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Longhash: 67% of cryptocurrencies are still down over 90% from their ATHs

Despite the market being on the mend since April, Longhash is reporting that of the 169 cryptocurrencies listed on Messari’s OnChain FX dashboard, 114 are still down at least 90% from their all-time highs.
Longhash: 67% of cryptocurrencies are still down over 90% from their ATHs
While it was once common to see altcoins growing in leaps and bounds while Bitcoin remained comparatively stagnant, 2019 is proving to be the year that has reversed that trend as Bitcoin outpaces almost all altcoins as its dominance sits above 60%.
Longhash presents this information in another way, explaining that if Bitcoin were to surge 1,000% overnight, it would be trading at $110,000, more than 5x higher than its 2017 high. By comparison, almost 70% of altcoins would still be below their 2017 ATH even with a 10x jump in price.
There are several possible explanations for this. Firstly, the majority of crypto announcements this year have come from companies either building on Bitcoin or validating the need for it. Furthermore, Facebook’s Libra appears to have spurred additional capital inflow into cryptocurrencies, most of which has flown into Bitcoin. Since Libra’s announcement on June 18, for example, Bitcoin is up over 23%.
The final reason put forward is that many altcoins have been slow amass a significant number of users, which may have caused investors to rethink the value of those projects.

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