Peter Brandt: 99% of the Altcoins will fall into oblivion
Peter Brandt has pointed out through his social networks that we could be facing an imminent season of altcoins. However, this will happen before most fall into the precipice of oblivion.
Cryptomonies are the key to Africa’s development
Before talking about altcoins, it is important to point out that, an Bitcoin Investor Season or Altseason, is the term used in the crypto market for a period in which the market for non-Bitcoin cryptomonies far outpaces the leader.
With this in mind, over the past few weeks, a wide variety of altcoins have seen significant price spikes. In fact, on July 9, Peter Brandt noted that Ethereum (ETH) saw a significant break in its ETH/BTC pair.
Other examples are Chainlink (LINK), which has risen about 500% since March, and Cardano (ADA), which has risen 800% from its lows due to the impending launch of „Shelley“.
Obviously this has led many analysts to consider that we are facing an imminent season of altcoins, Peter Brandt being one of them.
Peter Brandt: He will no longer tweet about the price of Bitcoin
Optimism before falling off the cliff of oblivion
However, according to the analysis made by Peter Brandt, this Altseason could be too optimistic, especially since many think that this trend will last forever.
But, Peter Brandt believes that at some point 99% of the Altcoins will tend to be priced at $0.
This was expressed by the analyst through a Tweet where he refers to a chart of a cryptomone currency whose value has tended to zero.
„Please speak up all the trolls who attacked me for telling them that $ DIG was nothing but a big scam. This chart will eventually describe 99% of all alternative currencies. But, of course, your pet rock won’t be one of the flat lines,“ he said in the Tweet.
However, this is not the first time that this analyst has commented against altcoins. In fact, to be more precise, he pointed out that 99% of the altcoins should be in the „garbage pile“.
Also, Brandt made the exception that among that 1% are cryptomontages such as Ethereum and Litecoin.
For the moment, the basis on which analysts project such behavior of the Altcoins is that Bitcoin has the potential to overcome them because the macroeconomic environment has never been so favorable.
What do you think? Will Bitcoin continue to be the king? Only time will tell.