In the past, all cryptocurrency was traded against one another (BTC). While other coins were tempting to speculaters, they did not offer the same promise or tokenomics that Bitcoin offered. However, Bitcoin is their preferred settlement coin.

The times have changed. The cryptocurrency market now has a crucial $150 billion support pillar: stablecoins. The market sentiment of perpetual futures is amplified and dominates price action. Much more capital, including from institutional funds, has come into the market lately with only a moderate impact on Bitcoin’s price. Many former bulls dismiss Bitcoin now as boring.