For BlockFyre founder Simon Dedic, the next bull run will return with Bitcoin (BTC) leading the charge. However, only a handful of altcoins will join the crypto rally.
In a tweet, Dedic said 2017 was the year when buying any altcoin was a good investment. Altcoins mean all coins that are not BTC, and all benefited from the bull ride. The year 2017 was when BTC’s phenomenal price rally happened, starting at $998.33 on Jan. 1 and peeking at $19,783 on Dec. 17. Ethereum (ETH) started at $8.17 in January and ended the year at $756.73. NEM (XEM), for example, was priced $0.003 in December 2016 but was $1.03 by December 2017.
By February 2018, most coins had already peaked, and BTC went into a 2-year-long bear rally. While BTC is at 50% below its all-time high, the majority of altcoins never recovered. Even ETH, sitting at $244 as of June 6, 2020, is still 82% below its peak of $1,395 in January 2017.