During the crypto bull market of 2017, everybody was happy. It wasn’t just the BTC maximalists, BCH enthusiasts, or proponents of ETH. Privacy coins like monero were doing great, and even charity-supporting “comic relief” coins like doge were riding high. Since that enchanted time, however, the diverse class of tokens known as altcoins has somehow faded into obscurity. Just recently though, the tectonic plates of alt-crypto deadlock appear to be rumbling, and change might be just on the horizon for the spare change of the crypto world.
The Lost Altcoin Conversation
On December 17, 2017, BTC reached an all-time high of over $20,000. Three days later, on December 20, BCH would peak at almost $4,000. In the same general time period ETH, XRP, LTC, and other market cap leaders would also achieve apogee, with the at-press-time-valued $0.0024, dogecoin then being worth well over a penny. While it’s clear to see why interest in the 2000+ altcoins on the market has waned since 2018 shattered so many crypto fantasies, market activity last week indicates something new may be on the horizon for crypto’s forgotten class.
In the past week, a slight dip in BTC dominance has gotten some in the space excited about their altcoin pet projects, announcing with gusto to crypto Twitter that alt season is back. Others are not so sure, and remain understandably wary of the recurrent hype. Regardless, at press time EOS, ETH, and XMR are all up significantly over the last week, with EOS enjoying a seven-day price surge of over 12%. Though not merely an “altcoin” by the standards of many, BTC competitor bitcoin cash has also experienced a significant rally.
— CryptoLeee 🍜 (@CryptoLeee) September 10, 2019