The 2017 Altcoin Resurrection
An Unexpected Phenomenon
As always, regardless of sideways chop in relation to the broader Crypto market, there are always coins and tokens rallying in the background that most Crypto investors tend to miss out on. It’s often a case of investors being primarily focused on their own portfolios, rather than researching the charts and extracting data. Many of these “unexpected” moves were not really that unexpected to those paying attention to various indicators and announcements.
What has been surprising though is the amount of older projects from the 2017 bull market that are currently experiencing significant gains, regardless of top-tier altcoins and newer projects remaining range-bound. One of these star performers is Energi (NRG), a project from 2018. Although 2019 was still very much part of the bear market, NRG peaked at $10.19 and never revisited those levels in the bull market of 2021.
In fact, NRG only managed to surpass the $4 mark, which was not even 50% of its previous all-time high, which took place in a bear market, strangely enough. However, NRG managed to soar in excess of 900% yesterday, which is impressive even if the project is massively oversold. Many altcoins are also significantly oversold and are even battling to secure double-digit daily gains.
NRG has since retraced from this enormous spike but is still up approximately 400% over a 30-day period. Other surprise appearances include the privacy-based coin Verge (XVG), which managed to garner a lot of attention during the 2017 bull market, along with Tron (TRX). Interesting to note that older projects have resurfaced before, and sometimes with the help of a rebranding. Some might remember ETHLend from 2017.
In 2018 ETHLend rebranded to the now well-known, Aave. That’s right Aave was a somewhat popular project during the 2017 bull market, but under an entirely different identity. However, many of these older projects that are currently rallying are, for the most part, still operating under their original branding.
Augur is another very old project that is currently enjoying a little action. REP actually hit its all-time high during 2016 and has experienced a surge of 63% over the past 14 days. I guess it can be argued that many of these projects are so oversold that eventually, they have no choice but to bounce. This is perhaps true to a point. However, there are many newer projects that have seen similar plunges and are yet to experience any significant upward momentum.
I guess it’s always encouraging for bagholders who got caught off-guard in 2018, and perhaps have not seen a return to previous highs even during the 2021 bull market. It’s perhaps not much of an encouragement, at this point. However, if some of these projects are about to make amazing comeback stories it will be an entirely different scenario. There’s nothing as encouraging as a good “comeback kid” story.
Another “oldie” that has recently been making moves is district0x, which unlike many other older projects was able to pretty much match its 2017/18 all-time high. Approximately two weeks ago, DNT managed to rally in excess of 30% on the day. Provided, some of these projects are still relevant, they might provide somewhat attractive buying opportunities to investors with a slightly higher risk tolerance.
Final Thoughts
There are definitely older projects that continue to show promise and are even ranked fairly highly, according to market cap. It’s important however to take note of the relevance and importance of the the particular project in question. This space moves so fast, that it’s easy for a once cutting-edge project to be sidelined if it doesn’t keep up with the curve, or fails to provide a meaningful and much-needed solution to current real-world issues.
This is perhaps why, a good layer 1 project that is backed by up-to-date technology and tokenomics can be a really good bet going into the next bull market. That’s the way I see it, anyway. That’s it for this one. Let’s keep our fingers on the pulse because this market will eventually begin to make some serious traction. See you in the next one!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.
