This is a snippet from the Supply Shock newsletter. At this time about eight years ago, only one coin ever came close to surpassing Bitcoin. In June 2017, Bitcoin was in the final stages of preparing for its historic rise, reaching almost $20,000 by Christmas Eve. The price of Altcoin is very volatile. Bitcoin is likely to remain flat for a week, while coins like BitShares will rise sharply, reaching 250.00%. Other coins like Stratis and DigiByte fell by as much as 50.00% over the same period. At the same time, Ethereum is gearing up for an explosion of token projects. One study calculated that $7 billion flowed into ICOs throughout 2017, almost all of which went to Ethereum-based projects. Allegedly, this is 4 times more than equity investments in cryptocurrency companies over the same period. The price of ETH has risen as investors have poured into the token offering through Ethereum's native token. On June 12, ETH's market cap reached nearly 17% more than Bitcoin's market cap: $3.680 billion vs. $4.430 billion. If Bitcoin remains flat, ETH will only need to rise from $400 to $470 to get to the top spot. This blockbuster article from the New York Times was published a few days ago. But that never happens: both BTC and ETH fell by 60.00% over the following month, followed by a 10x rise before BTC's bull run ended, but ETH only rose 9x. Ether has never regained lost ground. Still, Ether is closer than the other two main hopefuls. Litecoin reached 10.00% of Bitcoin's market cap in late November 2013, at $11.80 million vs. $1.180 billion, while XRP reached more than half of its market cap in May 2017, about a month before the ether attempt. By late June 2017, it was clear that Flippening was no longer realistic. Today, ETH's market cap is around 13.00% of Bitcoin's market cap, while Bitcoin's dominance is currently close to two-thirds, the highest since January 2021. If there's one status quo in the cryptocurrency space, it's Bitcoin.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
13 Likes
Reward
13
5
Share
Comment
0/400
DegenWhisperer
· 16h ago
History will always repeat itself.
Reply0
LucidSleepwalker
· 16h ago
When can it be as crazy as in 2017 again?
Reply0
SillyWhale
· 16h ago
Bull coin is bull, retail investors will always chase the price and sell with bearish market...
Reply0
PrivateKeyParanoia
· 16h ago
Want to counterattack BTC again~
Reply0
BloodInStreets
· 16h ago
The cycle continues, and another wave of suckers is here to lift the sedan chair.
Looking back at 2017 when ETH nearly surpassed BTC: from a 17% gap to the current market capitalization comparison.
This is a snippet from the Supply Shock newsletter. At this time about eight years ago, only one coin ever came close to surpassing Bitcoin. In June 2017, Bitcoin was in the final stages of preparing for its historic rise, reaching almost $20,000 by Christmas Eve. The price of Altcoin is very volatile. Bitcoin is likely to remain flat for a week, while coins like BitShares will rise sharply, reaching 250.00%. Other coins like Stratis and DigiByte fell by as much as 50.00% over the same period. At the same time, Ethereum is gearing up for an explosion of token projects. One study calculated that $7 billion flowed into ICOs throughout 2017, almost all of which went to Ethereum-based projects. Allegedly, this is 4 times more than equity investments in cryptocurrency companies over the same period. The price of ETH has risen as investors have poured into the token offering through Ethereum's native token. On June 12, ETH's market cap reached nearly 17% more than Bitcoin's market cap: $3.680 billion vs. $4.430 billion. If Bitcoin remains flat, ETH will only need to rise from $400 to $470 to get to the top spot. This blockbuster article from the New York Times was published a few days ago. But that never happens: both BTC and ETH fell by 60.00% over the following month, followed by a 10x rise before BTC's bull run ended, but ETH only rose 9x. Ether has never regained lost ground. Still, Ether is closer than the other two main hopefuls. Litecoin reached 10.00% of Bitcoin's market cap in late November 2013, at $11.80 million vs. $1.180 billion, while XRP reached more than half of its market cap in May 2017, about a month before the ether attempt. By late June 2017, it was clear that Flippening was no longer realistic. Today, ETH's market cap is around 13.00% of Bitcoin's market cap, while Bitcoin's dominance is currently close to two-thirds, the highest since January 2021. If there's one status quo in the cryptocurrency space, it's Bitcoin.