• Alex

Are Altcoins yet to make a notable impact?

The Altcoin market has been experiencing a surge of interest from investors around the world, as well as a surge of value since 2017, and this trend seems to continue into 2020. Bitcoin predominance, referred to as 'ancient technology' by the cybersecurity guru John McAfee himself, fell from over 80% to 33% by the beginning of 2018, namely due to large amounts of capital being invested in altcoins instead. McAfee also pointed out the privacy features and smart contracts being the main reason behind the altcoin hype.

However, altcoin enthusiasts may be easily brought down to earth by the Wall Street investor's Mike Novogratz's assertion that altcoins are far from ruling over the crypto market. According to Novogratz, Bitcoin will retain its stand in the global market because of its clear use case and purpose: ''It has become an asset, it is a weapon in people's portfolio, there seems to be a bid under the market, so I'm gaining confidence in the Bitcoin position''.

Although it may take a couple of years for other crypto currencies to take root into blockchain ecosystem, people will continue trade altcoins. Ethereum is currently the second largest cryptocurrency by market cap and continues picking up pace. Since the start of 2020, the ETH price has grown from $119 to around $190, and is now stable. Sitting well above all its EMAs, Ethereum is considered to be the highest potential altcoin at present.

  • White LinkedIn Icon
  • White Facebook Icon
  • White Twitter Icon

© 2023 by SwitchBIT. Created on ViaLIFE Pte Ltd.