Wilson Withiam, a leading Research Analyst at Circle – a financial services company for digital assets, has stated that apart from Ethereum that happens to be the closest Bitcoin rival, the year 2020 might be less promising for other Altcoins.
Wilson made the declaration after drawing an inference from a research he made on crypto transaction volume in the year 2020.
Wilson, who also runs business development at CoreChain, a B2B payments solution that leverages distributed ledger technology and operates the local chapter for DappDevs, made the proclamation via his Twitter page while participating in the Messari’s 150+ speaker virtual event for COVID relief.
In a response to Qiao Wang’s article on how the recession will affect crypto, Wilson said it has been noted that crypto is dollarizing at a rapid rate because the world sees the USD as a great store of value.
Wilson revealed in his research that about 90% of crypto trading volume in the year 2020 is all about 3 cryptocurrencies, Bitcoin, Tether, and Ethereum.
He then said this is no doubt a good sign of progress for the three cryptocurrencies, but a negative one for other crypto alternatives.
“This consolidation at the top depicts a favorable environment for projects built around BTC, ETH, or stablecoins. But it is less promising for BTC and ETH alternatives Bull runs spark widespread interest in new networks. Uncertainty elicits the opposite,” Wilson said.