Peter Brandt Believes in Crypto Crown Contender Bitcoin, But Altcoins are Discount Pretenders
- Peter Brandt believes that Bitcoin is the only true crypto asset, as all others are “cheap pretenders.”
- Bitcoin is trading above $6,000, while XRP is trading at just under $0.30 each.
Peter Brandt is a well-known trader in the cryptocurrency industry, constantly voicing his opinion on the market through the social media platform. In a tweet on May 9th, Brandt questions how much of the public was misled by “cheap pretenders,” a clear reference to altcoins.
How many of you who were first attracted to crypto investing/trading because of BTC have missed all or most of the BTC trend because you were sidetracked by cheap pretenders??? pic.twitter.com/EIiKtak4XO
— Peter Brandt (@PeterLBrandt) May 9, 2019
Bitcoin officially made itself a mainstream asset when it nearly reached the $20,000 mark in December 2017.
By then, Bitcoin had become an established crypto asset, ranging from a couple of cents in value to thousands in a matter of under a decade. However, as it became more successful, other assets entered the market as well, and investors clung to these other options as well. At the time, Bitcoin dominance dropped down to only a third of the market.
Now, the Bitcoin dominance index has reached about 57.2% dominance, and it is clear that Bitcoin reigns over all altcoins. It is highly unlikely that any of these altcoins will be able to overcome Bitcoin at the moment, but anything can change with enough momentum. Still, as it stands, Bitcoin is presently trading at $6,170.34, rising by 3.39% in the last 24 hours.
Brandt remains loyal to Bitcoin, believing that all of these altcoins that attempt to compete with Bitcoin are going to eventually lose all of their value. He even said that XRP is only a tool use to purchase Bitcoin.
Before now, he was so bold as to claim that XRP would end up in a “do or die” situation if it is not able to remain above the current resistance level. At the moment, XRP is trading at $0.295454, losing 1.73% of its value in the last 24 hours.