Bitcoin has started to consolidate its price uptrend after the downtrend that brought it closer to losing $9,000 support level. BTC has again increased its market dominance against Altcoins in the cryptocurrency market to 70.2%, a feat it last attained two years ago.
BTC’s present price action in the market prompted the experienced trader, Peter Brandt to point that Altcoins are to Bitcoin what Lead is to Gold, but added that Ethereum (ETH) and Litecoin (LTC) are with brighter future compared to other Altcoins.
Few days ago, Bitcoin price went plummet in the market, coupled with other digital currencies. The largest cryptocurrency by market cap lost about $700 within few minutes, which aided it to trade below $9,400. Crypto pundits even envisaged the possibility of BTC losing $9,000 support level and trade around $8,600 price region, due to the rate at which the digital currency was depreciating.
However, the crypto market is beginning to record some gains over the last few hours. BTC is leading presently, setting the pace for others digital coins. The extent of its increase is boosting the hope of Bitcoin maximalists, enthusiasts and investors in the cryptocurrency sphere.
At the time of filing this report, BTC is trading at $10,418.34, with relatively 6% price upsurge in the last 24 hours. According to CoinMarketCap, Bitcoin’s market cap is $265,635,146,750, with $60,316,899,428 24H volume. The digital currency has also increased its market dominance to 70.2%.
Peter Brandt Says Altcoins are to Bitcoin What Lead is to Gold
Peter Brandt, the trader that claims to possess over 40 years trading experience has consistently been a real fan of Bitcoin due to the tons of comments he has had in favour of Bitcoin against other digital currencies.
In his recent tweet, Brandt pointed that the believers in Altcoins should earlier realise that Bitcoin is the only cryptocurrency with real and lasting value, stating that other digital currencies are to Bitcoin what lead is to Gold.
He said “When will altcoin junkies understand that BTC is the crypto with real and lasting value. Altcoins are to Bitcoin what lead is to Gold”.
Peter Brandt Later Says Ethereum (ETH) and Litecoin (LTC) are Ahead of other Altcoins
Peter Brandt was quick to throw his weight behind Ethereum (ETH) and Litecoin (LTC) after a considerable response from one of his teeming followers.
The follower identified as AJ LaBella responded by pointing to the use cases of both Ethereum and Litecoin, which exempt them from being devalued like other lower Altcoins.
To corroborate his assertion, Brandt averred that LTC and ETH are far better than the rest of other digital currencies, as he specifically pointed that majority of other cryptocurrencies will cease from existing in five years’ time.
Actually LTC and ETH have far more going for them than the rest of the junk pile. 99% of other cryptos will be forgotten five years from now.
— Peter Brandt (@PeterLBrandt) September 2, 2019