Bitcoin News Today – Bitcoin (BTC) has been showing that it is indeed the king of crypto. The world’s largest cryptocurrency by market cap according to CoinMarketCap has been increasing in dominance. The dominance level of Bitcoin (BTC) just hit a 2-year high of 72.5 percent. Bitcoin (BTC) has also been posting more gains, leaving the altcoin market behind. The past few Bitcoin (BTC) price rally has left the altcoin market to bleed out. Altcoins are now moving from one fresh low to another.
As a result of this, the sentiment of the entire digital currency market has reached extreme despair and fear. Many digital asset investors are now worried that their favorite altcoins might not return to their previous all-time highs again. Peter Brandt – a career trader – said that the fate of altcoins is even worse than never returning to their previous all-time highs. Brandt said that 99 percent of all digital currencies would be in a distant memory in the next five years.
Bitcoin (BTC) Price Today – BTC / USD
In the Next Five Years, 99 Percent of Altcoins Will Be Dead and Forgotten – Peter Brandt
The professional trader said that altcoins do not have lasting values. Hence, 99 percent of them would be forgotten in the next five years. The sentiments of altcoins seem to be in the gutter. Even if the price of Bitcoin (BTC) continues to surge, many investors and analyst have begun to fear the worst for the digital currency market.
Bitcoin is more likely to remain the number one digital currency by market cap for as long as cryptos will last. The reason is that it has more institutional interest, first-mover advantage, and regulatory support. Other digital currencies that come after it could all be forgotten in the next couple of years. A Twitter user @AJ_LaBella tweeted that Ethereum, Litecoin, and XRP are going to keep testing new lows. The Twitter user advised investors to focus on Bitcoin (BTC) as their major investment choice, as it has the most lasting value. In response to this tweet, Brandt said that as much as 99 percent of all digital currencies would be forgotten in the next five years.
Actually LTC and ETH have far more going for them than the rest of the junk pile. 99% of other cryptos will be forgotten five years from now.
— Peter Brandt (@PeterLBrandt) September 2, 2019
XRP, Ethereum, and Litecoin Holders Opposed the Trader’s Opinion
That was a pretty bold statement by the crypto trader. However, many digital currency holders and fans criticized his opinion. Ethereum (ETH), Litecoin, and XRP (XRP) investors were particularly defensive. However, Brandt later said that Litecoin (LTC), Ethereum (ETH), and XRP (XRP) have far more going for them than other altcoins in the market. He referred to the rest of the altcoins in the market as junk.