{"id":398538,"date":"2019-09-30T19:00:07","date_gmt":"2019-09-30T19:00:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=398538"},"modified":"2024-06-11T13:30:34","modified_gmt":"2024-06-11T13:30:34","slug":"crypto-analyst-altcoin-apocalypse-caused-bitcoin-bear-market","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-analyst-altcoin-apocalypse-caused-bitcoin-bear-market\/","title":{"rendered":"Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market"},"content":{"rendered":"

Bitcoin<\/a> was the first cryptocurrency to ever be created, and any crypto assets created after it are referred to as altcoins. These altcoins promise to improve upon Bitcoin in a number of ways \u2013 from faster transaction speeds to a larger supply and other attributes \u2013 and to bring investors gains similar to that of early Bitcoin investors.<\/p>\n

But not only has Bitcoin outperformed most altcoins in 2019 and historically, but altcoins may also be responsible for the asset’s bear market, and the reason why crypto winter may be returning once again<\/a>.<\/p>\n

Altcoins Responsible for 2018 Bitcoin Bear Market<\/h2>\n
2017 was the year that put crypto on the map and brought the emerging technology and budding asset class into the mainstream limelight. During that year, there was an explosion of ICOs and dozens of new altcoins were popping up by the day. Bitcoin<\/a> went parabolic and set an all-time high of $20,000.<\/p>\n
Related Reading | Next Week Could Be Most Critical Week for Crypto Yet\u00a0<\/a><\/strong><\/em><\/p>\n
Shortly after that, altcoins began to skyrocket and set their all-time highs in the days following Bitcoin, then the entire market began to fall. At that peak, BTC dominance\u00a0 \u2013 a metric used to weight the leading crypto asset against the rest of the market \u2013 was at its lowest point ever. Since then, BTC dominance has only grown.<\/p>\n
One of the most prominent and respected crypto analysts in the space, 100TrillionUSD<\/a>, says that this rise and fall in altcoins, was responsible for Bitcoin’s bear market in 2018 and not CME futures the crypto community likes to point fingers at.<\/p>\n
\n
Some people blame CME or Bakkt futures for #bitcoin<\/a>'s bear market.<\/p>\n
IMO the rise and fall of altcoins is a more likely driver of 2017-2019 btc prices. Btc dominance fell from 98% to 40% … and is now back at 70% (and counting). Bitcoin up 8x since the start of alt experiment \ud83d\ude80 pic.twitter.com\/dC4ZCMuXzc<\/a><\/p>\n
— PlanB (@100trillionUSD) September 30, 2019<\/a><\/p><\/blockquote>\n