Altcoins have bled dramatically over the past few months. Bitcoin dominance is the share of the market value of a cryptocurrency, made up of BTC – soared to a two-year high of 72% from a bottom of 35% observed in mid-2018.
To show the exact degree of altcoin drawdown, a Reddit user, “Joe-M-4”, recently posted results The 18-month experiment, which shows that against cryptocurrency other cryptocurrencies plummeted.
His experiment confirms the credibility of the story that this industry is once again striving for bitcoin maximalism, despite technical developments made in the field of Ethereum, and the stellar marketing steps taken by Litecoin to promote LTC and cryptocurrencies.
Results: buy bitcoin
For those who do not want to understand this anymore, the conclusion that can be drawn from his experiment is that if current trends continue: buy Bitcoin and sell altcoins.
As he explains in Publish0x, which outlines his experiment held from the beginning of 2018 to the present, altcoins did not do well against the market leader. In fact, as he points out, investments in bitcoins on the last day of 2017 brought in 20%, while the first nine altcoins (as of the end of 2017) brought in an average of -80% since then.
Just look at Ripple's harrowing XRP return as the perfect spot, which he says has dropped 88% since he first invested $ 100 in crypto for an experiment. As he wrote:
“Despite the fact that since January 2018 it has remained at a low level, Bitcoin dominates the space and shows no pity for other cryptocurrencies. August saw BTC rise for six months in a row, but this month for the first time since the experiment began, it surpassed 70% dominance. "
Will the Alcoins be back soon?
Despite the fact that the trend for altcoins against bitcoins clearly has a downward trend, some analysts expect non-BTC cryptocurrencies to show some strength soon.
Willie Wu said in August that altcoins were finally "heading to the support region." This trend continued in early September.
The story of global alt markets in a series of charts…
Altcoin vs Bitcoin cap 6.5 year support line. Weekly RSI is more oversold than its entire history (has been since July!) pic.twitter.com/ouwxnumxmbaevxnumx
- Willy Woo (@woonomic) September 8, 2019
Wu clearly did not call for what cryptocurrency traders call the “alternative season”, only claiming that altcoins can see “some rebound”.