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Max Keiser Predicts the Death of Altcoins as Bitcoin Dominance Rises

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August 7, 2019 | 

Darryn Pollock |  0 Comments| 

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Bitcoin managed to cross above $12,000 this week after 10 days of steady growth, but what was probably more interesting to note was in that same time period, the dominance over the rest of the market of the top coin by market cap climbed four percent. 

Bitcoin’s dominance hit 68.4 percent this week, a level not seen since April of 2017, indicating that there is little doubt as to the prefered cryptocurrency. This level of dominance also comes off the back of some good news for Bitcoin, bad news for the global political scene, and a renewed sense of understanding on Bitcoin’s scarcity. 

It has also led to one of Bitcoin’s biggest supporters, Max Keiser, making a prediction that many altcoins and forks of Bitcoin could soon be killed off, also believing that Bitcoin’s dominance will soon be as high as 80 percent. 

Part of his prediction was also a plea for the market to accept Bitcoin’s role as the only legitimate cryptocurrency and move their assets back into the major cryptocurrency and out of altcoin projects. 

A dead era

Keiser tweeted that he believes that the altcoin era is coming to an end as swiftly as it started.

He said: 

“Bitcoin dominance 68.2% — heading to 80% — as alts die in favor of BTC. The 2014-2017 era of alts and hard forks is dead. Don’t be the last to rotate out of alts into BTC.”

Indeed, leading up to 2017, when Bitcoin hit is high of $20,000, a slew of altcoins were spawned through ICOs and other methods. Many of these have already died, but there are still hundreds of others out there. 

Still, the altcoin market is a broad term as some coins are far less useful than others; considering Ethereum is an altcoin. In that regard, some coins do seem to have a space in the cryptocurrency environment.

recent analysis from the San Francisco Open Exchange (SFOX) suggests that something like Ethereum should continue to thrive alongside Bitcoin.

“This may support the idea that Ethereum is coming into its own as a blockchain that is publicly recognized as an asset on its own terms, much like Bitcoin. If this trend continues, it may become inappropriate to categorize Ethereum as an ‘altcoin’ on a par with other crypto assets that are not Bitcoin,” the analysis read.

Bullish on Bitcoin

Keiser is a well-known Bitcoin maximalist and has thrown his hat into the ring a few times when it comes to making predictions for the coin’s continued growth. This week, following decent gains for the coin, he predicted that $15,000 is in sight.

“I’m sensing Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.”

Bitcoin rocketed to over $12,200 earlier this week, however, it has slipped down somewhat to hover around the $11,500 market in what looks to be a small correction.
 

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