History seems to repeat itself as altcoins surge following Bitcoin’s upwards price movement, just as it did in 2017, which makes some analysts believe that some altcoins will offer 1000x gains.
It appears as if crypto history is set to repeat itself once again. It was December 4th, 2017, when Bitcoin’s dominance hit 60%, and within a month, that percentage had plummeted to just 35% as most of the altcoins saw a huge surge in price, leading to new all-time-highs for both the altcoins and Bitcoin.
The recent altcoin surge which followed the world’s number one cryptocurrency spike, has seen the total cryptocurrency market cap reach $255 billion, which is the highest point since August 2018.
The last 7-day gains for Ethereum (57%), Ripple (43%), Bitcoin Cash (45%), Litecoin (33%) and Stellar (59%) just to name a few altcoins, are impressive to say the least, and even greater than Bitcoin’s price surge of 30%.
Obviously there are enough Bitcoin maximalists out there, who continue to disregard the altcoin markets, no matter how huge its potential is and could be.
The experienced commodities trader and technician, Peter Brandt, recently took to Twitter, to call out the altcoins as ‘cheap pretenders’.
How many of you who were first attracted to crypto investing/trading because of BTC have missed all or most of the BTC trend because you were sidetracked by cheap pretenders??? pic.twitter.com/EIiKtak4XO
— Peter Brandt (@PeterLBrandt) May 9, 2019
‘Bitcoin’s my only focus. I have no interest in altcoins’, he said during a presentation at Consensus 2019, where he as well pointed out that he believes that BTC will be going to $50,000, and even all the way up to 200-300k.
“I think we are going to $50k, but I don’t know when…I look at #Bitcoin and I say there is a 50% chance it goes to zero…But there is a 50% chance we could go parabolic again and if we go parabolic again we can go up to 200-300k.” – @PeterLBrandt. https://t.co/eHqjQi9YU0 pic.twitter.com/P9w3vW11VT
— BLOCKTV (@BLOCKTVnews) May 14, 2019
Of course, others are convinced that the altcoins will deliver gains, beyond ones wildest dreams.
One crypto trader, going by the Twitter handle, Catoshi, tweeted to his almost 50K Twitter followers that he thinks that altcoins have the potential to see 1000x gains.
‘I see a lot of Bitcoin maximalism on Twitter. Saying altcoins are not worth it’, he said. ‘Don’t fool yourself with current sentiment. There will be alts that will go 1000x.’
I see a lot of Bitcoin maximalism on twitter
Saying altcoins are not worth it
Don’t fool yourself with current sentiment
Most OG’s became rich because of altcoins
There will be alts that will go 1000x
Spread your bets besides trading the king of coins
But do it smartly
— Catoshi (@LordCatoshi) May 14, 2019
And most of his followers, wholeheartedly agree!
Best advice I’ve seen today. There is so much ideology involved in these things, people forgot what this is all about.
— Jonathan Habicht 🔥 (@HabichtJonathan) May 14, 2019
— Mr. TA (@Trader_M4tt) May 14, 2019
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