Currently, bitcoin has occupied the maximum part of the cryptocurrency market since its record price level of $ 20,000 in 2017. Analysts believe this is the beginning of the end of the altcoin market.
According to CoinMarketCap, as of September 3, bitcoin accounts for 70.5% of the total cryptocurrency market capitalization. This figure has not been observed since March 2017 and it is believed that Bitcoin gained strength due to altcoins.
The uncertainty with altcoins has already caused criticism from both traders and analysts. Among them are Peter Brandt and Max Kaiser, who again stated that altcoins will never recover from the current fall.
“Altcoins will never recover. Sorry, ”he tweeted, also taking into account market capitalization statistics. Brandt repeated similar warnings.
“When will altcoin addicts understand that bitcoin is a cryptocurrency with real value?
Compared to bitcoin, altcoins are like lead compared to gold, ”Brandt wrote.
Some commentators have expressed caution regarding the power of bitcoin. According to them, market capitalization is a poor indicator of efficiency, since it includes data from many altcoins that do not even have a trading turnover.