Is The Altcoin Festival Or Its Crash Approaching? Bitcoin Prophet Brandt and Famous Analyst Reveal - News-Credit-Mortgage-Coin


Car donation, Insurance, Credit, Money, news

Coin Market

Sunday, May 16, 2021

Is The Altcoin Festival Or Its Crash Approaching? Bitcoin Prophet Brandt and Famous Analyst Reveal

 Although Bitcoin is the leading cryptocurrency, altcoins as digital assets other than BTC were in a furious bull run in late 2017 and early 2018. In fact, with altcoin dominance, from 2016 to early 2018, Bitcoin dominance fell from 90% to 33%. This was catalyzed by older projects such as XRP and Ethereum, the ICO revolution and the explosion of massive growth.

Benjamin Blunts: Altcoin festival will start soon

However, in the recent rally in Bitcoin price, altcoins performed poorly under pressure from an increased focus on BTC. This loss of strength against the leading cryptocurrency was further amplified as Bitcoin dominance rose from 50% to 65% during the period when BTC rose from $ 3,150 to $ 13,000. However, popular cryptocurrency analyst Benjamin Blunts states that BTC's market dominance has been declining for 3 days. In addition, the famous analyst emphasizes that attention should be paid to the line on the chart he shared and claims that if there is a good daily closing in the coming days, the "altcoin festival" will begin.

Benjamin Blunts notes that the one-hour Bitcoin dominance chart is currently indicating a five-wave decline. According to the analyst, this points to a lower movement in Bitcoin in the coming days. As a result, Benjamin Blunts told his followers that this analysis "You all know what it means." says. Meanwhile, the analyst hints that the legendary altcoin season, which is expected to see an explosion in the value of non-Bitcoin crypto assets, may only be on the horizon.

Peter Brandt: Those who believe Altcoins will rise will be very upset
Despite this analysis, there are some analysts who do not expect altcoins to outperform Bitcoin anytime soon. Famous for his accurate Bitcoin predictions, Peter Brandt said in his recent tweets that the upward trend in Bitcoin dominance could continue and crypto maniacs who believe altcoins will "benefit from the bull run in Bitcoin" may "be much more disappointed".

In another analysis, Brandt stated that Ripple's cryptocurrency XRP could drop to 0.16% of the current US dollar value. Such a move will set the market value of XRP at $ 7 billion. In addition, Brandt states that XRP against the dollar is currently trading at a phase that has been going on for about 9 months. Brandt recently said he wouldn't be surprised to see that 95% of crypto assets other than Bitcoin fail over time. The analyst expressed relatively optimistic views towards Litecoin and Monero.

No comments:

Post a Comment