Bitcoin Proponents Believes Altcoin’s Mass Extinction Will Precede BTC Rally

July 7, 2020      Jyoti Singh

Although social media is filled with BTC-centric rhetoric currently, the fact is that since the starting of the year 2020, Altcoins are performing better than Bitcoin in the market.

However, some notable market participants are not ready to believe that very soon the market would witness an altcoin season. In fact, they are speculating that in future the market would experience an altcoin extinction event.

Altcoins Surpasses Bitcoin

Recently, many of the altcoins have given a great performance in the market, like the Vechain (VET), Compound (COMP) etc. On July 05, the value of VET went 50 percent higher and COMP, which was launched in June 2020, grew 500 percent. At one point value of COMP increased over 1000 percent from its launch price.

Currently, the BTC dominance metric has reached under a crucial level because the altcoins are surpassing the Bitcoins.

Recently, the head technical analysis at crypto research firm Blockfyre, while sharing his analysis, tweeted, “We did it fam. 900+ day trendline broken and retested, macro-structure favouring alt rallies. The problem after trading a bear market could easily be selling many too early!”.

However, there have been some individuals in the market who claimed that it is worthless to bet on a rally in altcoins.

Individuals And Projects Invests In Cryptocurrency For Financial Benefits

According to one of the most prominent traders of Bitcoin Joe007, mass extinction of altcoins would anticipate the next Bitcoin rally.

Joe007, who is also a whale investor, is popular in the crypto space for his strong opinion on the subject.

A data released by Bitfinex depicts that Joe007 has earned dozens of millions and made his reputation for being a profitable trader.

Even the general partner at True Ventures, Kevin Rose echoed the same comment and shared his views on the crypto industry. Rose said that 99 percent of the projects and individuals are supporting the cryptocurrencies just for financial gains only.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.