Not the first cryptocurrency/bitcoin hype
The current hype about Bitcoin is not the first. As early as June 2011, April 2013, December 2013 and for the last time in January 2018, Bitcoin, together with many other crypto currencies, also known as Altcoins, reached a worldwide sensation and highs. With a market share of 40% and a price of 20,000 US dollars, the market capitalization of Bitcoin was at its last high of 330 billion US dollars and that of all cryptocurrencies together was 831 billion US dollars.
Current cryptocurrency hype is mainly driven by bitcoin
Right now it's that time again. Bitcoin has been climbing old and new highs for days and weeks. The fifth hype. But compared to the last hype, this time it is mainly Bitcoin that has greatly increased its market capitalization. With a price of more than 30,000 US dollars, Bitcoin has a market capitalization of more than 580 billion US dollars and a market share of 70%. That means the current cryptocurrency hype is mainly driven by Bitcoin.
2021 may become the year of the altcoins
The overall market for altcoins currently does not even reach half of the highs of 2018. Nevertheless, the market volume has increased more than tenfold since then. And meanwhile there are also the first useful applications based on blockchain and its altcoins. So you can assume that 2021 will be the year of the altcoins. Altcoins such as Ethereum, Polkadot, Cardano, Uniswap, Looppring and Nano have already recorded strong growth in the last few days.
Despite all the hype: the cryptocurrency market is still very young, setbacks, price collapses and even total losses of individual altcoins are to be expected, as well as high volatility of Bitcoin itself.