How Well Have Altcoins Recovered From Their Recent Bear Market Lows?
From time to time you hear the argument that the story of the bull market we could be in the initial stages of is one of institutional investors. Because they require professional grade custodial solutions they will not touch any of the alts or perhaps Ethereum at best, which means that most altcoins are destined to bite the dust. Let's see how well some of the high market cap altcoins have done in the last six months since the total market cap of the crypto space bottomed out.
I'll mention first the name of the currency, then the yearly low, the current spot price and finally the growth factor:
| Currency | Bottom | Current spot | Growth factor |
|---|---|---|---|
| Bitcoin | $3200 | $11,800 | 3.7 |
| Ethereum | $83 | $302 | 3.6 |
| Ripple | $0.25 | $0.41 | 1.6 |
| Bitcoin Cash | $75 | $421 | 5.6 |
| Litecoin | $23 | $117 | 5.1 |
| EOS | $1.6 | $6.1 | 3.8 |
| Binance Coin | $4.3 | $34 | 7.9 |
| Bitcoin SV | $37 | $209 | 5.6 |
| Cardano | 2.7c | 8.7c | 3.2 |
| Tron | 11c | 33c | 3.0 |
These are the top 10 coins by marketcap now. I have excluded Tether. Bitcoin does not emerge a winner or a leader in this bull run in any way except for the total amount of money gone into it. Coinbase and other large firms will no doubt be building custodial solutions for coins other than Bitcoin and Ethereum for sure. I don't think Bitcoin maximalism is warranted in any way.
The best you will get from bitcoin at this stage is 2x maybe 3x . Eth is a better but imo but I'm going down down down and filling up with ardor . It never really had a chance initially but I think childchains may be the answer to scalability .
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I think Bitcoin may go up by a factor of 10 to 20 from by the end of the current bull market, which could be in 2021 or 2022. The BTC mining reward halving is in May 2020. The stock-to-flow ratio will be instantly doubled. The market has already begun to price that in. Bitcoin is emerging as a digital counterpart of gold as a hedge against uncertainty.
Alts will rise, too, but I wonder where the sweet spot will be. High market cap or lower? Low market cap means less money is needed for massive gains. High market cap means retail investors may not be able to moon prices without help from institutionals. Too many moving parts.
I'm hoping STEEM will go up 100x like it did from the March 2017 all-time low. That would mean $20 STEEM in 2022 or thereabouts. That would mean Dolphins would be sitting on some serious gains on paper.
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