“2017 in many ways felt like 1999. In 1999, people didn’t know if they were buying Pets.com or Amazon.com,” she said in an interview with Yahoo Finance Live. “It was just a wild, frothy time and 2017 for many of us felt the same way. A lot of coins, a lot of names, a lot of capital flying around. This cycle is so different because the narrative is very focused on bitcoin.”
To me, that's how it felt during the first half of 2017. The Winklevoss ETF was rejected by the SEC and then Ethereum and ICO tokens completely took off. After Segwit was locked in, however, all attention turned back to Bitcoin. I remember it quite well because my altcoin holdings were worth less and less bitcoins as the fall wore on. That was painful!
Now that all the focus is on Bitcoin, could we be seeing that process playing out in reverse? There has been a lot of talk about institutional investment driving the Bitcoin market recently, but Bitcoin isn't completely alone in that. Grayscale has been buying approximately half of all mined Ether throughout the year, and they now control about 2.6% of the total supply. I get the feeling that altcoins will soon have their day again.