In 2017 and 2018, altcoins - crypto assets that are not Bitcoin and Ethereum - were in vogue.
With many of these projects making absurd promises - like promising to be the better Bitcoin or promising to solve digital censorship - largely mom and pop investors were then willing to throw millions upon millions at blockchain project after project.
New data has shown that most of those who bought altcoins with a long-term mindset have seen horrible returns on their crypto investments.
Analysis: 99% of altcoins made horrible investments when matched against Bitcoin & top cryptos.
The crypto data analyst that is known as "Ceteris Paribus" recently released an analysis outlining the returns of the top 200 cryptocurrencies since Dec. 30, 2018, basically the bottom of the previous Bitcoin bear market.
Image of the returns of the top 200 cryptocurrencies since Dec. 30, 2018, from the analyst "Ceteris Paribus".
This analysis is similar to one recently completed by Matt Casto, an analyst at crypto asset trading firm CMT Digital, who similarly observed that most 2017-2018 ICOs are down dramatically from their all-time highs.
While Paribus admitted at the end of his altcoin analysis that "Things can change in the future," multiple investors remain bearish on the outlook of most crypto projects.
That's the thing, while the Bitcoin bear market over the past few years has trimmed a lot of the fat in the crypto space, so to stay, there remain hundreds of projects worth hundreds of thousands and millions on the open market that may still have no prospects.
Ryan Selkis, chief executive of crypto researcher and data provider Messari, identified last week that due to the potential of decentralized finance, ETH has a "Higher ceiling" to rally towards in the long run then it had during 2017-2018's bull market - when the asset reached $1,400 a pop.
Analyst: there has been "no point" owning crypto assets aside from Bitcoin & top 10
Published on May 22, 2020
by Cryptoslate | Published on Coinage
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