Altcoins are underperforming in this weeks, months, to the great sorrow of many investors, also Steemians. But let’s see a greater picture: what happened in many years with the alternatives? Were they performing better than Bitcoin?
History doesn’t repeat, but…
I know in the cryptocurrency market things are different, changes can be very fast. A year seems to be a very long term, and 1-2 months can be the time of a middle term investment. History doesn’t repeat itself – but often is very similar. I, myself was wondering what happened with the altcoins in 3-5 years or more?
The first “historical snapshot” of Coinmarketcap shows only seven coins on April 28, 2013. We know Bitcoin and Litecoin are still among the major cryptocurrencies to this day. As you see on the chart, in the last five years, they surged 1565 and 1129 percent, respectively. (To 17-fold and 12-fold prices, approximately.)
But the other five cryptos aren’t successful at all. Price of Peercoin (PPC) is only 15 percent higher than in 2013. Namecoin (NMC) fell 45 percent in six years, Terracoin, 50 percent. Devcoin disappeared from Coinmarketcap entirely, and Novacoin collapsed, the price is 88 percent lower.
Even Dogecoin, launched in December 2013, is more successful than the mentioned five coins. The pet-style currency jumped 1316 percent, more than Litecoin but some less than Bitcoin.
What will we see in five years, from today on? More and more deadcoins? I’m sure we don’t need 2397 cryptocurrencies, as of today on Coinmarketcap. Although, all casinos in the world can have different tokens, chips, which can be used locally. But globally, if I have to take care of more than 6-8 coins or tokens, I’m beginning to be confused or lose the overview. I’m sure I’m not alone.
I started a series with the title “Chart Of The Day” because I see every day interesting things on the markets or in the news. Other parts here:
- Wow, Wow, How Overperforming!
- Is Voice A Success?
- We Need 14,403 Steem Blockchains More!
- How Unstable Stablecoins Can Be?
- Where Is The Chinese Miracle?
- Dominance On 2017-Level
- Are Facebook Shareholders Ignoring Libra?
- Forbid USD, It Is Used For Drug Buying!
- What Was The Biggest Fall Today?
- Is The Steem Inflation The Real Cause…?
- High Traffic Gives A Glimmer Of Hope
- Are Precious Metals Breaking Loose?
- See This Authentic Dinosaur Struggling
- Steem Has Sooo Many Dapp Users
- Do You Still Believe In Your Tokens?