Altcoins keep on getting crashed despite the markets turned green today and bitcoin are leading the rally. For the past few years, there are no signs of recovering just yet as we are reading more in the coming altcoin news.
The past two years have been quite bad for anyone that holds altcoins and the majority of them are now 80 to 90% down from their all-time high and recovery is looking like it is very far away if it will ever happen at all. Only a few of them made and kept their gains in 2019 and all of them crashed by epic proportions in 2019 following the explosive growth in 2017. LongHash was looking into the possible reasons for this and it turns out that people usually trust bitcoin more. Bitcoin has been here longer and gets a lot of media coverage than any other crypto asset which has been recognized store of value.
The price volatility for Bitcoin has declined as it has gained a lot of users over time. The recent events in the Middle East have also confirmed the position of Bitcoin as a safe haven asset and the altcoins have never seen the adoption rates of their big brother which is now standard in the industry. The bitcoin network is also a very strong factor when determining the position of the altcoins on the market. it is resistant to change and growing strength which can be seen through the hash power figures that hit another new all-time high a week ago. The report uses the failure of the SegWit2X plan as the example of the decentralized network of Bitcoin and the lack of influence and Ripple’s XRP token is extremely manipulated by the company that owns it which leads to a dump down to the lowest level in the previous two years.
There’s a lot of innovation that is happening with bitcoin right now and Ethereum is still the smart contract standard but the developments are also occurring on the BTC network through the integration of TapScript. Most of the reasons by altcoins keep on getting battered are mainly because of the successes of Bitcoin over the past year. The recent report indicates about 99% of the altcoins listed on analytics websites which show no liquidity were it can be seen as untradeable.
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