The Altcoin market was once dubbed the ‘Bitcoin Killer’, but recent events have made the coins that were to replace Bitcoin a prey to financial turbulence. This unforeseen situation has made financial analysts uncertain as to the future of Altcoins. The popular ‘Altseason’ may very well turn out to be a dry season. Though some analysts still believe that Altcoins may resurrect from the depth they has plunged into, others don’t. Among that school of thought is analyst Benjamin Blunts, who said that Altcoins would rise even if for a brief moment and dominate the cryptocurrency market ahead of Bitcoin.
Cryptocurrency News Today – Altseason News Today – Bitcoin News Today – Altcoin Season – Myth Or Reality?
While some analysts believe in a coming Altcoin season, some argue otherwise and stand on the belief that the days of Altcoins rising at the expense of Bitcoin are over and done with. Analysts like Tuur Demeester commented on twitter that even though the crypto market had room for more investors, the chances of Altcoins dominating Bitcoin were virtually impossible.
Agreeing with Demeester, Advisor to Dharma, Joe McCann came out on twitter to say that trading in any other coin than Bitcoin was meaningless and that Altcoins are worthless in the present cryptocurrency market. Also, Cryptocurrency news today learned that McCann believed that Bitcoin was being underestimated and that the dominance of the cryptocurrency coin would only continue. He supported his argument by stating that since Bitcoin broke its resistance level of 63%, it has been soaring and Bitcoin’s present momentum would keep it ahead of its competition.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin BTC currently sells at $10,612 and has a market cap of $189 billion. The 24-hour volume rests at $16 billion and there is over 16 million BTC coin in circulation. The Bitcoin BTC has an ROI (Return on investment) of 7,746.70%. The Crypto market update shows that the Bitcoin BTC is still the number one crypto coin in the cryptocurrency market.
Cryptocurrency News Today – Bitcoin News Today – Altcoin News Today – Altcoin Season – Altseason May Come Soon
The cryptocurrency industry seems on the verge of expansion. With predictions from analysts and financial experts, the cryptocurrency latest update shows that individuals like the average joes and mums are poised to join the cryptocurrency market. Some believe that this surge of new traders and investors would favor the growth of Altcoin and bring in the prophesied ‘Altcoin season’ that is highly hoped for.
Analysts Joe McCann believes that the interest of the financial and governmental institutions into the cryptocurrency industry will see a rise in the value of Bitcoin as these new traders would only want to deal with Bitcoin and its ecosystem. This, he believes, is because people would only want to trade with the winning name in the industry and Bitcoin ranks number one.
Finally, McCann noted that the price analysis and predictions for Bitcoin show that it is far from tumbling to a position where the Altcoin will be superior. McCann isn’t the only one with these thoughts as Willy Woo agrees that an Altcoin season, where the Altcoins triumph over the Bitcoin is still a long way off from coming to pass.
What do you think? Will Altseason come or is Bitcoin going to keep dominating the market. Share your thoughts in the comment section.