Why these depreciated altcoins would be good to hold
All attention is on Bitcoin at the moment as it cranks slowly higher before the halving. Altcoins are still way down from their peaks and a few of them may make good holdings. With Bitcoin dominance approaching 68%, the...
All attention is on Bitcoin at the moment as it cranks slowly higher before the halving. Altcoins are still way down from their peaks and a few of them may make good holdings.
With Bitcoin dominance approaching 68%, the altcoins are feeling the pinch once again.
A similar scenario happened at the same time last year as BTC ate the markets with its share topping 70% last summer.
Industry observers have been eyeing some of these floundering altcoins which are still massively down from all-time highs when compared to BTC at 113%.
Altcoins that are far from their all time highs are very interesting to me
ADA | 2,600%
NEO | 2,100%
DASH | 1,900%
XLM | 1,300%
LTC | 686%
ETH | 550%
BTC | 113%
It’s one reason why I think diversifying your Bitcoin holdings with some altcoins as well is a good idea! pic.twitter.com/Wfg4NKBCuA
— Crypto Capital Venture ⚡ (@cryptorecruitr) May 7, 2020
Ethereum is trading just over US$200 [AU$311.62], which is a long way off the $1,400 hit in January 2018. There appears to be greater potential in ETH priced at this level than BTC nearing $10,000.
Cardano and NEO are over 2,000% down from their peaks and both projects are still being actively developed.
Crypto tribalism is still flourishing, and the replies to the tweet are evidence.
Everyone has their favorite coins for whatever reason, but from a pure investment standpoint, buying the active ones that are massively down may not be a bad move.
After all, they will all blindly follow their big brother when it finally breaks out and depreciated altcoin gains are likely to be even greater.
Image courtesy of WorldSpectrum/Pixabay
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