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Wednesday

20 January 2021

3 key ways 2021's Bitcoin bull run may differ from 2017's

3 key ways 2021's Bitcoin bull run may differ from 2017's


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Back in 2017, when the Bitcoin (BTC) price peaked near $19,900, most altcoins also posted 200% or higher weekly gains.

Compared to 2017, there is a wealth of easily accessible data related to price and market capitalization ranking.

This should help investors better understand how today's market differed from the market in 2017.

This movement happened despite both cryptocurrencies seeing a 15% price drop since December 2017.

Apart from Bitcoin, Ether, and XRP, the remaining cryptocurrencies in the top-20 took on heavy losses.

One would automatically assume that Bitcoin dominance vastly increased in this time, but it rose by only 2% to the current 63%.

Besides their dominance in the derivatives markets, the BTC and Ether 97% concentration of Grayscale Investment funds provides some insight into this theory.

If this paradigm is applied to the sector, one might conclude that the longer a cryptocurrency stays in the top-12, the higher the probability it shall remain relevant three years later.

For example, the Bitcoin and Ethereum ‘killer’ narrative was incredibly popular in 2017 and 2018 when competitor blockchains were forecast to overtake the sector leaders because of their faster throughput, cheaper fees, and enhanced scaling or ‘real-world use.’.

Back in 2017, Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum Classic (ETC), and DASH forked or had competitive clones launched.

Initially, they prospered but reviewing their price and market cap shows that their success was short-lived.

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cointelegraph.com
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