Cryptocurrency followers are too aware of the term “altcoin season” used to describe the period when ethereum and other non-bitcoin cryptocurrencies will experience a boom. This altcoin season, however, has so far seemed elusive and now one reputable cryptocurrency analyst is saying it will never happen. In Ethereum news today, we discuss the chances of an altcoin season in short term and long term cryptocurrency price prediction.
Brandt Says Altcoins Have No Lasting Value
Crypto analyst and trader Peter Brandt has warned that Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and over 2000 other cryptocurrencies have no lasting value. Brandt, an expert in classical price charts, warned twitter followers that bitcoin was the only cryptocurrency that has lasting value.
“When will altcoin junkies understand that $BTC is the crypto with real and lasting value. Altcoins are to Bitcoin what lead is to Gold.”
As Smartereum reported, Brandt warned in July that Bitcoin (BTC), his preferred cryptocurrency, could lose as much as 80 percent of its price following a price jump around that time. Before he joined other analysts to advised caution when trading BTC and other cryptos, Brandt had correctly predicted the Bitcoin boom which saw BTC price rise from $4000 to over $10,000.
Bitcoin Price Today – BTC Price Analysis – BTC to USD
At the time of writing, the BTC price is currently at $10,544 to the U.S. dollar. This price is just about 1% higher than its price this time yesterday. In the week-on-week analysis, BTC is up about 3.4% reflecting the latest positive price movement that took it above the $10,000 mark. Bitcoin’s dominance has risen to 70.5 percent of the entire crypto market. This gives credence to Brandt’s sentiments that Bitcoin may be the only cryptocurrency that will manage a prosperous future.
Altcoin Price Analysis – Ethereum Price Today – ETH, XRP, LTC, BCH to USD
Ethereum (ETH) is valued at $178.51 to the U.S. dollar which is about 0.5% gain o yesterday’s price. The most valuable altcoin by market capitalization is down about 4.5% from last week. Given that ETH had dropped to about $160 and ultimately lost last month, followers will be interested to see how well the cryptocurrency performs in the coming weeks.
Ripples XRP price is almost unchanged from yesterday trading at 0.26 to the USD. XRP is, however, 2.7% down on the weekly price charts.
Litecoin (LTC) is also in the red trading at $67.68 while Bitcoin Cash (BCH) is trading at $298 with weekly losses 6% and 3% respectively.
As Smartereum reported in August Bitcoin dominance reached its highest level since 2017 leading analysts to suggest a decoupling of BTC from the entire crypto market. Since then, BTC dominance has reached 70% levels as it is today while altcoins have suffered losses at times when BTC gained.
Do you think an altcoin season is coming or will Bitcoin leave all other cryptocurrencies in its shadow?
Information from CoinMarketCap was used in this report
Riccardo Lopp is a writer specializing in Crypto, ethereum and whole blockchain ecosystem. His background is in economics and statistics.