Several cryptocurrency analysts have opined that the altcoin season is near even though Bitcoin, the top cryptocurrency by market cap has shown more gains in the past few months. Like these analysts, Barry Silbert, founder, and CEO of Digital Currency Group, a venture capital company has stated that it’s beginning to feel like the right time for quality altcoins to catch up with Bitcoin.
It Feels Like the Time for Quality Altcoins to Catch Up with Bitcoin
In a tweet on July 10, 2019, Barry Silbert said it’s beginning to feel like the right time for quality altcoins to catch up with Bitcoin (BTC). According to the CEO, the bottom is in; an opinion that has also been aired by some professional cryptocurrency traders.
However, a comment of this nature does not go unawares and that being the case, the crypto community was quick to support or throw tantrums at the CEO’s remarks. The first class of people is those who applauded the remarks stating that Silbert is right with his prediction and its definitely time for altcoins to spike significantly in price.
Pierre Rochard, a software engineer, for instance, remarked that without a doubt, altcoins can certainly pump. In Rochard’s opinion, he is not making a trading call, however, his prediction is based on his observation of fundamental monetary economics.
Rochard also said:
“If you’re using bitcoin as the unit of account for your bag of “quality alt coins” then you are confirming the toxic bitcoin maximalist thesis. Monetary economics is real!”
Altcoins May Also Rally with Bitcoin
Crypto enthusiasts who also made comments were quick to point out certain altcoins which they think could be among those that could potentially rally along with Bitcoin. Notable among this, is XRP, the third largest cryptocurrency by market cap. The virtual asset seems to have found favoritism among enthusiasts.
On June 18, 2019, Barry Silbert had revealed that he truly appreciates how unstoppable Bitcoin truly is. His comments were made in reference to a tweet by a media outlet that House Financial Services committee chairwoman, Maxime Waters has asked Facebook to temporarily halt the development of its Libra cryptocurrency.
The crypto market, on the other hand, is currently facing a downtrend after Bitcoin which surged to the $13,000 price level for the second time this year took a plunge. While the price of most altcoins did not rally alongside with it since they were mostly dumped, the sudden dip in Bitcoin’s price still affected them as well.