Analyst Considers There Might Not Being an Altcoin Season This Time Once Bitcoin Price Rises
- Altcoins could not survive operating in the market for a long period of time
- Peter Brandt considers that many of them might not have a new all-time high
Bitcoin has surged during the last few weeks and the digital currency surpassed $13,700 for a brief period of time. Enthusiasts are getting excited about the future and also talking about what can happen with other digital assets.
However, Peter Brandt, a recognized chartist and cryptoanalyst, mentioned that many investors expect a bull run in alts but this might not happen.
Analyst Considers Many Alts Will Go Bankrupt
Peter Brandt, a recognized chartist and crypto investor that predicted Bitcoin’s 80% crash from $20,000 to around $3,200 said that many alts could go bankrupt in the future. In order to back his hypothesis, he compared the current crypto market with the dotcom bubble, Era.
He said that back in 2017 and 2018, many altcoins experienced a bull run after Bitcoin and that many investors expect that to happen again in the near future. However, these crypto investors may be very disappointed because the dot com bubble is an analogue to the current market situation.
Many altcoins benefited from the last bull run in $BTC
Cryptomaniancs expect alts to do so again – they may be very disappointed
2000 .com bubble is analog
Following 2001-02 tech collapse, dotcoms with real value exploded
The "alt" .coms went bankrupt
— Peter Brandt (@PeterLBrandt) June 27, 2019
Brandt has also made it clear that those altcoins with real value could eventually explode in the market, as many .com companies did so back in the 2000s. He could be warning users to cautiously select a few virtual currencies rather than many in order to invest in these digital assets during the next bull run in the market.
There are other investors and users that have a similar point of view regarding Brandt’s comments. For example, the Twitter user @TheCryptoMong said that there were some companies that thrived while others collapsed, and the same is expected to happen to virtual currencies and altcoins.
John McAfee, a recognized figure in the cryptocurrency market, has also commented about altcoins. He said that many altcoins were hit harder than Bitcoin during the last bear market in 2018. However, he considers that medical and privacy coins are the future.
The prices of many solid alt coins were hit ten times as bad as Bitcoin during the Bear market, yet many are based on sound economics, especially in the Medical field and in the Privacy coins which we all know will be the big winners. Privacy coins are the future.
— John McAfee (@officialmcafee) June 26, 2019
Different altcoins surged after the bull market that Bitcoin experienced in 2017, but things can be different in the next bull run. Although there are more than 2,200 digital assets in the market, Bitcoin hit a new high in terms of market dominance since October 2018.
If Bitcoin is able to surpass a market dominance of 64%, it will have the largest control in the market since the beginning of 2017.
Bitcoin’s price is $59,535.49 BTC/USD exchange rate today. The real-time BTC market cap of $1.11 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $25.28 Billion and live coin value change of BTC 1.32 in the last 24 hours.