Now, today, we’re going to be talking about a very important topic. I’ve really been wanting to rant about this for a while. And I’m going to do that, but I really want you guys to listen to this video because it is very important for you to understand and to be able to take a survey of where we are in the crypto world right now. Altcoin’s dead? Are they dying?
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Well, that seems to be the general thought right now If you go and check out crypto Twitter. I know we’ve talked a lot about how, in bear markets, it’s the time to build. And we’ve also talked about how, you know, altcoins drop dramatically in price 97%. Oftentimes. And you will see a lot of projects come and go. You’ll see, you know, coins that were in the top 50, top 20. Now, all of a sudden, they’re not, you know. They’re nowhere in the conversation. They’re basically dead. So we’ve been talking about that for a while, but there’s this really popular thought right now that in this bear market. Sorry, my stand is broken in my car. I have to hold it, so it’s a little wobbly. There’s this idea that 90-99% of all altcoins are going to get killed in this bear market. Guys, that is not reality. No. 1, what is being dead? Okay? Are we going to talk about the end of development? Are we going to talk about the price going to zero? Are we going to talk about the team abandoning or the social media accounts, no longer working? Website down? That can be a good indicator, but it’s hard to really know where the bottom is because even– or where the true end is because sometimes we even get price pump for coins that have had activation for a long time. They’ll just pump out of nowhere. You know, there’s still liquidity. As long as everybody didn’t sell, then there’s still liquidity, you know, for the coins on there that are dying. But here’s– here’s the thing. I’m going to really break this down simply for you guys.
Right now, there are like 19,900 cryptocurrencies. 19,000 Back when I first started exploring on CoinMarkeCap back in 2017, I think that there was like 2,500, maybe 3,000. Potentially. And so, right now, out of that 20,000 coins, how many of those are already dead? Like, that’s the important question here. When people say that 90-99% of altcoins are going to die in this bear market, there’s this idea we’re going to see a monumental collapse across the altcoin industry and, all of a sudden, nobody’s going to find value in creating these coins or building on layer 1. The reality of the situation is, there are already so many dead coins. It’s ridiculous! But you know what’s interesting? Out of those– out of that 20,000 on CoinMarketCap, it continually increases, like I said earlier. So to think that, all of sudden, CoinMarketCap is just going to start losing coins, that’s not reality. I would actually argue we’re going to see an increase in coins. You know, nothing out of control. But, you know, we’ll probably be well over 20,000, 22,000, you know, by the end of next year as we head towards the halving, somewhere around there. Maybe more. Maybe 25,000. Because everybody can, you know, make these coins very easily now. You can make memecoins. You can make ERC-20s. You can make these native Cardano tokens. They’re very easy to do. And that lowers the bar for people to be able to create these coins. A lot of those are rug pulls and scams. A lot of those coins on CoinMarketCap are.
The message that people are getting from this, you know, “altcoins are going to die” theory is that it’s going to be cataclysmic, it’s going to be catastrophic, it’s going to be quick, and projects are just going to, you know. One day, you’re just going to be looking at a pond to projects, and a bunch of fish are going to be floating at the top. Right? That’s not how this works, guys. It is a slow grind for most projects that are not scams to die. I look back in 2017 and 2018, a lot of the coins I talked about during that time, you know, they’re either not around, or they’re not doing as well, or they’re not relevant. They’ve fallen outside the top 100. If we had 20,000 coins and 99% of them died, that means there would be 200 left. How can I make the argument there’s probably only about 200 viable coins on the market right now? If you don’t count community tokens. Of course, not every coin that you know is on CoinMarketCap. Or not every coin that exists is on CoinMarketCap.
I mean, the number is probably closer to 50,000 to 100,000 different cryptocurrencies. Those are ones that just made it to CoinMarketCap. They made it, like, to the next step. So, I created a bunch of tokens one time, like, for fun just to see if I can do it back in the early days of, you know, of Ethereum or Tron. I think I made them on Tron. I made Satoshi Dropper tokens that never had a value. And, you know, trade them. I just want to learn how to do it. Ethereum Tron—they’re very easy to print these coins. So to think that we’re going to get less coins, not more, I don’t really see that happening. At some point, we might have some kind of bubble pop, where we do see a lot of projects go belly up. But what should you be doing with this information? What you should be doing with this information is understanding. This is not the time to be looking for 100X altcoins. The altcoin market is very volatile. It’ll be continually volatile, the downside, for a considerable time longer, in my opinion. And you don’t want to be investing in coins that you’re promised returns in the short term and they don’t materialize. Because you will end up way down on your investment. The only two altcoins right now I suggest scaling into with a small portion of your money on the sidelines will be XRP and Ethereum. Benjamin Cowen has brought up that Bitcoin dominance, you know, the value of Bitcoin to Ethereum is on the rise, so he thinks Ethereum is going to bleed out. I don’t actually think that. It is possible. I think Ethereum is going to get some of the dominance numbers that we’ve seen Bitcoin get in the previous markets.
So that’s something I think we can see, but it’s just a hypothetical situation. So I don’t hate scaling into Ethereum here. I also don’t hate scaling into XRP here. Due to the lawsuit, there will be short-term price movement in it. You need altcoins that have something coming that could affect the short-term price and then take profits. Or you could be looking, you know, to just accumulate. Because I think accumulation is very key here when you’re looking at Bitcoin versus USD value and Bitcoin versus altcoin values is if your game is trading and you’re trying to get the most Satoshis as possible in your portfolio, then sure, it totally makes sense to, you know, just get Bitcoin and then diversify later into altcoins. For me, I look at wanting to accumulate massive amounts of altcoins. Like, I want 10 million XRP. Like, that’s my dream, right? I want to have 10 million Cardano. 10 million ADA That’s something I would want to have. So what you have to understand is, is that when it comes to scaling in right now, it is a little bit of a risky situation, but you should only be putting money into coins that have short-term price action. There will be a time to start filling up your altcoin bags. There will be a time when it makes sense to start looking for 100X coins. Look. This next cycle is going to be a lot different than the previous cycle for us. We’re not going to be heavily focused on, you know. Our channel blew up because we did a lot of those small altcoin videos. You know, we’re still going to look at some of those, for sure, where it’s beneficial to the audience, but we want to be careful because we don’t want to get people’s hopes up too much with some of these coins that have potential.
But yet you have to understand they do have potential. A lot of coins do to 100X. We’ve seen it time and time and time again. And when I say 100X, I mean, it doesn’t have to be 100. Maybe it’s a 12X. It’s still pretty friggin’ massive gain. But the idea is you’ve got to wait till things bottom and excitement comes to the market. And when that excitement comes, you need to start looking at the small coins that that excitement is heading into. But you’ve got plenty of time. You’ve got, like, the entire year to accumulate. So that is the message of this video. Altcoins are not dying. They will drop in price. Keep in mind, a lot of altcoins are already dead, so it’s not like it would be something, you know, absolutely abnormal for some coins to die. It happens every single cycle, but not altcoins. 90% of coins are not going to die. The other thing is accumulate. But your altcoin strategy here is going to be very, very, very pivotal. Because you want to make sure you’re getting the right altcoins at the right prices and you’re scaling in slowly but surely.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/l7pQHe4PZVM