According to outlookindia.com analysis, Bitcoin cash is the only forked cryptocurrency underperforming bitcoin in 2020. Year to date, the first fork has only gained 9%. Although most alternative cryptocurrencies (also known as “altcoins”) have risen in value in recent months, bitcoin cash — the only fork still in existence today that traded during the 2017 cryptocurrency bull market – has already been left behind.
Although Bitcoin cash only began underperforming bitcoin in May, the split cryptocurrency has already underperformed bitcoin by 18% this year. Following the initial months of excitement and subsequent sell-off, BTC’s performance has been significantly less impressive. The current market sell-off triggered by the Evergrande issue has heightened the fears.
Countless crypto coins, notable console tokens, have had incredible runs, defying wider market patterns in some situations. Should BTC investors be concerned about the underperformance of the premier asset? With desperate hope still high that this halving cycle will see another bull run. Cryptocurrencies frequently outperform bitcoin during bullish market cycles.
Small- or mid-cap altcoins are more volatile than Bitcoin, which could translate to higher profits if the price of Bitcoin also rises. Furthermore, the models imply that a BTC price above six digits can be expected before the end of the year.
Despite the growing demand for platform tokens, Gregory of Currency.com agreed. “BTC is beating the market but is now being held back by the macro market trends and developments on Wall Street,” he told Coin telegraph.
However, traditionally, BTC has performed best in the fourth quarter, and it is possible that history will repeat itself before the end of 2021.” While BTC is unlikely to lose its position as crypto’s flagship asset, skyrocketing altcoins definitely provide better prospects for individuals who believe they can time the markets right now.