Well-known crypto analyst Crypto Capital Venture shared his thoughts with the community in response to the recent events in the crypto world. While Bitcoin received most of the attention, altcoins faced a significant decline, causing turmoil for their holders. Feeling the impact himself, the analyst felt it was crucial to take a step back and analyze the situation.
Before delving into the charts, the analyst reminded everyone to stay resilient during tough times. He then proceeded to discuss the current state of the crypto market. While Bitcoin appeared relatively stable, there were some peculiarities worth noting. Typically, before a halving event, Bitcoin does not reach all-time highs. However, this time it did, indicating unique factors such as the entrance of large investors and a limited supply of Bitcoin.
The analyst also focused on altcoins like Ethereum, Cardano, Chainlink, and Solana, describing their performance as a rollercoaster ride. He highlighted that historically, altcoins tend to shine after Bitcoin’s halving, not before. Therefore, expecting them to surge at this point may be premature.
In particular, the analyst discussed the rising star in the crypto world, Solana. While some believed Solana’s success would overshadow older altcoins, the analyst disagreed. He pointed out that in the past, Chainlink had a similar moment of success without overshadowing other major altcoins like Ethereum and Cardano.
To further support his point, the analyst referenced the bear market low of 2018 and the previous Bitcoin halving cycle. During that time, Ethereum and Cardano experienced a significant increase of around 150%. Therefore, the current surge in altcoin prices may not be a reliable indicator of their future performance.
