by John Rubino
The idea that “bitcoin is its own asset class” and should therefore be judged based on its own highly-constrained supply rests on the assumption that the rest of cryptospace consists of “shitcoins” that will evaporate as bitcoin, with its first-mover advantage, network effects, etc., eats the rest of the currency world and becomes the one true reserve asset.
The following chart shows the 7-day moves of some of the no-names in the space. All are below $1 billion in market cap (though several hundred million is still real money, even in this hyperinflationary world), so they’re not yet serious contenders for much of anything, let alone reserve currency status.
But still, they’re rocking, and they’re not alone. Lots of other cryptos, including relative heavyweights like ethereum (near its all-time high), are outgaining bitcoin on a percentage basis.