American broadcaster and also popular bitcoin holder Max Keiser, argues that the future cryptocurrency market rally will go ahead without altcoins.
In an interview not too long ago with CNBC, Max Keiser made a statement virtually guaranteed to trigger heavy criticism and passionate debate when he declared that the inevitable cryptocurrency market rally will not include altcoins.
Keiser said that with the development of the cryptocurrency space and adoption of Segregated Witness (Segwit) and the Lightning protocol, a lot of people started to better understand the store of value bitcoin offers, along with scaling that would happen off chain. This, per Keiser, made crypto owners move their funds back into “the most secure chain [bitcoin]”.
Keiser additionally proposed that altcoins are heading to pennies or maybe out of existence, due to the fact that “all that cash is going to flow into bitcoin.” He rationalized that with bitcoin’s market current dominance 60%– which Keiser purports could go to 80%– 90%– “the altcoin phenomenon is finished,” he stated.
Recently, veteran trader and author Peter Brandt forecasted that bitcoin will continue to grow and yet altcoins will not feel the benefits. Brandt said that as opposed to the previous bull market cycle in 2017, bitcoin’s gains would not have a knock-on effect elsewhere. He summarized, “Cryptomaniancs expect alts to do so again– they may be very disappointed.”.
In late June, ThinkMarkets chief market analyst Naeem Aslam predicted that bitcoin will go to somewhere between $60,000 and $100,000 throughout its next bull run. He reasons that by hitting $20,000, discussion will move from conservative estimates going above and beyond the number one coin’s all-time high to forecasts of $50,000; from there, breaking $50,000 will push the price target to $100,000.
My Final Thoughts:
It’s a big call from Max and in some part, I totally agree with him! As I’ve said before, every Alt won’t have it’s day!
Alt coins need to live up to their namesake and provide an ALTernative to something – otherwise why would we want them?
Altcoins with great projects, effective ways to use them and strong, loyal communities attached will survive and prosper, even in this Big Bitcoin Run that will one day surely come. Sadly for most of them though, there are so many Alts that just can’t deliver even close to that.