The cryptocurrency market is nothing if not divisive. There are some spaces, like the United States government, who are back and forth on it, despite being quite against Facebook’s Libra stablecoin. The rest of the world is a little bit more positive towards digital assets, though many struggle to settle on clear regulatory goals regarding them.
A Variance In Opinion
All of these divided opinions have caused Bitcoin and other crypto asset prices to fluctuate greatly. However, these altcoins are suffering much more than the world’s first cryptocurrency. In fact, they’re doing so poorly in terms of USD and BTC trading pairs that altcoins may never reach their all-time highs ever again, even if Bitcoin hits something ridiculous like $100K, reports NewsBTC.
This claim may sound a bit bold, considering that altcoins have gone higher than Bitcoin at the start of this year. In fact, the publication brings up when investors bought Litecoin so much that it hit a 600% increase in price. However, as April came around, these assets stopped keeping up with Bitcoin’s price and have in fact fallen hard in comparison.
Of course, many factors play into this. Regulation, the fact that Bitcoin is the only widely known cryptocurrency when it comes to the mainstream, and all of the discussions around Facebook’s Project Libra, for starters.
That said, enthusiasts are, of course, hoping for altcoins to make a comeback. They call this “alt season” – a time where altcoins go up in value quite significantly. Messari, a crypto publication, recently shared a report that claimed even if Bitcoin hit the $100,000 marker, which would be a 930% increase in price, altcoins would still “be below their all-time high reached during the last cycle.”
Of course, the report is talking about the highest crypto bubble ever – late 2017. At that point, Ethereum, the second place asset regarding market cap, topped out at $1,400. Ripple, the third space, hit a big high of $3.84 while Litecoin sat at $370. It remains to be seen if these online trading prices will ever hit a high like that again.