The past month has been absolutely miserable for altcoin investors who thought they could hodl their way through to the next bull run.
The global cryptocurrency market cap is close to the highest its been in six months, yet many major altcoins are down by close to 40% in the past thirty days. That’s because all the profits from the juicy altcoin pump in Q1 eventually found their way to Bitcoin, and left optimistic alt holders with significant short term losses.
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So while the exterior of the crypto market shows a healthy global cap, the interiors of it have been rearranged dramatically in recent weeks.
Bitcoin Drinks Your Altcoin Milkshake!
Hacked covered Ontology back in March when the coin was beginning a surge that would take it to 200% gains. The coin eventually overtook the blockchain platform that gave birth to it in NEO (NEO), helped in part by the buzz surrounding a touted movie distribution deal with MovieBloc.
From the heady peak of $1.68 on April 4th, the following month saw Ontology lose 40% as the coin price reverted to $0.996663. ONT’s market cap was cut by $300 million.
In the same time period, Bitcoin gained a healthy 16%, as BTC’s value rose from $5,000 to $5,800, while even exceeding $6,000 on certain exchanges.
Q1 was very kind to Stellar, as the value of XLM gained 82% from February to early April. That carried the coin price from $0.073646 up to $0.134687 – a five month high at the time.
But Stellar’s move into Q2 went the same way as the rest of the altcoin market – down. From a peak of $0.134687, the value of XLM sunk to $0.095416 – a 29% drop in the space of a month….