During the 2017 crypto craze and ICO boom, retail crypto investors loaded up on new, untested altcoins in hopes of finding the equivalent of the next Bitcoin – a revolution in financial technology and the best performing asset of all-time. But after the 2018 bear market, those hopes and dreams have since been shattered, and sentiment surrounding the once surface of the sun hot altcoins of yesteryear may never recover, even if the overall crypto market does.
Instead, the next crypto bull run will likely be driven by a new wave of emerging, unheard of altcoins that satisfy the shiny newness, hype and promise that the older coins once offered, all without the negative sentiment and 99% drawdown many of them may forever be associated with henceforth.
Coinbase Explores New Wave of Crypto Assets
Last night, San Francisco-based crypto exchange Coinbase revealed a lineup of new altcoins they are exploring as coins they may potentially list in the future. The initial reaction from the crypto community was shock, as the crypto industry leader neglected many of the altcoin projects that investors have long been clamoring for to be listed.
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Including in the list are noteworthy names like Telegram, or older crypto mainstays like Filecoin, however, the rest of the list is comprised of newer, unreleased and unknown tokens, such as Polkadot or Chia.
Coinbase continues to explore support for new digital assets: https://t.co/LdyayXWN5k
— Coinbase (@coinbase) September 19, 2019
The common thread across many of these new altcoins are that they are from US-based businesses. Chia, for example, is based in San Francisco where Coinbase’s headquarters reside, and is led by former BitTorrent frontman Bram Cohen.
Shiny New Altcoins To Outperform Tarnished Old Gems
While many crypto investors are upset that their favorite tokens from the 2017 crypto bubble weren’t included in Coinbase’s list of potential new additions, Coinbase is simply going where the money is – or, at least where it is going to be.
The reality is, the altcoins from yesteryear that were the most talked about or hotly traded at the time, are now essentially dead in the water. Sure, there are gems hidden within the thousands of altcoins in the market, the vast majority of them will never be applied to real-life in any meaningful way.
Related Reading | Alt Season 2.0: Ethereum and XRP Post 20% Gains, Litecoin and More Up 10%
With crypto being a speculative market, value is driven predominantly from hype and future expectations. And with the harsh reality that older altcoins are plagued by bag holders ready to dump their assets – down as much as 99% – at any signs of price growth, they may be doomed to never again revisit their former all-time highs set back at the height of the hype bubble.
Due to these factors, it’s expected that these shiny new altcoins offering promise, potential, and hype will vastly outperform the older altcoins during the next crypto bull run.