The majority of altcoins continue to get their value destroyed by Bitcoin’s price surge. Not entirely surprising, as most alternative currencies derive value from Bitcoin, rather than their own concept. Several of these relatively useless altcoins have now hit their all-time low in Bitcoin value.
More All-time Lows for Altcoins
It is very difficult to build an alternative cryptocurrency that serves an actual purpose. Thousands of projects have come and gone without making any lasting impact. This doesn’t deter developers from trying to create something new, whether someone asked for it or not.
Truth be told, a lot of altcoins will never serve any purpose outside of speculation. It is clearly evident when looking at their historical price performance. Not just in US Dollar value, but their ratio to Bitcoin or Ethereum. A lot of these alternative assets have hit new lows in this department, even today.
To be more specific, Viberate, Bitcoin Gold, NavCoin, V Systems, and Waltonchain hit new all-time lows just today. Some of these projects had a lot of hype surrounding them not that long ago. With new all-time lows in BTC value recorded today, it seems unlikely that any of them will recover again. Perhaps that is for the better, as hardly anyone used any of these currencies or their technology in the real world.
Particularly the demise of Bitcoin Gold is – in many people’s opinion – a good thing. It is one of the many useless Bitcoin clones that never served any real purpose in the slightest. The same can be said about Waltonchain, as the project never seemed to match the initial expectations. Its technology is still valid, but the WTC token is not necessarily required to succeed.
Bitcoin Shifts Into a Higher Gear
Over the past few weeks, there has been a lot of bullish Bitcoin price momentum. Looking at the price today, it sits above $14,450 per BTC. This should, in theory, pull up the US Dollar value of all altcoins on the market. Even that is not always the case, further confirming the majority of these assets are completely irrelevant to most people.
This is why it is pertinent to sort altcoins by BTC value at all times. It is the only market that should be considered when looking at altcoins today, or in the future. It is not a pretty sight by any means if you own any alternative currencies, but that is to be expected. Bitcoin is, and will remain, the undisputed king of the cryptocurrency space.
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