TV presenter and former trader Max Kaiser joined a group of analysts who were not convinced of the possibility of a new Altcoin season.
In a conversation with CNBC, he said that with the proliferation of technologies such as Segregated Witness and Lightning Network, people have begun to better understand the function that Bitcoin performs as a means of accumulation and the scalability beyond its core network. According to Kaiser, this insight has forced investors to move money "back into the most secure chain".
According to the anchorman, the altcoins will devalue or even cease to exist because "all this money will be in Bitcoin". "The Altcoin phenomenon is over," he said, adding that the Bitcoin dominance index could rise from the current 60% to 80-90%.
Earlier, a similar statement was made by trading veteran Peter Brandt, who assumed that this time Bitcoin will grow without the support of alternative cryptocurrencies. "If cryptomaniacs expect the alto to do it again, they can be very disappointed," he said.
Bitcoin is declining this Monday along with the wider market. Over the past 24 hours, it has lost 7% of its value, and over the past 5 days, it has lost about 2.5% of its market share after reaching its maximum levels in 2 years.
What do you think will altcoins survive or not? i personally believe more in bitcoin than altcoins, but what do you think?
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