Look at what’s going on. BTC down in the dumps, and it drags the whole market down with it. Whenever that happened before, there were always a few outliers, like 1 or 2 projects in the top 100 that were actually pumping during the downtrend. But now it’s different:
Instead of 1 or 2 coins defying the downtrend, there are at least half a dozen in the top 100: SOL, AVAX, ONE, LUNA, FTM, XTZ, ATOM…those are just off the top of my head. Outside of the top 100 there are even more, mainly in the smart contract, gaming and NFT space.
We thought the flippening would occur when ETH overtakes BTC in MC and assumes the role as market leader. But ETH is looking just as terrible as BTC.
As new people are coming into the space and as those who were already in are becoming more educated, they are realizing two main things:
The days of doing a 20X on BTC are long gone. It’s easy to see: had you bought BTC at the bottom for 30K, you wouldn’t even have doubled your money by now. Had you bought SOL for $20, Luna for $5, One for $0.06, you’d have quadrupled or in the case of SOL 10Xd your investment. Sure, you might get a 5X by holding BTC for the next 5years, but that seems tedious when you could have done it in 2 months with Avax.
ETH is the network for the 1%. It costs $10 just to send ETH from one address to another and that cost skyrockets when you’re interacting with smart contracts. On other smart contract chains, the same transactions cost literally a fraction of a cent. A network that costs you 20 grand a year just to use it isn’t for the masses, that’s a simple fact.
Conclusion: I think alts – at least those which have an actual good, working product are decoupling from the BTC whale market fuckery. And it’s not ETH that’s saving us, it’s chains and projects that are actually ready for mass adoption. Personally, I think this is extremely bullish for the space.