Over the past few weeks, the focus has gone from Bitcoin to altcoins.<\/p>\n
This is for good reason: due to a confluence of fundamental and technical trends, countless altcoins have seen explosive breakouts that have brought them dozens or hundreds of percent higher.<\/p>\n
Take the example of Chainlink (LINK)<\/a>, which is up by around 500% from its March capitulation lows as it has benefited from adoption by top crypto startups and China’s Blockchain Service Network. Or take the example of Cardano (ADA)<\/a>, which has gained approximately 800% from those same lows due to the impending launch of “Shelley.”<\/p>\n With such a strong rally, some analysts have asserted that an “altseason” has arrived. An altcoin season or altseason is a term that traders use to describe a period in the markets where non-Bitcoin cryptocurrencies strongly outpace the market leader.<\/p>\n According to a prominent commodities analyst, though, this sentiment is too optimistic. He commented in a recent Twitter post that in the long run, a vast majority of altcoins will trend towards a price of $0.<\/p>\n Optimistic investors think that the recent strength in the altcoin market will last forever.<\/p>\n But according to Peter Brandt, a commodities trader\/analyst with decades of experience, this belief is well too bullish. On July 14th, Brandt, referencing the chart of a cryptocurrency whose value has trended towards zilch against the dollar and against Bitcoin, commented<\/a>:<\/p>\n “Please speak up all you trolls that attacked me for telling you that $DIG was nothing but a huge scam. This chart will eventually describe 99% of all alt coins. But of course, your pet rock will not be one that flat lines.”<\/p><\/blockquote>\n Please speak up all you trolls that attacked me for telling you that $DIG<\/a> was nothing but a huge scam. This chart will eventually describe 99% of all alt coins. But of course, your pet rock will not be one that flat lines pic.twitter.com\/LI0EDDsNbf<\/a><\/p>\n — Peter Brandt (@PeterLBrandt) July 15, 2020<\/a><\/p><\/blockquote>\nRelated Reading:\u00a0PSA: There\u2019s A Crypto Scam on Youtube Misappropriating Cardano Content<\/a><\/h6>\n
A Vast Majority of Altcoins Will Hit $0?<\/strong><\/h2>\n
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