These 3 Altcoins Lost 2 Years of Progress in One Summer
As Bitcoin continues to put distance between itself and the altcoin market, three ‘major’ altcoins have completed their capitulations to more than, or close to, 2 year lows.
In effect, the previous two years hype, price-pumps and progress have been wiped out over the course of a summer. Most losses were incurred in 2018, but only in the past couple of months has it become apparent that the altcoin market isn’t ready to mindlessly surge again any time soon.
On Friday, September 6th the dollar value of Bytecoin (BCN) fell to a 28-month low. The last time BCN was priced at $0.000443 was May 15th, 2017.
If you believe in the concept of historic support prices, then it may interest you to know that BCN was priced at one tenth that value just weeks earlier. In other words, any further decreases could be just as sudden and unexpected as its increases were back in 2017.
Stellar struck a new 22-month low on Friday when it dropped to $0.058315 – a price point not seen since November 28th.
As with Bytecoin, Stellar only spent a matter of minutes at the $0.05 range back in 2017, such was the strength of the explosive altcoin surge. Just two weeks prior XLM was priced at $0.02, and two weeks later it was priced at $0.30 – a 1,400% increase.
If we assume a full reversion to the price prior to 2017’s surge, that would mean Stellar is headed for a sub-one cent price point.
Zcash was last priced at $44.31 on March 15th, 2017 – almost 30 months ago. The BTC price of 416,312 satoshis (0.00416312 BTC) has never been recorded before, and continues to plumb new depths.
The only obvious upside for Zcash is that unlike Ethereum, Litecoin etc., ZEC is just 50% drop away from its all-time dollar low. With a 50% drop easily foreseeable by the end of 2019, the Zcash’s historic price supports will truly be put to the test.
What’s Next for Altcoins?
The fates of those three altcoins appear sealed for the immediate future, but what happens beyond that is anyone’s guess. We’ve seen before that some cryptocurrencies need to maintain a certain price point or else risk facing complete liquidation. Others face the prospect of dying out through lack of activity.
With other altcoins like Ethereum, Bitcoin Cash and Litecoin still holding on to some of their 2019 values, the question now is how far will they fall. The market has discriminated so far, and holders of these coins should be hoping that it continues to do so.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.