Bitcoin vs altcoins — this is a long battle that comes with ever since created the first altcon and began trading on cryptocurrency exchanges. However, since then the market has changed. The bitcoin price has overcome the previous top at $1200 in the cryptocurrency began the influx of new users who learned about what ICO is, and how profitable they are. For example, on may 31, 2017: when was the ICO Basic Attention Token (BAT), one of the biggest ICO in history. All tokens were sold at a price of $0.035 for a few days. Soon one BAT token already given $0.30.
Other ICO also showed a high profit in a short time. Because of this, people started buying bitcoins for the investment in ICO.
A considerable number ICO take the basis of the tokens on the basis of the ERC 20. The necessity of their purchase to reduce the dominance of BTC on the market at some point below 40%. At the same time ethereum tokens and other platforms for the ICO has increased significantly. Fever and ICO altcoins reduced the significance of the main crypto currencies, but since then it went back to 64% market domination.
The peak of bitcoin prices at $20.000 only 37% lower in comparison with the current price records. However, compare its graph with graphs of other crypto-currencies of the Top 10. Let’s start with the third number among the cryptocurrencies of the good old XRP, which fell to 88% from ATN. So I think again if bitcoin reaches the price of $20,000, XRP will not overcome its peak and very good if expensive twice.
EOS in comparison with ATN fell by 75%, and again I think that when the price of bitcoin $20,000 EOS will not repeat his record.
Similar story with ethereum, which is below its ATH by about 78%.
Among the cryptocurrencies were “upstarts” such as BNB, but in General, according to Coingecko, they lost 70 to 90% of the cost.
And it’s the TOP 10!
I have a prediction, which partly goes against the General opinion. However, it is based on some obvious things. I said that there is a possibility of manipulation of the tether and the New York AG has released the investigation in Chapter 22 which is the real bomb.
It signed an agreement to lend tether a new York-based firm Galaxy Digital LP, which is engaged in cryptocurrency trading that is associated with BitFinex. Let’s see who the founders of Galaxy Digital LP, and a good old Mike Novogratz. In April of this year Mike wrote on Twitter that the Galaxy Digital LP has nothing to do with BitFinex or Tether. However, the New York AG will lead Mike to clean water and we learn about his agreement with BitFinex: how they type tether, give them a loan traders and manipulate the market. What is the driving force? Bitcoin and only him. You can even hear it in direct speech Mike Novogratz, in his CNBC interview. This will allow us to take another look at the EOS, Ethereum and similar projects. They claim to be Web 3.0, but they are still linked to bitcoin, and the price of BTC is determined by manipulation of the tether.
And if tether will sell for futures bitcoin, the dominance of BTC will rise and may reach 80%.
Altcoins, having independent value will grow significantly, other altcoins will drop in price and improve its position only when the new fall of the level of dominance of bitcoin, at least until the current indicators in the region of 50%. In any case, altcoins do not expect any sudden movements as long as Bitcoin will not reach $20,000. This month the market may be exciting if the judges will check futures transactions on the Bitcoin, and on July 29 we receive the court decision regarding BitFinex. So Bitcoin is not just another frustrate our applause, in contrast to the violas.
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