The cryptocurrency market is subject to differing opinions and opinions from the crypto-community. With the emergence of new Tokens such as Libra and the hegemony of Bitcoin, crypto-currencies face an uncertain future.
Unevenly fragmented market
The whole world is showing growing interest in Blockchain technology and cryptos.
The absence of clear and precise regulations on crypto-currencies, crypto-exchanges, Initial Coin Offering and Blockchain technology hampers the development of a market, which is, however, promising.
Bitcoin (BTC) and altcoins are at the center of discussions, given their high volatility. Indeed, investor speculation is the main cause of price fluctuations. While Bitcoin enjoys adulation from its users, other crypto-currencies suffer.
Cryptocurrency number 1 is therefore likely to shade the altcoins. The use of the BTC / USD trading pair is so important that the altcoins will never be able to get past their main competitor. The altcoins / BTC ratios therefore remain extremely low.
Some altcoins were powerful enough to surpass Bitcoin at the beginning of the year. The record purchase of Litecoin (LTC) pushed up its price by 600%. However, he failed to maintain his long-term performance. The LTC price went down while the BTC was on the rise.
Of course, the popularity of Bitcoin weighs heavily on the scales . Given its phenomenal growth in recent years and the growing public interest in it, it is to its advantage.
The Libra , the cryptocurrency of Facebook, will be formalized in 2020. It already generates a great controversy, and joined the list of potential competitors altcoins.
The top 30 by mcap, and the % they would *still* be down from their high, are in the chart below. pic.twitter.com/N9j6Nkqmte
— Ceteris Paribus (@ceterispar1bus) July 24, 2019
Highly the “alt season”
Ethereum, Ripple, Litecoin, Bitcoin Cash and other crypto-currencies will eventually find their way and evolve so they can compare themselves to Bitcoin in the future, according to the optimists.
The “alt season” will arrive soon enough, glorious moments during which the value of the altcoins will have a persistent uptrend.
The cryptocurrency specialist Messari has published a recent report that focuses on the possible rise of Bitcoin, reaching the $ 100,000 mark or 900% more than its current value. Even in this case, the altcoins will remain “below the record level reached in the last cycle”.
As a reminder, the report mentioned the widespread growth of cryptocurrencies in mid-December 2017. Bitcoin was around $ 20,000 while Ethereum reached $ 1,400. The Ripple, in third place, reached $ 3.84, followed by Litecoin for an estimated value of about $ 370. It remains to be seen if the digital currencies will again be able to know such an increase.
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