With Bitcoin Dominance At 70%, Will We See An Alt Season Or Watch Altcoins Die? ⋆ ZyCrypto
Bitcoin has grown a whopping 200% in 2019 already and is expected to go even higher before the year rounds up. While it’s increasing, altcoins have been suffering downward trends, or at best a stagnation of growth.
This has led to a division in the crypto community on the future of altcoins, some saying Bitcoin will kill them on its way up while others say it will crash at a certain height to let altcoins boom as well.
The expected height seems to have arrived a few days ago when Bitcoin’s dominance in the market hit 70%. Because it crashed at this level, allowing altcoins to surge explosively in the biggest alt season yet, questions have been raised on whether the same pattern will be repeated this time.
An Alt Season Or Goodbye To Altcoins
Earlier on Thursday, crypto analyst ₿lackbeard posted on his Twitter page that Bitcoin’s dominance has reached 71%, and added a question on whether a new alt season is about to start or altcoins are about to die.
To this, Veteran trader Peter Brandt would say altcoins are about to die rather than have an alt season. He has said it before in the past that altcoins are going down for good as Bitcoin goes up.
Bitcoin bull Max Keiser also shares this opinion since 2011. He has always stressed at the least opportunity that Bitcoin is going to $100,000 and altcoins will die in the process.
Some may consider Keiser’s optimism extreme because they believe an alt season is on the way. One of those expecting an alt season is John McAfee, another Bitcoin bull. He said the alt season will be a lot bigger than what Bitcoin has experienced so far.
It is a little confusing at the moment though, because Bitcoin price has slowed down and altcoins are not showing much promise either.
Precisely, almost all of the top altcoins are in the bearish zone. It is however too early to rule out a possible alt season judging from the performance of the top alts as crypto analyst Josh Rager says altcoins that will lead such alt season will not be the popular ones.
What Happens Next?
The crypto market can be said to be at a state of rest as major price movement has almost come to a halt. This may be the determining moment for the industry as a higher price gain for Bitcoin could spell doom for altcoins and their holders while a crash for Bitcoin will put a grin on their faces. The community will be watching to see what happens next.
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