Trader Who Called Current ₿itcoin Rally Warns of Altcoin ‘Dot Com Bubble’
Bitcoin (BTC) will continue to grow but altcoins will not feel the benefits, veteran trader and author Peter Brandt predicted in a new market forecast on June 27.
Writing on social media, Brandt, who has become a vocal source on cryptocurrency prices, said that unlike the previous bull market cycle in 2017, ₿itcoin’s gains would not have a knock-on effect elsewhere. He summarized:
“Cryptomaniancs expect alts to do so again – they may be very disappointed.”
Brandt made the comments as BTC/USD bounced off its local lows of $10,380 to challenge $12,000 once again.
Having reached $13,800 this week, the subsequent correction spelled misery for altcoin traders, with many tokens losing far more than ₿itcoin while subsequently failing to recover their losses.
For Brandt, the phenomenon has one classic predecessor – the dotcom boom of the early 2000s.
“Following 2001-02 tech collapse, dotcoms with real value exploded,” he noted. “The ‘alt’ .coms went bankrupt.”
Brandt has an admirable record when it comes to ₿itcoin predictions. Having previously foretold the 2018 bear market, earlier in June, he told followers not to believe BTC/USD would stop at its then local highs around $8,000.
According to CoinMarketCap, there are now 2,291 altcoins with a trackable blockchain and activity. As ₿itcoin continues to make up ground towards $20,000, however, their overall market share is at its lowest in two years.
As Cointelegraph reported, ₿itcoin now dominates over 62% of the market, one of a number of metrics which have recently returned after a long absence.
Published at Fri, 28 Jun 2019 11:49:00 +0000
