Barry Silbert, CEO of Digital Currency Group tweeted a few days ago that he expects the market value of other altcoins to reach the one of the Bitcoin price very soon. In the latest cryptocurrency news, we find out more about his opinion.
The large-cap altcoins have done really well against the US dollar this year. However, their gains in comparison to Bitcoin’s rally are really pale. Bitcoin’s dominance is the measure of the market share of the entire cryptocurrency industry. When we take this measure into consideration, Bitcoin has crushed all over other altcoins in 2019. The market share surged from 50 percent In March and then 64 percent in July. In only four months, bitcoin reached two-thirds of the entire crypto market. There are signs that the altcoins are heating up but we are still waiting to see.
Barry Silbert believes that the altcoins were not really represented in the news. Bitcoin stole the spotlight so now the industry has decided to end to long crypto winter that started in December 2017 and large-cap altcoins such as Ripple, Litecoin and Ethereum are slowly trying to get to bitcoin. An altcoin price boom is still expected according to the historical trends. For example, back in October 2017, Bitcoin was running way ahead of other altcoins which were one of the moments of the crypto price correction on the market. Then, in December bitcoin’s market share crashed but the altcoins’ one boomed.
The reason for this phenomenon is that bitcoin trading pairs on popular crypto exchanges create channels for new liquidity of a bitcoin price surge. Then, they naturally flow to altcoins when there is a massive pullback from the bitcoins. Technical analysis shows that there are signs of an altcoin price boom ahead. As it is already known in the crypto space, there is a lot of disagreement and accusations of pumping the price of altcoins as well. According to the tweet, Barry Silbert believes that the exact same thing in the reply section. The biggest counter-argument suggests though, that the technical signals show a period of altcoin accumulation that will not bring the altcoins over the tipping point until 2020 as noted in the altcoin news previously.
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