In this recent Bloomberg article, Goldman’s Steve Strongin believes that most altcoins will hit zero soon, and will never again reach their ATH.
Now, is this really going to be the case? If we take a look at the charts for coins in the top 100 of market capitalization (seen here https://coinmarketcap.com/) ... we can see that altcoins are heavily tied to the price action of Bitcoin, and as Bitcoin has fallen, so have altcoins. The flip side of this is has also held true - as Bitcoin has risen, so have altcoins, and in recent months, much much more. ICOs are 10x and 20x right out the gate, and many altcoins were outperforming Bitcoin many times over during the recent bull run.
The question is, as Bitcoin starts to move up, will altcoins follow? I personally believe the answer is yes.
However, it's easy to only remember the few recent months, where altcoins have really exploded and flexed their muscles. Bitcoin has shown in the past that it can go on a run, and leave the altcoins behind. Will this be the case this time around?
Personally, I do feel that Steve makes a good point in that many of the coins lacking fundamentals or any solid tech will certainly be left in the dust eventually. But will most coins never test their ATH ever again? That remains to be seen. However, in recent times altcoins have shown that they rise as Bitcoin rises, falls as Bitcoin falls, and can make their own runs when Bitcoin trades sideways.
Many point to the dot com bubble bursting to say that most of these altcoins will be like the websites that become obsolete when the bubble burst. I do believe that in the future, most of the top altcoins we have today will no longer be around. But that future is not now, and we are still in the infantile stages of crypto. So if Bitcoin starts to climb back to its ATH, I believe that altcoins too will retest and set new ATH.
What do you guys think?