Peter Brandt: 99% Of Altcoins Will Be Forgotten In Five Years
The altcoin demand continues to drain out, setting one fresh low after the next. It’s triggered the total crypto market belief to reach severe fear and anguish, with many fretting that the altcoins they hold might never ever again go back to their previous all-time high prices.
Nevertheless, career trader Peter Brandt states that the fate of the altcoin market is much worse with altcoins possibly never ever again setting brand-new highs. The expert trader claims that in five years, 99% of all crypto assets will be a forgotten memory.
If we carry out a quick calculation using 1500 as a base figure for the number of altcoins in existence, then 1% would indicate that just 15 altcoins will survive. We believe the number will be far higher, with genuine small-cap projects surviving the continuous onslaught from their dominant cousin …
ProTrader Says Altcoins Have No Lasting Value, Will Be Forgotten in Five Years
With altcoin sentiment in the seamless gutter, and most expecting much more discomfort to come for altcoin financiers, even if Bitcoin continues to rise, lots having actually begun to fear the worst for the crypto market.
Related Reading | Bitcoin Dominance Asserts Itself Once More As Altcoins Struggle
Bitcoin has first-mover benefit, institutional engagement, and regulative support, it will likely remain the number 1 crypto asset by market cap for the foreseeable future and possibly permanently. Those that fall behind, could just about all be forgotten.
According to Peter Brandt, in response to a tweet recommending that Litecoin, Ethereum, and Ripple were going to recapitulate to set new lows and that crypto traders must concentrate on Bitcoin as their main asset of choice as the one with the most “long-lasting value”, as much as 99% of all crypto assets will be forgotten in 5 years time.
Actually LTC and ETH have far more going for them than the rest of the junk pile. 99% of other cryptos will be forgotten five years from now.
— Peter Brandt (@PeterLBrandt) September 2, 2019
It’s a strong statement from the trader, that was met with much criticism from holders of all types of altcoins, but significantly the big 3 behind Bitcoin he previously pointed out. Financiers in Litecoin, Ethereum, and Ripple were especially protective, but later Brandt clarified that “LTC and ETH have far more opting for them” than the rest of altcoins, which he describes as a “pile of junk”
However, Brandt might not be wrong about his declaration. Previously this year, crypto analytics firm DataLight shared a graph of the top ten cryptocurrencies by market cap and how it has progressed since 2013.
Before even clicking play, the only recognizable cryptocurrency on the list aside from Bitcoin itself is Litecoin. Not even Ripple was released at this point.
Just 10 years ago first #Bitcoin transaction was sent and it’s astonishing to see industry growth and how many new assets have gained traction.
In this unique visualization by DataLight, you can track the top-10 crypto assets by market cap, from crypto’s early days until today. pic.twitter.com/JIYT3KagwD
— DataLight (@DataLightMe) April 17, 2019
The list consists of Peercoin, Namecoin, Feathercoin, Novacoin, Mincoin, Devcoin, Terracoin, and Aphrodite Coin. If you are scratching your head, questioning what these altcoins are, then it may not be abstruse that the existing crypto market-leading ten might all be forgotten in the matter of another five years, just as Brandt states.
Related Reading | Crypto Analyst: Altcoin Annihilation Responsible for Bitcoin Breakdown
It’s been over five years since a number of these coins graced the top 10 by market cap, and most of them never again breached the listing and restored the status these assets hold. Just time will tell if Ethereum or Ripple succumb to the exact same fate, however, Litecoin has hung on strongly this whole time, and might be there for the long run.