As bitcoin breaks to fresh highs above $1700 and the altcoin market has displayed a phenomenal increase in value, many in the community are wondering whether cryptocurrency is in a bubble. According to data from coinmarketcap, many altcoins have started to recover, but sentiment remains mixed, begging the question of whether altcoins are due to crash hard, or whether they will remain tethered to bitcoin and follow the most valuable cryptocurrency higher.
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There is always speculation that Bitcoin is in a bubble. This, of course, is true because there has to be a slump at some point, as we have seen in the past.
As to altcoins, we have already seen that Bitcoin is losing its mantle as the sole exchange currency - it's now possible to trade without the use of Bitcoin (for example Etherium/Monero can be used on some exchanges). So, altcoins aren't simply going to disappear.
The real question is when the slump will occur, how long it will take to recover from it and which altcoins will be above the rest.
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My sentiments exactly. The fear and greed of the market will certainly bring that about.
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Do you think ethereum is an altcoin?
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Some will still call it an altcoin but I think we all know that ethereum has graduated beyond that. Ethereum has a powerful platform that quite a few institutions and startups are now using for their product offering. One example that come to mind is Numerai (http://numer.ai).
I am sure that you will also have examples you can share. When a platform becomes the genesis of major innovation then it cannot be considered a bit player anymore.
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I really like its potential on decentralized cloud storage!
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@yuhjtman
It depends how you want to define altcoin.
Traditionally altcoin means an alternative to Bitcoin. If you want to define altcoins as cryptocurrency which is not yet successful, then, by definition, all altcoins are unsuccessful because when they are successful they are no longer "altcoins".
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