The Rise and Rise of Cryptocurrencies | Pantera | Capital | June 2021
BTC achieved a high rate of adoption in 2017, but its weaknesses have also been verified. The fee reached $20, and everyone who entered Bitcoin after watching some documentaries and white papers gave up.
By the end of 2017, some very promising projects had already obtained the user base as a substitute for BTC.
Ethereum Reached the point of challenging the dominance of BTC, and later it Bitcoin cash Ripple Ripple I tried the same. These three “flip” attempts are the result of the stagnant development of Bitcoin.
A whole new industry is brewing. Ethereum, Bitcoin Cash, Monero, ZCash, and hundreds of cryptocurrencies now seem to be better choices, and investors have poured in.
Last year, we witnessed the third halving of BTC, which was once again subject to extreme speculation. Another sign of the sharp decline in March 2020 and an immediate rebound due to the lockdown of the new crown epidemic indicates that the 2020 halving will start a bull market.
In my opinion, it is too early. Although this cycle seems to be in trouble after the 50% market decline in May, we still notice that the dominance of BTC is currently at a very weak level. (~40%).
New investors bought BTC for billions of dollars. Because BTC has the largest coverage of all other cryptocurrencies. After buying BTC, almost every investor began to look for other assets with potential.
This caused Ethereum to rise to a new all-time high, and two other projects (Cardano, Polkadot) with a massive parabolic rise. Many newcomers appeared in some of the top ten established assets, and they all carried out serious marketing and managed to increase their community very quickly.
Because Musk suddenly supported a memetic cryptocurrency, Doge received media attention. This is a very sad moment for cryptocurrencies, because there are some solutions developed by projects that can help Musk’s industry, not Doge, which has been abandoned for many years and can only be pumped and dumped during its existence.