In response to a wild day in the cryptocurrency world, Well-known Crypto Capital Venture analyst shared his thoughts with the community. While Bitcoin stole the show, other digital currencies, known as altcoins, took a hit, making things even more difficult for their holders. Feeling the impact himself, the analyst felt it was essential to take a step back and make sense of it all.
Before diving into the charts, he told everyone to stay strong during difficult times. Then, she got into the nitty-gritty of what was happening in the cryptocurrency market. Bitcoin seemed quite stable compared to the chaos of altcoins. But this time something unusual happened with Bitcoin.
Normally, before its halving, Bitcoin does not reach all-time highs. But this time it did, suggesting some unique factors at play, such as the entry of large investors into the game and a limited supply of Bitcoin.
As for altcoins like Ethereum, Cardano, Chainlink, and Solana, the analyst said their performance was like a roller coaster. He explained how, historically, altcoins tend to shine after the Bitcoin halving, not before. So expecting them to skyrocket right now might be jumping the gun a bit.
Then, he focused on Solana, a rising star in the world of cryptocurrencies. Some people thought Solana's success meant the end of older altcoins, but the analyst disagreed. He pointed out how, in the past, Chainlink had a similar moment of glory without overshadowing other altcoins like Ethereum and Cardano.
โHere is the 2018 bear market low, and if we look at that low during the Bitcoin halving, Ethereum was up about 150%. Cardano is also up around 150%. So the movement that is happening now, you can notice what altcoins were like at this time, the last Bitcoin halving cycle,โ he said.
