Altcoins May Die When BTC Rallies
While there have been a for an and the death of , has begun to outperform its crypto peers yet again, posting gains when suffer. As of the time of writing this, dominance sits at a hefty 55.8%, up from lows of around ~35% at the peak of 2018’s bubble.
One venture capital group, Heisenberg Capital, led by anti-establishment proponents and (very) early adopters Max Keiser and Stacy Herbert, says that ’s hegemony may continue to grow.
In a recent tweet, the venture capitalists, who have purportedly allocated capital to Kraken, ShapeShift, Abra, , among other prominent industry upstarts, remarked that the market has begun to reject everything, save for . This has seemingly been the case. As explained earlier, the so-called “crypto winter” of 2018 has allowed to claw back market share from , most of which were dramatically overvalued and overhyped during early-2018.
Heisenberg corroborates this, even hinting that it thinks still have few viable use cases or a lack of a solid value proposition when it wrote: “As climbs toward our 2011 target of $100,000, we believe everything except will die-off.”
History would agree with this analysis.
A majority of 2013’s top 20 crypto assets have all but faded out of existence, with newer projects like , , and ousting Namecoin, Peercoin, and Feathercoin, which all used to be the crème de la crop back in their hay day. Not only have these little-known projects faded from public memory, but some have totally abandoned, with their values dropping off the face of the Earth. While many new projects have more staying power than their predecessors, many commentators, like Blockstream’s Samson Mow, are sure that history will rhyme… eventually.
What Will Drive bitcoin Past $100,000
This begs the question — what will drive past $100,000? Well, according to Keiser, it will have much to do with ’s underlying characteristics. In an with Bitcoinist’s Allen Scott late last year, the investor noted that the protocol itself is “genius,” alluding to the controversial opinion that the nature of the world’s first supersedes price. Saifedean Ammous, for instance, has incessantly called , the world’s “hardest money,” alluding to its nature as a decentralized, borderless, censorship-resistant, and scarce asset that easily ousts government-issued cash in a variety of facets.
Interestingly, the interviewer went on to draw attention to the fact that a majority of industry participants see as a “risk-on asset,” debasing the sentiment that is essentially the world’s second coming of gold but in a digital form. Yet, Keiser added that this is, in fact, false.
Keiser explained that , like And as such, he exclaimed that once the market at large acknowledges this fact, which has flown under the radar, the world’s first could surpass its all-time high as capital flight occurs to . He further explains:
“ is the monetary black hole that will gobble up all fiat and rise to more than $100,000 doing it. But humans themselves may never see that day.”
Title Image Courtesy of Thought Catalog Via Unsplash
Published at Sun, 05 May 2019 23:05:45 +0000
