The cryptocurrency community is no stranger to accusations of crypto being a bubble. As far back as 2014, media pundits were referring to the bursting of the Bitcoin (BTC) bubble, with a Financial Times article from September of that year even containing the ill-fated prediction, “We’re going to stick our neck out at this stage and call this the end of Bitcoin.”
Well, Bitcoin certainly didn’t end in 2014, but this hasn’t stopped other experts and commentators from throwing the word “bubble” around with gleeful abandon in the half-decade since the cryptocurrency’s prematurely reported demise. However, while certain mainstream observers simply regard the entire cryptocurrency market as one giant balloon, other individuals have been offering more nuanced claims recently, assertions that revolve around a distinction between Bitcoin and the vast majority of altcoins.
More specifically, veteran trader and author Peter Brandt recently compared the altcoin market to the dot-com bubble, claiming that Bitcoin’s recent strong rallies won’t be replicated by other cryptocurrencies. Similarly, ShapeShift CEO Erik Voorhees argued last year that Bitcoin and altcoins form two separate markets, while on July 1, crypto-Twitter personality Lil Bubble published a parody music video that perfectly encapsulated the current plight of altcoins, which have been slightly flagging behind Bitcoin as it increases its market dominance to 62.2% (as of writing).
But even if it is true that Bitcoin’s price has increased by around 128% over the last three months (compared to “only” 81% for Ether), there’s no real indication or evidence that the majority of altcoins will tumble to virtually nothing while the original cryptocurrency remains strong. This is because, if you take the matter of market price out of the equation, it still remains just as arguable that certain altcoins have at least as much to offer in terms of functionality as…