Crypto VCs: Bitcoin approaching $100,000 will kill Altcoins
- Bitcoin rises to dominance again.
- Bitcoin’s hegemony may continue to grow.
As per various Crypto VCs, Bitcoin’s rise in price and dominance can kill off the altcoins. As of now, Bitcoin is sitting at 55.8% up from lows of around ~35% at the peak of 2018’s bubble. Led by cryptocurrency adopters Max Keiser and Stacy Herbert, Heisenberg Capital asserts that Bitcoin’s hegemony may continue to grow. They tweeted:
"We see the market rejecting everything, except BTC.
This has been our dominant investing thesis since 2011.
We’re doubling down on Bitcoin Maximalism with new capital.
As BTC climbs toward our 2011 target of $100,000, we believe everything except BTC will die-off."
Most of 2013’s top 20 crypto assets companies have suffered declines with projects like Ethereum, Monero, and EOS ousting Namecoin, Peercoin, and Feathercoin. While the new projects have more credibility than the old ones, some analysts like Blockstream’s Samson Mow don’t feel that they have the needed staying power.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
