Hard Truth is that some of the Altcoins might never recover
XRP and TRON were the worst performing Altcoins during 2019, despite this analysts opine that the cryptos will begin climbing higher, eventually establishing a long-term floor at $0.25.
The overall cryptocurrency market is growing healthier, but despite this, the token is trading just a little above the 2019 lows.
At the time of reporting the news, XRP was trading at $0.256, the price which saw decent support over the past year and a half. The reason for the price decline of XRP is attributed to Ripple, the Fintech Company holding the majority of the XRP. Ripple has been offloading the XRP on to the markets every quarter.
Several investors have been increasingly frustrated by the recent price of XRP and its poor performance, and therefore they have been exiting their positions.
Whale Agent, a crypto analyst, stated, “XRP seems to be holding the best after the recent overall market crash. Bulls have bought half of the dip, and the bears don’t see too much continuation.”
Several small-cap Altcoins, including the TCAT tokens, gained more than 5%, and some of them declined by 5% over the past few hours.
While the price of Bitcoin has been correcting higher, the bulls are struggling near the 9,850 and 10,000 USD ranges.
There have been times when several small-cap coins which no one would have generally heard of double and triple in value overnight.
Bag holder was a term that was used to denote those who were holding worthless coins. However, any time the Bitcoin goes up, the Altcoins went up as well. When the Bitcoin went down, the Alts went down too. There are more than 2500 coins in the cryptocurrency market, and almost many coins in the market have dead weight. Since anyone can create an Altcoin, it is outright inflationary.
Several investors are selling off to protect themselves from the more significant losses which might dawn in the forthcoming days. The hard truth is that some of the Altcoins might never recover.
Hal Finney, previously wrote, “Imagine that bitcoin is successful and becomes the dominant payment system in use throughout the world, then the total value of the currency should be equal to the total value of all the wealth in the world.”
Highly speculative Altcoins in the current scenario are not worth holding anymore. For large investors, Altcoins with a loyal community, and best grade technology does not seem to be attractive.
By DAN SAADA