The recent price increases in various altcoins have made their mark on the community. According to two recent surveys, traders have allocated serious portions of their portfolio in cryptocurrencies other than Bitcoin.
Majority Believes In Altcoins
A popular cryptocurrency analyst conducted a Twitter poll where he asked the community members how much they are involved in altcoins.
How exposed are you to ALTs right now?
— Loma (@LomahCrypto) February 4, 2020
More than 8,000 people voted in the poll, and the results are nothing but exciting — 39 % of those who took part hold between 76%-100% of their cryptocurrency investments in altcoins. Furthermore, 13% of the people said that they have between 51% and 75% of their investments allocated to altcoins, which ultimately means that over 50% of all participants have the majority of their money put into cryptocurrencies other than Bitcoin.
A lot of people currently seem to have faith in the altcoin market. This is reaffirmed in another poll, where 37% of all voters firmly agree that the alternative coins will skyrocket as much as they did in 2017. Additionally, another 39% are more considerate in their prediction but still consider that a significant price pump is coming for the altcoins.
Indeed, it appears that altcoins are currently blossoming. Bitcoin’s dominance has decreased with more than 3.5% over the past month alone, showing that the world’s largest cryptocurrency has made way for others to step in.
Altcoins Are Far Far Away From 2017 Prices
In case altcoins are to surge back to the 2017 levels, most of them would have to complete substantial price movements.
Let’s take a look at some of the most popular ones, starting with the second-largest cryptocurrency by market cap – Ethereum. ETH reached its ATH at the beginning of 2018 at $1,430 and is now trading at $185. This is an 85% drop, and to go back to the same ATH level, it needs to increase its current value with 670%.
Ripple is another relevant example – ATH in January 2018 was at $3.84, today’s price is $0,25, meaning a 94% plunge. If XRP wants to see its highest level again, it has to jump with over 1400%. The same can be applied for most alternative coins, as some of them dropped with over 95% since the 2017/2018 parabolic price increase.
Furthermore, altcoins have lower trading volumes and liquidity than Bitcoin and are more volatile. This gives a lot of traders reasons to believe that they can make quicker gains.
In any case, the results of the most recent surveys show that sentiment within the cryptocurrency community is changing quickly. Just a few weeks ago, Cryptopotato reported on another poll, which showed that almost 50% of all voters invested in Bitcoin and five altcoins. At the same time, nearly a quarter of all participants said they put their money in Bitcoin only.