In line with a recent new ‘market forecast prediction‘ by renowned trader and author named ‘Peter Brandt’, the leading cryptocurrency Bitcoin [BTC] will be seeing continuous growth but altcoins won’t feel similar benefits.
While commenting in social media, Brandt, who is considered as a renowned source on ‘cryptocurrency‘ prices, aforesaid that unlike the earlier observed bullish market cycle in 2017, bitcoin’s gains wouldn’t have a knock-on affect elsewhere. He added:
“Cryptomaniancs expect alts to do so once again – they might be very disappointed.”
Brandt added the comments as BTC/USD bounced off its native lows of around $10,380 USD to challenge $12,000 USD again.
Having ‘reached‘ $13,800 USD earlier this week, the next correction spelled misery for altcoin traders, with several tokens losing much more than expected in comparison to bitcoin while lately failing to recover their losses.
For Brandt, the phenomenon has one classic forerunner – the dotcom boom of the early 2000s.
“Following 2001-02 tech collapse, dotcoms with real worth exploded,” he said. “The ‘alt’ .coms went bankrupt.”
Brandt has an admirable record once it involves bitcoin predictions. Having antecedently ‘predicted‘ the 2018 market, earlier in June, he ‘told‘ his followers to not believe BTC/USD would stop at its then native highs around $8,000 USD.
As per ‘CoinMarketCap‘, presently there are around 2,291 altcoins with a traceable ‘blockchain‘ and activity. As bitcoin continues to form up ground towards its $20,000 USD price benchmark, however, their overall market share is at their lowest, since it was a year earlier, after the 2017 market fall.
As ‘reported‘ earlier, Bitcoin currently dominates over 62% of the the total, which is one among several metrics that have recently returned after a protracted absence.