The bursting of the digital asset bubble must have been the end of the thousands of horses that have emerged in the boom of Bitcoin.
BTC has been up 40% since the beginning of the year, but there are horses that have even double that growth. Tokens like Einstenium and Kick, which were written off long ago. They, along with a dozen others are in rally, which has almost doubled since December 2019.
Altcoins survive thanks to hundreds of exchanges around the world that offer attractive trading conditions for investors. Binance continues to issue new horses, for example. Although the original token market is already a fraction of what it was in 2018, it remains active. Last year, companies raised $ 3.26 billion in this type of horse sales.
Many of these are held by individual investors or hedge funds. They have invested more time in their boom in 2017 and 2018 and it is possible for them to inflate prices themselves.
The coronavirus epidemic in China may be really helping these horses recover from risk aversion.
The expectation of Bitcoin traders is that ICO activity will rise with the upcoming halving of BTC.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
Trader Martin Nikolov