Bitcoin (BTC) has been on the rise in the bull market since April 2019. It has increased over 300% so far this year and metrics indicate it could be going much higher to reach a new all-time high.
Some cryptocurrency analysts believe altcoins will eventually follow in Bitcoin’s path to rise just as high. John McAfee believes altcoins will rise much higher than Bitcoin as a matter of fact.
It seems however that there is one in the cryptocurrency community who sees things differently. The veteran trader Peter Brandt says altcoins may not follow Bitcoin this time even though they did benefit from Bitcoin’s 2017 bull run. His reason is that only dotcoms with real value survived in the early 2000s following the dot com bubble and altcoins were not among.
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
Following 2001-02 tech collapse, dotcoms with real value exploded
The “alt” .coms went bankrupt
— Peter Brandt (@PeterLBrandt) June 27, 2019
The 2017 bull run took Bitcoin to its highest $20,000 in December of the year. This was Bitcoin’s highest price ever and there was a dip throughout 2018 until after the first quarter of 2019 when things started to turn around. Many altcoins also saw their highest price hikes in 2017 also before the crash which took away up 90% of the prices of some.
Brandt thinks the 2019 bull run could be different and things may not go the same way they did about 2 years ago. Altcoins have also seen some gains as Bitcoin continues to rise though. Specifically, Ethereum (ETH) has been rising alongside Bitcoin with significant progress so far. It has gained well over 200% from its lowest price during the 2018 bear market.
Ripple’s XRP which has seen the most struggle in the face of Bitcoin’s recovery has also made some tremendous progress, rising from its critical $0.3 price to just a few cents from $0.5. Even as the market has been down the last 48 hours. XRP is still trading above $0.4.
Even though Bitcoin’s dominance has been on the rise with the consequent suppression of alts, could the progress recorded by these altcoins be an indication of a possibility that an altcoin season might be coming eventually? Only time will tell and the many who missed the Bitcoin train could be looking forward to an altcoin season to also gain from the market.