Bitcoin has made impressive progress price wise in 2019 and promises to deliver more in the coming days, weeks and months. The cryptocurrency community is indeed happy with the progress made so far while looking forward to more. However, a cryptocurrency analyst known as Galaxy says Bitcoin price pump so far is nothing compared to the price pump that altcoins will soon experience.
He described most altcoins as marketing schemes that holders use to satisfy their greed and were never “alive” so cannot be described as dead. According to Galaxy, the huge altcoin pump will come because the markers have gotten better at marketing and pumpers better at their craft. This could be good news for those who think they have missed out on buying Bitcoin as a major FOMO is expected after Bitcoin crosses $11,000.
Bitcoin has been dominant in the market in every sense of the word and this has kept altcoins from experiencing the kind of phenomenal growth it has experienced so far. As a matter of fact, the more Bitcoin grows stronger through its increasing dominance, the more altcoins suffer. This has made the crypto industry to give a lot of attention to Bitcoin and almost none to altcoins.
So far, only Ethereum has shown a significant growth following Bitcoin behind among all the altcoins. Most have also gained only to shed those gains once again and return to their former state. Despite the fact that the market looks good at the moment, things may change as Bitcoin continues to soar as has been the pattern.
Some analysts, however, believe the alt season for recovery is closer than most people realize. Another analyst known as The Crypto Dog says altcoins will correct all the weeks of bleeding against Bitcoin in a matter of days. Contrary to this view, another analyst in response said Bitcoin dominance will hit 87% early next week.
Bitcoin dominance is currently at 59% and analyst Josh Rager had warned that exceeding 60% would be detrimental to altcoins although Bitcoin would do well. If The Crypto Dog’s forecast is valid, altcoin holders may be having a reason to jubilate soon. If Bitcoin dominance does go up to 87% however, the opposite will be true as altcoin growth will be significantly reduced.
One thing that seems certain though is that an alts season is coming and no matter how long it takes, it will come and could be much bigger than what Bitcoin is showing.