- Crypto markets have entered the green zone this week
- John McAfee claims the future of crypto rests with altcoins
- Cardano has overtaken Ethereum Classic
Cryptocurrency News Today – a thorough analysis of the charts shows that crypto markets have entered the green zone this week. The asset class has been on fire as another $10 billion has been added to the overall market capitalization. But despite this latest development for cryptos, digital currency commentator John McAfee has made some remarks regarding the future of digital money. The avid hater of BTC is now back to bashing Bitcoin. It is no secret that BTC’s dominance has declined in recent months. Now top altcoins have started making double-digit gains this week.
McAfee Believes the Future of Crypto Rests with Altcoins
McAfee has taken to crypto twitter to label Bitcoin as “a true shitcoin.” According to him:
“We can all agree that the future of Crypto rests with Altcoins.”
This isn’t the first time that McAfee has berated BTC. Last month the crypto pundit called the coin ancient technology. Maybe this is another effort by McAfee to stir the pot of toxic tribalism prevalent in crypto twitter recently. It appears to be working considering the responses. All in all, Bitcoin and dApp platforms like Ethereum serve two different purposes. Meaning there is still plenty of room in the crypto-sphere.
Altcoin Prices are surging
As for altcoins, the markets are moving well today with the bulk of the top altcoins posting double-digit gains. The most prominent of them is Cardano. The coin is currently on fire with a rare move into the top ten in recent times. The coin now has a total market capitalization of $1.4 billion. It has now eclipsed Ethereum Classic on the list of top digital assets. The 16% increase in price has resulted in a six month high.
Although, the coin is still woefully down when compared to its ATH point. This move has been because of the partnership between the Cardano Foundation and the PwC. IOTA is having a huge increase currently after adding 20% on the day to take its price to its four-month high at $0.30. Although the IoT token has endured turbulence for the last two years. It still has a long way to go moving forward.
Ethereum Classic (ETC) is the number 3 highest capped altcoin that is currently doing well. It has reportedly added 17% to its value trading at $12.3. Tron has also surged by 14%. Which is a two month high for the coin. Other altcoins that are getting double-digit boosts today include Zcash, Nexo, Bytecoin and Siacoin.
Even though Bitcoin’s dominance is at 67.5%, most altcoins are up by 80-90% from their peak points. Hence, these minor price movements are inconsequential when you look at the long-term.