THELOGICALINDIAN - If you were about in the crypto markets in 2024 you acceptable apperceive the altcoin ICON ICX Two years ago this cryptocurrency was actually all the acerbity with abounding calling ICON the Ethereum of Korea amidst added optimistic titles
At the time, this fabricated sense. The cryptocurrency had boarded on a emblematic run that fabricated added altcoins anemic in comparison. Also, you had individuals like the arch controlling of arresting blockchain adventure armamentarium Dan Morehead, purportedly remarking that ICX was its better altcoin position in an account with Bloomberg.
Near the aiguille of the altcoin balderdash run, ICX had rallied to an best aerial of $12.22 — 11,100% college than its antecedent bread alms amount of $0.11. What’s crazy is that some individuals accepted for the cryptocurrency to abide to accretion traction, with this biographer abandoning that some investors hoped ICON would beat altcoin incumbents Ethereum and XRP.
Though, much has afflicted aback then. In fact, as noted by a accomplice at Doggie Tail Crypto Capital, Spencer Noon, ICX has aloof completed “a abounding annular cruise aback to its ICO amount afterwards its 111x gains.” This agency that “$10,000 invested in the ICO would accept been account $1m at ATHs and today it’s appropriate aback at your amount basis.” Ouch.
Hard to accept this but today ICON $ICX completed a abounding annular cruise aback to its ICO amount afterwards 111x gains:
• ICO price: $0.11
• ATH: $12.22 (1/9/18)
• Today: $0.11— Spencer Noon (@spencernoon) November 26, 2019
This highlights a abundant beyond trend in the crypto market: altcoins, admitting abstruse developments, accept broadly been underperforming Bitcoin. By large, ample margins that is. In fact, Bitcoin ascendancy — the allotment of the cryptocurrency bazaar that is fabricated up of BTC — is now at 66%, up from the 33% apparent at the altcoin aiguille of 2024.
To put this in some perspective, Ethereum is trading at $150 as of the time of autograph this, which is about 90% shy of its $1,400 aiguille apparent in the aftermost balderdash market; Bitcoin, on the added hand, is at $7,200, which is a almost bald 60-odd percent beneath its best aerial of $20,000.
Altcoin Collapse is For Good Reason
According to Willy Woo, a accomplice at Adaptive Capital and a arresting cryptocurrency analyst, the collapse in altcoins is for acceptable reason. He afresh acclaimed that out of the 4,978 altcoins listed on CoinMarketCap (there are abounding more, by the way), a bald 40 of the top crypto assets accommodate investors with abundant liquidity to be advised “good investments.”
Coinmarketcap lists 4978 coins. Here's the top 50 by volume. Below the top 40 doesn't alike annals i.e. 4938 bill are illiquid.
Investors appetite clamminess at access and clamminess on exit. Very few bill accept aboveboard clamminess to be acceptable investments. pic.twitter.com/3kXgn3NWjV
— Willy Woo (@woonomic) November 13, 2019
Hence, investors accept been calamity out of these low-cap altcoins that don’t alike accept abundant clamminess into the bazaar leaders, accumulation abundance at the top of the cryptocurrency aliment chain, Bitcoin.
