Peter Brandt: Cryptomaniacs shouldn't count on a new wave of altcoins.
Trading veteran Peter Brandt expects Bitcoin to continue to grow, but altcoins will not be able to follow this time.
In his Twitter, Brandt writes that, unlike the previous bullish cycle in 2017, the rise of Bitcoin will not be a catalyst for the growth of other assets in this market. "Cryptomaniacs expect the alts to do it again. They can be very disappointed," he says.
Brandt also draws a parallel with the dotcom bubble of the early 2000s: "After the technological collapse in 2001-2002, dotcoms, which had real value, experienced explosive growth. "The Altcoins are bankrupt."
Bitcoin is trading about $11,800 this Friday. Altcoins also rise partially after a fall on Thursday.
Against this backdrop, the Bitcoin dominance index reached 63%, the highest level since April 2017. Bitcoin is currently capitalized at $210bn, while the entire cryptographic market is capitalized at $335bn.
Commentator Armin van Bitcoin suggests that the actual dominance of Bitcoin over the market may be around 95%. "If a coin is centralized, has low trading volumes or is represented on just one exchange, its market capitalization means nothing. Most coins fall into this category," he writes.
What do you think steemit, will altcoins survive or dominance of bitcoin will increase ?
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STOP.I think the comparison is very appropriate. But keep in mind that not only Amazon survived the dotcom bubble. There are also a few other companies that went to the moon after the market had recovered. The question is which altcoins belong to the lucky few and which don't.
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