In the shadow of the largest cryptocurrency Bitcoin, numerous smaller cryptocurrencies have been able to grow strongly.
According to one expert who was interviewed by editorial team, these altcoins do not have a future.
Altcoins, a composition of “alternative” and “coins”, are basically all those digital currencies derived from the oldest and largest cryptocurrency, Bitcoin. In 2017, when the crypto market experienced a unprecedented surge and bitcoin at its peak cost up to 20,000 US dollars, altcoins also shot out of the ground like mushrooms and benefited from the positive mood in the crypto community.
Altcoins are history
But if you believe an expert, this will not happen again in 2019, even if bitcoin has been able to leave its annual lows in recent weeks. US journalist Max Keiser explained in an interview with CNBC that bitcoin dominates the market with 60 percent. In his opinion, however, this will not remain the case – the largest cryptocurrency will expand its market dominance to 80 or 90 percent, the expert predicts.
This would make the altcoins such as Ripple, Litecoin, Monero or Stellar virtually meaningless.
“The altcoins phenomenon [is] history,”
said Max Keiser.
Also other expert is bearish on altcoins
A few days ago, Peter Brandt from UBS, a professional trader, was similarly pessimistic about the future of bitcoin alternatives. In a recent tweet, he stressed that many crypto fans will probably be disappointed if they believe that the altcoins will once again benefit from the bull run on Bitcoin. At the same time, he compared the alternative coins to the tech bubble in 2000.
Most recently, the altcoins had actually decoupled from bitcoin development, but in the opposite direction: While bitcoin had slumped by double digits at the start of the week, after it reached a new year high of 13,700 US dollars last week.
Altcoins were comparatively bold and were able to contain their downward trend at least somewhat.