Cryptocurrency
Bitcoin Bull Peter Brandt: 99% of Altcoins Will Eventually Fall Towards $0
NewsBTC reports, “Over the past few weeks, the focus has gone from Bitcoin to altcoins. “This is for good reason: due to a confluence of fundamental and technical trends, countless altcoins have seen explosive breakouts that have brought them dozens or hundreds of percent higher. “Take the example of Chainlink (LINK), which is up by […]
NewsBTC reports, “Over the past few weeks, the focus has gone from Bitcoin to altcoins.
“This is for good reason: due to a confluence of fundamental and technical trends, countless altcoins have seen explosive breakouts that have brought them dozens or hundreds of percent higher.
“Take the example of Chainlink (LINK), which is up by around 500% from its March capitulation lows as it has benefited from adoption by top crypto startups and China’s Blockchain Service Network. Or take the example of Cardano (ADA), which has gained approximately 800% from those same lows due to the impending launch of ‘Shelley.’
“With such a strong rally, some analysts have asserted that an ‘altseason’ has arrived. An altcoin season or altseason is a term that traders use to describe a period in the markets where non-Bitcoin cryptocurrencies strongly outpace the market leader.
“According to a prominent commodities analyst, though, this sentiment is too optimistic. He commented in a recent Twitter post that in the long run, a vast majority of altcoins will trend towards a price of $0…”