBC last year, offering a bird’s eye view on BTC’s overall price movements.
“I think the biggest thing that still gets brought up, and maybe is misunderstood or not known, is how well Bitcoin has done. Even this year. A lot of people still think that everyone’s underwater on the Bitcoin they bought.
There’s only been maybe three months, I think at the end of 2017 up until January of 2018, that Bitcoin traded higher than where it is today… There’s still this stigma that everyone is underwater, when in fact it’s been the best performing asset for five years, three years and this year.
— The Wolf Of All Streets (@scottmelker) January 15, 2020
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Source: Daily HODL
Original Post: This One Factor Proves Altcoin Season Has Arrived, But Beware of Crypto Vaporware, Says Economist Alex Krüger