Lately, we have seen only red accents when looking at coinmarketcap.com, coingecko.com or any other cryptocurrency statistics website. Although today the market is looking a lot greener, the general perception of an incoming bull-run hasn’t changed much. There has been a lot of FUD in the crypto community as a lot of bearish tweets of getting out of cryptocurrencies and selling everything have become quite popular.
On the other hand, the Bitcoin Maximalist camp is looking at this pretty positively, justifying that “many sh*tcoins are dying out,” which, in their opinion, is a particularly good sign. It leaves room for Bitcoin to grow. Whether this is true or not, no one knows, but the fact is that most of the ICOs and cryptocurrency projects from last year have lost 95-97% on average from their all-time high (ATH).
Top losing altcoins
In the picture above you can see the top 15 of those coins which have lost the most value. As we can see Zclassic, GameCredits and Ethos are the top losing projects, having lost 99% in value. When looking into Zclassic twitter page, it was surprising to see only 1,862 followers. Their activity also is feeble. The last retweet (not even a post) was published on September 7. Also, there has been only 2 GitHub commits in the last 90 days. That all could lead up to an abandoned project.
However, GameCredits has working products like G-Nation which includes G-Play and G-Share. Their mission is to build a worldwide community for gamers and game publishers. However, looking at the price of GAME it looks like they are not doing that well. Especially, if users can purchase games with GAME, or earn it while playing. It looks like it’s not rather profitable for users to use it. Also, only 10 commits on GitHub in the last 90 days. On the other hand, their Twitter page is booming with followers (30k), and they are continually publishing their updates on the GameCredits Foundation. However, the fair point is that GameCredits are competing with an already established industry leader – Steam. Also, NEO (NEO) and TRON (TRX) are entering the blockchain gaming industry, and those are huge companies. How is that going to work out for GAME – we’ll see.
Speaking about Ethos, they have plans to build a universal wallet for all the cryptocurrencies available — kind of what Coinbase has now. Moreover, their internal token – ETHOS, was supposed to be a facilitator of the platform, by mainly reducing fees and allowing users to access certain services on the platform. Ethos also has lost 99% from their ATH. They claim that 60k users are using their platform with almost 1000 joining in every day. However, the thing is, they are planning to implement a fiat gateway with multiple features, which would lead up to thinking that their token might be dying out.
Bitcoin likes bear markets
Overall, the picture looks dreadful. The question is, whether the investors, who helped these projects to raise money, will ever get their return of investment. That is a good question which possibly is asked multiple times during the day. Especially after these bear moves, the market was performing in the last couple of days. These lows don’t necessarily mean that the market is dying out. Cryptocurrency markets have experienced multiple bear markets, and there is no sign that this should be the last one. The history shows that each one of the previous bear markets leads to even higher prices and larger market caps. Whether this is also going to be like that, we can only wait and guess.
The fact is that by each of these bear markets, the bitcoin price has retreated to a previous all-time high. As we can see in the picture below – this looks exactly the case. Now the question is – whether it might fall even lower – to a different previous ATH. Bitcoin price could fall to a $2000 mark or even lower – to a $1000 mark. Because if we remember, the rise from $1000 to anywhere around $4000 was pretty quick, so we wouldn’t be surprised to see even lower price setbacks.
When looking at how this past year has been treating us – the picture is not so confident as we intended it last year. This was supposed to be the year of privacy coins, but that seems to be postponed till next year. The good thing is – this year has boosted the Bitcoins dominance over other cryptocurrencies. It survived the lowest point of 32% in January when the bear market emerged. Now resting at 53-54% for quite a while. It almost looks like it soon could reach the highs of December 2017 when it was around 67% continuing in a pace like this.
A few things that fall into our eyes are that Ripple has overtaken Ethereum in market dominance by almost 3%, which has happened only a couple of times in the history of Ethereum. Also, we can see that Bitcoin Cash is losing dominance pretty steadily and Litecoin somehow stays stable around its 1,5% market dominance.
The overall cryptocurrency market cap also had dropped quite significantly from its peak in January when it was $829 billion. Currently, it has suffered a severe drop from $210 billion to $130 billion in these last days. It was going sideways for about three months and now seeing this big of a decline, still kind of draws the descending pattern.
So when bull?
This is probably the most common question among crypto-supporters, and no one can quite answer it. The fact is that after a month we will have suffered a year-long bear market. Is it going to continue? The most realistic outcome in our mind would be that Bitcoin keeps loosing price, but gaining dominance. This bear could stop at $1100, and it also could stop at $2000. By all means, this is just a speculation. The price will rise when people start buying Bitcoin. What will be the most appealing price for people to start buying it? Also, at the moment, assets on this market are not individual. They all fall under Bitcoin, and if Bitcoin price ascends, altcoins follow. So we all have to wait for Bitcoin to make a move.
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