Bitcoin Cash (BCH), Litecoin, EOS, and Ripple (XRP) are performing superbly, registering double digit gains in the last 7 trading days but are on average 60% down from their all-time highs. Notably, these coins have a bit of history and have been around for the past several years. Litecoin and XRP are at least 5 years old with Charlie Lee launching LTC in 2011 while Ripple began operations in 2012. However, the idea had stuck around for quite sometimes being floated first in 2004.
60% Drop from All-Time Highs
Buy #bitcoin. 🍻
— A v B (@ArminVanBitcoin) January 15, 2020
Aside from history, this week’s super rally could be the beginning of an encouraging return to former glories. Despite yesterday’s stir and resuscitation of what had appeared to be stagnant price action, XRP, LTC, BCH and EOS are trading still down a ball-park 60% from their previous all-time highs registered during the great ICO-mania which pumped prices to new highs.
Nostalgically, BTC rose to $20,000 before the bubble was popped after the CFTC whilst working with several US agencies including the SEC gave the green lights the launch of the first Bitcoin derivatives product, the Bitcoin Futures.
At $330 for BCH, $57 for LTC, $0.23 for XRP and $8,600 for BTC, these coins pale in comparison to what they registered in late Dec 2017 when they soared to $3,800, $310, $3.5 and $20,000, respectively.
Because of yesterday’s gains and revival of the crypto market, an observer now says all coins, even with decent gains in the past 24 hours are shit coins and a savvy investor should angle to buy Bitcoin at spot levels.
Will the #Bitcoin market perfectly repeat itself again 4 years after the 2013-2017 cycle?
-> bottom out at $2,500 in Jan 2019
-> rally in late 2020 to pass $20,000
-> peak at $333,000 in Dec 2021
-> crash to $41,000 in Jan 2023
(Remember, the block rewards halves every 4 years🙂)
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) December 8, 2018
Bitcoin Price Marked by a series of Boom and Busts
Expectedly, for his comments, it was enough to spur discourse. It drew different supporters of individual projects and those who were practical enough to note the same characteristic in Bitcoin.
I don't get the excitement over China approving blockchain.
During 2017 every time they announced a China ban, bitcoin took off another $1,000.
This rally could be about something else:
– Pre Christmas rally.
– 2020 halving.
– CME and BAKKT options in 2020.
– Mass adoption.
— ₿it₿it (@BitBitCrypto) October 26, 2019
In the first half decade of Bitcoin, the coin prices experienced a series of boom and busts. The recent being 2017-2018 cycle that saw prices soar before collapsing, crushing investors.
“This is not a legitimate argument crypto is antifragile if you see the price of bitcoin you will see Bitcoin did the same exact thing during the developmental stage of its growth.”
Another observer chimed in:
“They have different risks associated with them. XRP went from $.005 to $3.50 in about the same time BTC went from $1,000 to $20,000. LTC went from $4 to $310. ETH + others have similar stories. If underperforming BTC = Shitcoin, Outperforming = what?”
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich