Bitcoin has come roaring back after a dismal performance throughout 2018. The apex cryptocurrency has more than tripled in since February and is set to go strong in the foreseeable future. In fact, many experts and analysts have predicted that Bitcoin will soon surpass its all-time of about $20,000 in the coming months, and after that, it could touch the $100,000 by the end of 2019.
On the other hand, altcoins haven’t shown as great a performance as Bitcoin, though they’ve grown substantially, too. However, according to Heisenberg Capital co-founder, Max Keiser, altcoins will not progress any further, and all the money poured in them will be directed towards Bitcoin in the near future. He further stated that Bitcoin will soon increase its market share from 60% to 80-90%, and eventually altcoins will die.
While Bitcoin is definitely due for a big boom, altcoins dying out is too pessimistic an opinion. Let’s have a look at the progress of the top four altcoins for the past three months, to have an idea of whether they are dying or growing.
In the last three months, ETH more than doubled itself on a few occasions. In the beginning, it was priced somewhere around $140-$145 apiece and is currently priced at around $290 mark. Within this period it touched the maximum high of $336.
LTC, too, has more than doubled itself in the last three months. In early April, it was priced around $60 and was reached at $138 mark at its peak in the last three months. Litecoin is currently priced around $120 apiece.
Bitcoin Cash (BCH)
BCH, which was forked out from Bitcoin itself, was reeling at around $230 and is currently priced at $399. Though it didn’t double, it reached a considerable peak of $485 just a week ago.
EOS is one platform which has been more or less stagnant through the last three month. It began at around $5 at the beginning of April and is currently priced at the same rate, too. It’s the highest rate in the last quarter was $8.50 apiece.
Because of the promising and stable growth figures posted by most altcoins, Keiser’s comments on them may have surprised many. Also, the future growth of crypto markets will not only be investment driven; it will be more about adoption and usability. Also, though Bitcoin’s market share is growing again, it’s not because of the holders of altcoins breaking away and joining it, but because of new users join the space. In 2018 itself, though the market crashed down, the industry grew by 122%, which is a healthy rate by every standard.
But of the flip side, Keiser’s comments shouldn’t be taken lightly, as he is considered to be an expert analyst for cryptocurrencies. At the least, there needs to be a deep study to evaluate his claim before discarding it completely.