i blame coinmarketcap.com for this.
this site despite being a good source of information and links for all the altcoins and all the information it gives, it is just giving data and without additional descriptions that data is misunderstood.
for example sorting the altcoins based on marketcap or giving charts based on bitcoin versus the shitcoins (sounds like a superhero movie) is always going to be misleading like this.
When something that has less than $10000 in volume per day has a market cap of several millions.
Because for BTC to be dominant the 80% - 20% pareto distribution is expected but nontheless, BTC has not lost value to other alts. This is new speculative money going in mostly on ETH which is skyrocketing. People that bought a while ago are probably millionaires now and retired, so good for them. I feel like the biggest idiot by not buying into Vitalik's ambitious project.
The only real reason to buy in is to get more BTC or more fiat TBH.
Who cares if it eventually fails? now those people are rich and we are still stuck suffering in our 9-5 jobs. And this is exactly why there's so much money being pumped into ETH. People that missed the bitcoin boat to buy cheap want to hit the big strike with a new coin and they expect ETH to go $1000. I hope whoever is holding good gains with ETH sells, IMO this cannot be sustained for much longer. This is DASH 2.0 bubble. Got gains? great, but the project is not viable to hold long term. BTC is already a risk within itself.
I think it has something to do about the speculation about the ETH ETF ruling as well. It doesn't seem like a lot of people are spreading the news about it. I have just read about it today myself. If it gets denied, then that may be the likely trigger for the bubble to burst.
