There’s no denying that DeFi is the hottest trend in crypto, bar-none. This sub-set of decentralized finance-focused altcoins have been on fire as of late, beating out Bitcoin and other top crypto assets by a large margin.
It has prompted one pseudonymous crypto trader to trash major altcoins like XRP, Litecoin, Bitcoin Cash, and other highlights from the last bull run. They claim the “tides have turned” too hard toward DeFi, and these other coins can all get “thrown in the bin.”
Molten DeFi Trend Steals The Fire Out From Under Other Top Crypto Tokens
“One man’s trash is another man’s treasure,” is how the saying goes. This is because beauty is in the eye of the beholder. All of these old adages are also true for investing and trading.
Some of the altcoins that one investor holds dearly, expecting lifechanging results, could be labeled a “shitcoin” from the community. XRP is a perfect example of a polarizing token that is both loved and hated.
Related Reading | Be Wary Searching For The Next DeFi Star Warns Crypto Advisor
A recent scenario was shared on crypto Twitter consisting of two, similar-aged investors – one investing in XRP, while the other put the same amount of money in Chainlink. The investor in XRP has held the token for years at breakeven, buying in around 30 cents per token and thinking they caught the bottom of the fall from over $3.
Meanwhile, the investor in Chainlink is 25 years old and is now retired in the same timeframe that Ripple went nowhere.
This type of negative sentiment surrounding major altcoins from yesteryear, still dominating the top ten by market cap, has caused one trader to refer to major altcoins as “trash.”
Major Altcoins “Trash” Claims Trader, Tides Have Turned Toward Bitcoin, Ethereum, and Decentralized Finance
According to one outspoken pseudonymous crypto trader, the “tides have turned” on major crypto altcoins like XRP, Litecoin, EOS, Bitcoin Cash, and Cardano. These tokens were once the talk of the industry, each considered more disruptive than the next.
Now, there is barely a murmur of these coins online, unless its to bash these tokens, just as this trader has joined in on. They claim these tokens are better off “in the bin” and says DeFi is where the money is now, alongside Bitcoin and Ethereum.
And that’s certainly how the narrative has turned. Crypto investors everywhere are seeking the next DeFi superstar. Each new project seems more successful than the next, even if several of them have zero use cases and openly admit to being “worthless.”
Related Reading | Economist On DeFi: Crypto Insiders Aware Tokens Are Worthless, Speculate Anyway
Crypto insiders don’t seem to care and are risking money anyway. Some are striking it rich, while others are getting burned.
The most important thing to remember, however, is that one man’s trash is another man’s treasure, and typically when sentiment is the lowest, is when assets turn around and surprise you.
In no time at all, the tides could once again turn, labeling DeFi projects as a scam, and advocating investors stick to tried and true coins that have been around for years.
But this is crypto, and projects don’t have to offer real value or make sense. The hot and shiny new hyped thing is what will drive trends and draw speculation. And in a speculative asset class, that, and money, are really all that matters.