Over the last few months the stock market was subject to very high volatility. Important role in this process was played by the rapid growth of Bitcoin, because from the beginning of 2019, the cost has risen almost four times. The price movement of the asset had a positive impact on altonah, but only for a short period of time. According to the trader by Peter Brandt, one should not have high expectations about alternative cryptocurrencies.
At the moment Bitcoin is trading at 11 858 dollars. For the past day the main cost of bitcoin has increased by almost 0.7 percent. Brandt notes that the main point of reference every trader should be just the price movement of BTC, because the background of his growth, many altcoins will just vanish.
It ain’t like before
Most of the coins are not identical to the movement schedule of Bitcoin. On the contrary, between BTC and the violas have a complicated relationship. Cryptocurrencies with low kapitalizacija begin to rise after Bitcoin sets a new local maximum and is declining. For example, this is the situation at the end of 2017, when the index of the dominance of BTC decreased after reaching 20 thousand dollars.
According to the analyst the Bitcoin Birch recent pullback in the price of Bitcoin was a symptom of the natural growth of the asset. The expert does not deny that soon we can expect another period of rapid growth of altcoins.
Another sign of the healthy growth of Bitcoin and altcoins coming season. Would you buy the pullback?
The bear’s case for another shot at cheap $BTC, an $ALT , season, and healthier long term growth…
Would you buy this dip? pic.twitter.com/MaOokWwBhO
Bitcoin Birch ?? (@BitcoinBirch) June 26, 2019
But Brandt had serious doubts about the fate of the violas. He said that bullrun is unlikely to survive most of the currently existing coins. By the way, something like this has happened during the dot-com bubble in 2000.
The price of many altcoins increased due to previous bullrun Bitcoin. Kleptomaniac expect that the situation will repeat — they will be disappointed. During the dot-com bubble was something like that. After the collapse of the promotions are only really important tech companies rose again. “Altcom” went bankrupt.
Many altcoins benefited from the last bull run in $BTC
Cryptomaniancs expect alts to do so again — they may be very disappointed
2000 .com bubble is analog
Tech Following the 2001-02 collapse, dotcoms exploded with real value
The “alt” .coms went bankrupt
— Peter Brandt (@PeterLBrandt) June 27, 2019
Death coins with low market capitalization — a very real scenario. Earlier, Peter Brandt with stunning accuracy has predicted the course of the bearish trend, so its predictions can be trusted.
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