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💰 Bitcoin is holding high, while altcoins are fighting in the dark.

While the price of Bitcoin is rising seemingly weekly, altcoins in the market are struggling to reach their record highs.

Crypto data aggregator Messari published a study that shows that most cryptocurrency projects that hit record highs in 2018 have not recovered from the crash.

According to Messari, 83% of cryptocurrency funds' assets, which hit record highs in January 2018, are still 90% below their record high trading price. According to Matt Casto of CMT Digital, those who invested in these alternative cryptocurrencies will still be sitting on unprofitable assets three years from now.

The analyst firm's data took 410 crypto assets that reported record prices during the 2018 rally, where Bitcoin posted its previous record high through 2020. As noted, most of the assets that had record highs in 2017 fell with an overwhelming 82% drop in trading value, and 72% of the assets that saw their record highs in 2019 are still in decline.

💰 Is bitcoin's dominance only increasing?

While the previous bull rally in the market had an impact on the cryptocurrency market as a whole, this time around it looks like Bitcoin and the leading alts are enjoying the gains far more than the smaller tokens. This could be a result of institutional investors making up such a large portion of Bitcoin purchases at the moment, or just a sign of caution, as investors don't want to lose money on possibly riskier projects.

Either way, it seems that the dominant cryptocurrency, Bitcoin (which has gained 84% in value over the past month), is making record highs almost weekly, while much of the market has remained unchanged since the crash three years ago.

21.01.2021, 20:01