Even though it may seem like the Bitcoin news now are showing BTC as the ultimate leader, this situation may change in the near future. One popular analyst predicts that altcoins will take over Bitcoin in the future, sharing a chart and noting how FTX’s three altcoin indexes have registered better performances than BTC since the start of this year.
The FTX altcoin indexes include the small-cal, the medium-cap and large-cap indexes – all of which are getting great returns. For instance, the “SHIT” index by FTX is up by 80% in the past five months alone.
As the popular analyst predicts, altcoins were crushed heavily in 2018 and 2019 which is why they will probably resurrect and recover after being so oversold.
What comes next in the altcoin news though is not clear. One popular developer talked about the Bitcoin dominance over the crypto market and how he expects it to end, but there are others who strongly beg to differ.
“[The bounce] isn’t too surprising given how far altcoins fell versus bitcoin over the past couple years. This is the last time Bitcoin will be worth this much against altcoins.”
On June 8, one lead developer from the crypto data site Blockchair and writer of Bitcoin privacy and scaling articles named Nikita Zhavoronkov released a 20-part thread on why he thinks that “this is the last time we see Bitcoin’s dominance level above 66 percent.”
I have a strong feeling that this is the last time we see Bitcoin’s dominance level above 66%. From this point on it will fall, probably resulting in Bitcoin losing its first place within the next 5 years (long thread, 1/20) pic.twitter.com/cu4hXcEhLg
— Nikita Zhavoronkov (@nikzh) June 8, 2020
He also added that within the next five years, he thinks BTC will lose its seat to one altcoin. ETH is now the closest to doing that and it is around $150 billion away from BTC. The core of his argument stems from the fact that the “cool features” which crypto users want (such as privacy technologies and smart contracts) have not yet been integrated into Bitcoin.
The developer and popular analyst predicts that the Proof-of-Work system that Bitcoin enlists is “flawed” because “miners aren’t interested in price increases, while they fear sharp declines.” As he explained, the Lighting Network is “total vaporware” with “fundamental flaws” and no “actual real-world usage.”
“In order to overthrow Bitcoin, Ethereum needs to grow just 6x compared to Bitcoin. Not at all an impossible scenario (we’re in crypto, remember?). What happens if Ethereum switches to PoS, scales, and becomes #1?,” he concluded.
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