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Bitcoin’s bullish growth will be preceded by the death of altcoins
Altcoins cannot compete in BTC
90% of altcoins will die in the near future, expert predicts
Altcoins failed last year
This is the conclusion reached by the bitcoin whale, which makes millions on the Bitfinex crypto exchange and actively shares its predictions with the crypto community. Despite the fact that in the past few weeks some altcoins have risen in price, the expert is confident that their death is inevitable..
Altcoins will never beat BTC
The crypto millionaire who tweets @ Joe007 wrote that “the mass extinction of shitcoin is likely to precede the next Bitcoin rally. Do what you want out of it “.
By shitcoin, cryptokit itself means the majority of altcoins that have no value and leave the market as quickly as they entered it. Naturally, such a statement immediately sparked a heated discussion on the social network. Some users agreed with Joe007 that most of the coins, and today there are about 7,000 of them created according to the Coinmarketcap resource, really have no value and were created solely in order to get investors’ money and leave the market. Other Twitter users are confident that as long as altcoins provide an opportunity for quick and easy earnings, they will remain on the market..
So, for example, the user @ de7evr wrote that “killing shitcoin’s will last for years as long as they remain easy to earn, and even then they will not all die.”.
Nevertheless, based on the TradingView resource chart, we can conclude that altcoins just surpassed bitcoin in terms of capitalization..
This graph shows that the FTX crypto exchange’s small, mid and large-cap altcoin indices have significantly outperformed bitcoins in the past five months. The performance of indices and bitcoins is as follows:
– since the beginning of the year, the FTX altcoin index with small capitalization has grown by 80%;
– the average FTX altcoin index has grown by 60% since the beginning of the year;
– the large index of capitalization FTX since the beginning of the year has grown by 38%;
– Bitcoin has grown by 33% since the beginning of the year.
However, despite the above data, most experts do not believe in a bright future for altcoins..
Altcoins have not met the optimistic forecasts of experts
Back at the end of last year, crypto experts predicted that 2020 would be the era of altcoins. So, at the end of 2019, some of the Chinese altcoins grew quite well, while the digital currency market as a whole looked more faded against their background. Against this background, investors and traders are actively talking about the beginning of a new season of altcoins, which is characterized by a significant rise in altcoin prices in combination with a decrease in the level of dominance of bitcoin.
Technical Analysis Investing in and trading cryptocurrencies is impossible without the use of technical and fundamental analysis. Despite the popularity of both of these instruments, intraday … More indicates a steady growth in the capitalization of the altcoin market, while the level of its dominance is decreasing.
But a few days later, the sale of altcoins began, which were sold for a pittance. Small coins have not been able to rise from the lows in relation to Bitcoin for a long time. Prices for some of them do not exceed 1-2 satoshi. Recall that one satoshi is equal to 0.00000001 bitcoin. Considering that fiat currencies have only two decimal places, at the current exchange rate they are zero dollars and zero rubles and zero kopecks. In such conditions, even a minimal price increase already means a 100% increase. Investing in such assets is extremely risky, especially given the low trading volumes.
As a result, after “Bloody Thursday” in March 2020, some of the altcoins simply disappeared. However, experts are confident that some coins still have a chance to grow in price. For example, EOS and ICON are already preparing for a bullish breakout. Whether altcoins can outshine Bitcoin, time will tell.
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