Bitcoin hit a new all-time high (ATH) this year, peaking at over USD 73,000. Ever since this monumental milestone, crypto enthusiasts everywhere have been waiting for more, particularly for the potential of different altcoins also hitting a new ATH. A few months after Bitcoin reached its milestone, we are still waiting.
So how are altcoins REALLY looking?
What are Altcoins?
Before we talk about what’s going on, let’s first touch on what altcoins are. Altcoins refer to all the cryptocurrencies that are not Bitcoins; they encompass everything from stablecoins to meme coins. They are alternatives to the leading crypto, Bitcoin, and have long since established their positions as powerful assets in the Web3 world. The first waves of altcoins launched in the early 2010s and the market has been filled with altcoins of all varieties ever since.
What’s the Issue?
Altcoins have not hit a new ATH despite Bitcoin doing so; this is the obvious and most glaring issue. The expectation, which was based on past performances, was that altcoins would follow in Bitcoin’s footsteps and hit an ATH shortly after, which was what happened in 2021.
Altcoins, in the past year or so, saw a surge in price but not to the degree of reaching a new peak. With Bitcoin spot ETFs approved as well as the recent Bitcoin halving done, many predicted that the stage was primed for an altcoin run. Adding on to this is the recent approval of Ethereum’s spot ETF, which many thought would be the difference maker in starting the altcoin run. However, it’s been a few months, and people are getting impatient.
Is the altcoin run coming? CAN the altcoin run even happen?
How is it REALLY Looking?
The altcoin run is still likely to come.
The fact is, while past performances are perfectly fine indicators to base predictions on, they aren’t exactly accurate. This is taking two things into account:
The data pool is too small– Crypto has been popular only for a decade or so. While this looks like a long time, it is nothing compared to traditional industries. This means that the amount of data we have access to is also much smaller. While we can use past data as a reference, the lack of a larger data pool makes it much more likely that predictions will be inaccurate.
Bitcoin’s run is erratic– Previously, Bitcoin hit its ATH AFTER the halving (Well after). BTC hitting a new ATH before the halving was outside expectations and offers two possibilities: Bitcoin is performing outside of expectation so altcoins will too, or Bitcoin is still on pace to follow the pattern of hitting a new ATH a year or so after the halving, in which case altcoins will still look to also hit an ATH later on as well. The former means anything is possible, and the latter means we are still in the waiting period.
Another factor supporting the likeliness of an altcoin run is the growth of the market as a whole. The crypto market is projected to expand at an annual growth rate of 12.5% for the next few years. With this market looking to grow exponentially, it would be hard not to imagine that the altcoin assets in the market will grow as well. Altcoins makeup half of cryptocurrency’s market cap, so this projection for crypto growth will be in direct correlation with altcoin growth as well.
Taking these factors into account, it seems like it’s just a matter of time before altcoin gets into another run. Whether it’s following the pattern of hitting a new high a year or so after the Bitcoin halving, or performing erratically and hitting the high at an unexpected time, it is coming regardless.
So, let’s see where things take us!
About ThunderCore
ThunderCore is an EVM-compatible blockchain featuring a breakthrough consensus protocol, PaLa, allowing lightning-fast efficiency. With users in more than 100 countries, this blockchain emphasizes a growing global reach. ThunderCore offers a native currency, TT, and nurtures an innovative ecosystem within the TT Wallet mobile app.
What’s Next?
Altcoins are looking for their turn to blast off, and the market is bracing itself for the wave to come. Keep an eye out on the charts and any developments in the industry, and watch out for more with the ThunderCore blog!
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