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.
$BTC dominance absolutely mooning, dropping $ALTS off at the graveyard on it's way.
Dominance closing in on a 10 point gain in barely a month. pic.twitter.com/Tl8fterb2I— Moon Overlord (@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— Formerly ScienceGuy9489 (@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.
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.
Australian Reserve Bank Considers Using Central Bank Digital Currency
Gemini Launches An Insurance Company To Cover Up For $200M Of Its Branch
“Obtaining meaningful insurance in the crypto industry remains a challenge, and our captive will help to increase our insurance capacity and move the industry forward," the president of Gemini Cameron Winklevoss added.In the end, Gemini is not the first to launch an insurance option. Before this, Ledger Vault which is the custody arm of the hardware manufacturer Ledger did the same and acquired a crime insurance policy which supports them with a coverage of up to $150 million in crime losses.
Venezuela’s Maduro Forces Airlines To Use Petro For Fuel
‘’I decree the sale of all fuel sold by the PDVSA for planes operating international routes be made in petros from now on.’’He ordered that the coin has to be more widely used throughout the country since the US banned the use of the coin and marked it as a scam which only crashed the popularity of the coin. Another one of his decrees states that the coin has to be used for paying the state document services such as passports but the people of Venezuela avoid Petro as much as possible since many do not know how to use it. For the tourists and foreigners, they also don’t use it because it was marked as a scam and labeled as a risk. Venezuela showed that it is open to the idea of crypto by using decentralized coins to battle the hyperinflation.Venezuela even attempted to discuss trades in Petro with Russia and both countries had issues with the US and discussed they were discussing methods of getting rid of the use of USD in their trade deals. Maduro approved bonuses for the public employees and pensioners but insisted they should be paid in Petro. The coins were later exchanged for bolivars and used to purchase other currencies. The country banned the possibility of exchanging petro for bolivars.
OXT Research Shows New Developments Of PlusToken Scam
“The Chainalysis blog post is extremely opaque and we are unable to verify this analysis due to a lack of references including pre-mix addresses and clusters, postmix addresses, and most importantly distribution transaction IDs.”Really the consequences from the first multi-billion dollar cryptocurrency Ponzi scheme is still being analyzed and calculated. Probably the most important is the correlational link between the price of Bitcoin and the off-loading procedure of PlusToken. While the concrete figures are uncertain, OXT estimates that the fraud’s “total hoard likely exceeded 1% of BTC’s total supply.”According to the report, the most remarkable characteristic of this scam was its size. “Billion-dollar scams are very rare,” they said. “We did not expect the previously reported 200K BTC volumes to be accurate, but they were.” From this supply, few of addresses identified due to the awful privacy practices on the side of PlusToken started distributing Bitcoin (BTC) at a rate of 1,050 Bitcoin (BTC) per day. The distribution started in 2019 in the first week of August and lasted until the end of November.The report confirms that “this distribution likely had a significant downward effect on price action in the latter half of the year.” From the projected 187,646 BTC, PlusToken has yet to distribute between 55,843 to 75,843 tokens. The epilogue is that the PlusToken fraud is still unraveling. Due to the research from several members of the cryptocurrency community, but it will be easier by far to follow where these coins are going in 2020.
New Fraudulent ICO Charged For $30 Million Raise By US SEC
CME BTC Futures See New Interest, Global Volume Hits $25B
TRON Will Soon Include Zcash-Based Privacy Features
Canadian Regulator Issues New Guidance For Crypto Exchanges
The Key Levels To Watch For A Ripple (XRP) Rally At This Phase
Is The Next Decade The End Of Fiat Currencies? Deutsche Bank Report
Visa Invests $5 Billion In Fintech Firm, Boost In Crypto Expected
Decentralized Web Search Engine By Almonit Goes Live
Bitstamp Will Launch BTC Leverage Trading Platform With Silvergate
Bitwise Asset Management Gives Up On BTC ETF Application
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
Join us on Facebook
- Blockchain News7 days ago
US State Of Illinois Approves Blockchain-Based Smart Contracts
- Blockchain News7 days ago
Ballet Is The First Non-Electronic Hardware Wallet: Bobby Lee
- Blockchain News6 days ago
Canadian Blockchain Startup Helps Mongolians Trace Cashmere
- Bitcoin News6 days ago
Major Buying Signal For Bitcoin Is Finally Here After Almost A Year
- Altcoin News6 days ago
Experienced Crypto Traders Prefer To Trade On Laptops: Research
- Altcoin News5 days ago
More Altcoin Mining Will Be Integrated By Mining Pools In 2020
- Altcoin News6 days ago
Nervos Acquires $30 Million Grant To Further Develop Ecosystem
- Bitcoin News6 days ago
OKEx BTC Trading Options Get Praised By Crypto Community