Bitcoin X (tokenxoff.xyz) (BTC)

Throwback Thursday: Looking Back

Martti Malmi/ @marttimalmi says the early Bitcointalk forums had an energy that is impossible to recreate.

Everyone was idealistic.

Nobody was there to make money.

That changed around 2010 when GPU miners started arriving.

He doesn't think that was bad. The incentives were working, but he says the forums were simply nicer before money became the dominant reason people were there.

Bitcoin Takeover S16E12.

In November 2021 there were 477 projects above 100M market cap.

Today that number is 388, including stables.

That gap says a lot.

A few reasons probably matter here:

First, late 2021 was basically peak altcoin euphoria. This cycle never gave altcoins that same broad expansion.

Second, low float high FDV structures became much more common later. So even if circulating market caps look weaker, FDV inflation is still everywhere.

Third, capital got concentrated much harder into fewer names. BTC, ETH, SOL and a smaller group of larger ecosystems pulled in more of the market’s attention.

And fourth, I think both retail and institutions became more selective. People are less willing to assign huge valuations to random tokens with no real substance behind them.

Interesting part though:

projects above 10M market cap were 1153 in 2021 and 1227 today.

I honestly expected that number to be even higher.