The last month, never mind the last few days, have been rather trying for cryptocurrenhttps://coinmarketcap.com/currencies/bitcoin/cies. Bitcoin, at the head of the ecosystem, has fallen substantially, but overall, it is the smaller cryptos, with lower market caps, that appear to have taken the brunt of the bearish turn.
Bitcoin’s own market dominance has been falling in the past few months, almost its price. However, the threat of an altcoin season has far from been realized, as BeInCrypto has previously touched on. In fact, it was pointed out by cryptocurrency analyst Joseph Young (@iamjosephyoung), that the smaller market cap coins have been hit the hardest in this latest drop.
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It looks like the altcoin season might take a very long while to happen. We are now in the “shitcoin” season. Do you agree guys?
No doubt that these shitcoins are coming from failed and scammy projects. I honestly believe that 99% of these projects have failed and silently abandoned.
I have encountered a lot of these, like after these projects have finished their token sale and distribution, they would slowly start to get quiet until fully abandoned. It is why these abandoned shitcoin Telegram groups are now full of spam advertisements.
The cycle continues, and it is difficult for others to stop their scamming tactics. I honestly believe we do not need new altcoins anymore, as they would end up getting dragged down after listing in exchanges. Most of us would prefer converting our altcoins into Bitcoin or Ethereum, as the future of altcoins (turning into shitcoins later on) are definitely uncertain.
