Will Altcoins Ever Pick Up Bitcoins Pace?
Crypto winter may be over for Bitcoin, but altcoins are still feeling the chill. Bitcoin has had an incredible emergence this year. Its price went from $3,746 on the 1st of January to $12,195 where it is trading currently. It is important to note that Bitcoin is near its yearly high of $13,387 and might surpass it soon, should favorable market conditions continue.
It appears that altseason might not come anytime soon. Bitcoin dominance currently hangs at 68.5%. This is the highest rates seen since February 2017, when Ethereum started to gain on Bitcoin. Back in 2017 when Ethereum gained dominance, it gave way to other cryptocurrencies as well. This caused altcoins to flourish in the past.
Currently altcoins are maintaining or devaluating their fiat value (depending on the currency). However, their Bitcoin evaluation is taking a severe beating in nearly every currency.
This even includes Litecoin, which recently went through a halving. Unfortunately for Litecoin, reducing block rewards only caused a minor temporary boost in its dollar evaluation. It still managed to lose 2.52% in its Bitcoin evaluation in the last 24 hours.
Next Stop 15K?
When Bitcoin soars, price speculation always goes wild. Many have tried to accurately guess its future price. This of course includes Anthony "Pomp" Pompliano, John McAfee, and economist Max Kaiser to name a few. Max Kaiser has made a pretty price prediction in regard to this week's bull rally.
I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.— Max Keiser, tweet poet. (@maxkeiser) August 3, 2019
Kaiser's prediction seems very plausible in today's market conditions. A 10-15% price rise in Bitcoin is more than possible for an asset well known for its volatility. It seems to be a conservative estimate by most standards.
Tether has often been accused for manipulating Bitcoin's
price. There have been several very large movements of Tether in the past 24 hours. This could possibly be an indication of a price rise in the future.
While Bitcoin may stay on top and grow even further, this might not extend to altcoins soon. Most notable alts just keep on losing ground in BTC evaluation. Besides Litecoin, Ethereum lost 2.51%, Bitcoin Cash lost 2.87% & XRP lost 3.90% versus Bitcoin. It appears that this trend will not change soon anytime soon.
A big development, such as Ethereum 2.0 might be needed for alts to gain ground.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado