The copycat leader can’t hold on any longer
Compared to BTC, which is gradually becoming a US stock, retail investors may be more concerned about the future performance of the two copycat leaders, ETH and SOL, but the situation is not optimistic at present.
ETH has suffered a sudden disaster recently. ETH Denver would have been an excellent opportunity for the entire Ethereum community to restore its faith, but the sudden Bybit $1.5 billion hacker incident dealt a heavy blow to ETH.
A few days ago, ETH holders could still comfort themselves with "Bybit will buy it back" and "It may take several years for the hacker to sell off", but now Bybit has basically replenished the stolen ETH from the over-the-counter and lending channels, and potential buying has been eliminated; at the same time, the speed of hackers' money laundering has greatly exceeded market expectations, and more than 20% of the funds have been laundered in just a few days.
SOL is even more bleak. On the one hand, affected by malicious events such as LIBRA, the wealth effect of meme tokens gradually disappeared, and the "golden shovel" attribute of SOL was reduced; on the other hand, the upcoming SOL large-scale auction unlocking on March 1 also caused some holders to choose to temporarily avoid the limelight and withdraw from the wait-and-see.
As the market evolves to this stage, the much-anticipated "altcoins" seem to be really gone, and this round of bull market is more and more like BTC's solo dance.
As for the future trend of altcoins, there will be no more comprehensive bull market, and more attention should be paid to those protocols that are truly practical and have sustainable economic models.
The entire cryptocurrency industry seems to be undergoing a large-scale "elimination of the false and retention of the true", and value discovery will only come after the bubble is squeezed out.
