In the coming altcoin news, a lot of news sites are discussing the potential “death of altcoins” which was a topic and term that was coined a while ago when Bitcoin (BTC) started surging. As the cryptocurrency’s dominance grows beyond 58% which is a record high for 2019, analysts believe that this could signal that altcoins are slowly vanishing.
On top of this, the sentiment that surrounds the altcoins is reaching extreme lows which means that there could be lucrative buying opportunities in the future. However, if Bitcoin continues to grow, the death of altcoins will obviously become a bigger topic.
Ever since the break of resistance at $4,200, BTC managed to rise beyond $6,700 which caused a lot of worries for altcoin investors – who were actually unsure whether to keep their alt holdings or re-invest them in Bitcoin. The latest cryptocurrency news show that the bull run for Bitcoin is at its peak and that many crypto currencies seem unaffected by it, causing the possibility for the death of altcoins.
$BTC Dominance right at Sept 2018 highs
If it continues to push up, Bitcoin dominance will hit highs not seen since Dec 2017
And if you don't know what this means….. it means your alt coins are dead inside pic.twitter.com/U9ViJoVmaM
— Josh Rager 📈 (@Josh_Rager) May 10, 2019
According to many crypto analysts, the Bitcoin dominance closed the highest it has ever been to since September 2018 – rising as much as ten points over the last month alone. This correlation began when BTC broke $4,200.
Dominance closing in on a 10 point gain in barely a month. pic.twitter.com/Tl8fterb2I
— moon (@MoonOverlord) May 10, 2019
Alts are really being annoying, they either need to catch up soon or they will fall along with Bitcoin when the total crypto market cap breaks below $180B
— Etherdamus (@Etherdamus) May 9, 2019
While many analysts are fearing the death of altcoins as the worst that could happen – there are others that believe that now is the best time to invest in altcoins and make most of their holdings in the near future.
So, the opinions are split and some analysts think that altcoins entered a distribution phase following the short-lived alt season that was upon us, causing a lot of altcoins to double in value during the course of this year. According to them, the death of altcoins is not actually a concerning topic.
Was literally gonna post something similar but with btc and Cardano. Good looks my friend. https://t.co/ZAfE0CmJkA
— Mayne (@Tradermayne) May 9, 2019
99% of you probably disagree with me and that is great
I'm bullish on alts pic.twitter.com/677rKXOTdc
— //Ethereum 𝕵ack 🐐 (@BTC_JackSparrow) May 9, 2019
What’s interesting is that big investors like Warren Buffett support a counter-sentiment mindset for investing and think that people should be greedy when others are fearful – and fearful when others are greedy. Statements like these are very common and shared frequently by the best cryptocurrency news sites – leading to a lot of discussion online.
For now, the death of altcoins is splitting analysts which probably means that the topic is not that serious yet. However, if Bitcoin’s dominance crosses the 60% mark, it will definitely become a bigger topic to discuss.
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