Yet there remain a few altcoins that are actually in the green on a macro scale, strongly outperforming even Bitcoin.
Despite the crypto crash, there are some ICOs that have yielded thousands of percent
According to data compiled by crypto data analyst Vivek, there are multiple ICOs, such as Cardano and Binance Coin, that have strongly outperformed Bitcoin over recent years, despite the altcoin crash.
Comparing the price of a number of altcoins at ICO to their current prices, he gave the following information:
Ethereum is the best-performing ICO with a 77,800 percent gain
Importantly, for most of the crypto assets listed except Chainlink, their gains from ICO were even higher at the peak of the 2018 bull market.
The days of parabolic altcoin gains may be gone — mostly gone, anyway
Although it’s nice to look back on these gains, the days of ICOs and altcoins rallying tens of thousands of percent are most likely gone. Well, at least mostly gone
This can be attributed to the fact that many investors have largely woken up to the fact that many altcoins, especially those launched in 2017/2018, are intrinsically worthless and thus have been poor investments.
Jason Calacanis — an angel investor in Robinhood, Trello, Uber, and other tech giants — recently said that he’s bearish on a large majority of cryptocurrencies:
“Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters… the 1% that are not, could change the world. I’m waiting for that 1% to deliver their product so I can talk to their customers.”
Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters… the 1% that are not, could change the world.
I’m waiting for that 1% to deliver their product so I can talk to their customers.
As a pertinent aside, Calacanis said in 2019 that he thought Bitcoin was going to crash to $500-0. Yet he has since changed his tune, tellingMorgan Creek‘s Anthony Pompliano that he may be interested in allocating some of his wealth to Bitcoin.
Calacanis’ sentiment has been echoed by others, including stock trader Steve Burns and Kevin Rose, a general partner of True Ventures. Both have also said that 99 percent of the crypto market is “garbage” and on its way to $0.