Skip to main content

MAJORITY BELIEVE BITCOIN WILL OUTPERFORM ALTCOINS FOR THE NEXT 30 DAYS



According to a recent poll, the majority of people think that Bitcoin will outperform altcoins in the next 30 days. Moreover, information also reveals that the number of people who are holding altcoins has decreased since the beginning of April.



People Think Bitcoin Will Continue To Outperform Altcoins




Perhaps somewhat unsurprisingly, the majority of those who voted (53%), think that Bitcoin will outperform altcoins. The poll saw a total of 1532 votes.
Crunching the numbers, we can see that Bitcoin managed to increase by a total of 175% during 2019. More importantly, the cryptocurrency is behaving relatively stable and even though it saw a decline of around 27% since its yearly high, it doesn’t mark any violent declines.



The situation is far from the same with altcoins. While a lot of them are up in the positive on the year-to-date chart, their recent performance in the past few months is looking bleak. Ethereum, for instance, lost 45% since its yearly high. Interestingly enough, Binance Coin (BNB) lost almost the exact same number.
Things seem even worse when we see how altcoins are performing against Bitcoin as most of them are reaching long-term lows and show no signs of stopping the fall. BNB, for example, lost more than 55% of its BTC value since its peak this year but remains up for the year. ETH, on the other hand, is down almost 50% against BTC since January 1st.
Despite the magnitude of news coming up regarding altcoins, we can see no actual impact on their price and it appears that investors are no longer buying it. As Tech Tic reported earlier this year, the main difference is that Bitcoin has already proven its use case while the majority of the altcoins have yet to do so.



Investors Losing Confidence In Altcoins



It’s also worth noting that it appears that investors are losing faith in altcoins. Popular Twitter account DonAlt did a series of polls, starting back in April. As we reported back then, 47% of investors had between 60% and 100% of their entire portfolio allocated into altcoins.
He did the same poll at the end of august and that number was reduced to 38%, while the number of people holding between 0% and 19% increased to as much as 43% from just 23% in April.
This means that people are increasingly reducing their expositions to the altcoin market. Given all of the above, we can see why.

Comments

Post a Comment

Popular posts from this blog

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more

John McAfee: Bitcoin Is Ancient Technology, As Ford Model T For Cars

American entrepreneur and controversial crypto figure John McAfee, who boldly predicted that Bitcoin would be valued at $1 million by the end of 2020, has openly lashed out on the leading cryptocurrency, referring to it as an ancient technology due to several limitations. This comes as a blow, considering that he was one of the biggest promoters of Bitcoin and crypto in general over the last few years. McAfee believes that being the first blockchain to exist does not make Bitcoin the “future.” In his opinion, there are newer blockchains with enhanced features that solve the flaws of the Bitcoin blockchain, just as the Ford Model T automobile of 1908 was replaced by more sophisticated cars. The 74 years computer programmer and billionaire has always been an advocate of decentralization and privacy. In fact, he has spent a great deal of time on the run while preaching against central authorities like government, and as such, privacy is a big concern for him, one of the features w...
Post a Comment
Read more

South Korea Won’t Tax Cryptocurrency Profits, For Now

Good news for cryptocurrency traders in South Korea as profit generated from crypto trading will not be subjected to tax, according to a recent announcement from the country’s Ministry of Finance and Strategy. The Ministry clarified that the current tax law does not consider crypto trading gains as taxable income; thus, Korean crypto traders are not required to pay taxes on the profits they earn from crypto trading for the time being.  However, crypto traders in the country may not be exempted from taxation for a long time. An official of the Ministry said that the Ministry is aware of the loophole in the current tax law, and they are currently reviewing the regulations in major foreign countries so that they can amend theirs in an effective way. “The income tax law is only taxable on income listed as taxable. We are preparing a taxation plan for virtual assets by comprehensively reviewing the taxation of major countries, consistency with accounting standards, and trend...
Post a Comment
Read more