Altcoins are dying slowly. The price of bitcoin has been on an increase especially the past seven days. BTC is up 18% in a week and is now hovering around the $7,400 mark. By any reckoning, that’s good going.
However, Many altcoins aren’t just down in BTC terms: they’re dying a slow death by 1,000 red wicks.
Cryptocurrency investors are having mixed week because while some are smiling others are not.
Bitcoin has been on fire, altcoins on the other hand have been withering and dying, with lower lows, lower trade volume, and little by way of hope for their increasingly desperate bagholders.
WHAT COULD BE THE CAUSE ?
Many experts thinks that the subsequent downfall of altcoins that were mainstream media darlings at the start of the year, ripple, iota, and tron among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance.
Ripple and tron are down 88% from their ATH, cardano down 87%, and dash down 85%. Earlier this year in January, many who thoughts that their anointed altcoin was heading to the moon and staying there, has long since subsided.
Altcoins are gradually dying, what can be done to revive it’s market?