If you are awaiting the altcoins to make the most of this ongoing bull run of the market, then you may find the news a bit disappointing. According to Michael Novogratz who heads Galaxy Digital, a cryptocurrency merchant bank, this time the market may not see altcoins experiencing 40% pump in a day. He continued saying that Bitcoin is very much likely to outperform all the altcoins out there in the market.
It all started when Ran NeuNer initiated the discussion on the micro-blogging site Twitter. For those who are unaware, Ran NeuNer hosts a show called “Crypto Trader” on CNBC. After observing the present bull market trend, NeuNer tweeted how crypto market is yet to experience the altcoin pumps as it did back in 2017. The crazy pump wherein altcoins do as much as 40% in a single day. He wondered whether this year would witness the same trend.
The market is running but we still haven’t seen the crazy alt pumps, pumps where coins do 40% in a day…is it coming?
— Ran NeuNer (@cryptomanran) May 19, 2019
Mike Novogratz shares his thoughts about Cryptosthen came forward to respond to NeuNer’s question and discussion on Twitter where he firmly said that altcoins wouldn’t be performing this well in the current bull market. As per Novogratz, the market of digital currency has become smarter than before, and this time, it would be BTC that will outperform the rest of the cryptos.
Not this time. Market getting smarter. $btc will outperform.
— Michael Novogratz (@novogratz) May 19, 2019
At present, Bitcoin is visibly dominating the market with about 56.7% figures. In the year 2017, Bitcoin had recorded comparatively lower dominance sitting at 47%. As Novogratz suggests, Bitcoin reclaiming the dominance indicates how markets have evolved and matured with time. The fact that ICOs have been clamped down by the regulators has also benefitted the #1 digital currency significantly. Add to that the price slump altcoins faced during the crypto winter period; it was way more than Bitcoin. In fact, some altcoins lost all their value through this time frame.
Apart from that, there are BTC-centered platforms like Bakkt and Fidelity, which are offering institutional investors considerably increased the number of options to trade bitcoins. Microsoft too has joined in as it is developing on the blockchain of Bitcoin. All of it together definitely makes the future prospects of Bitcoin looking brighter than ever, in a way supporting the theory presented by Novogratz.
Peter Brandt, a renowned trader, in his interview with NeuNer, stated that the dumb money would chase BTC. No matter the situation, bitcoin will make the dumb money follow it.
The performance of altcoins, too, is heavily linked to bitcoin’s pricing. However, there is also no denial of the fact that altcoins enjoy strong support from its believers. Whether these coins will make the most of the bull trend or remain stagnant, they are here to stay to make their presence felt.