Max Kaiser: “Altcoin phenomenon is over”

The well-known cryptocurrency trader and TV presenter Max Kaiser believes that the altcoin season will not come, and the dominance of Bitcoin in the market will continue to grow.

In a conversation with CNBC, he said that thanks to the use and improvement of technologies such as Segregated Witness and Lightning Network, people are beginning to understand that Bitcoin can be a means of accumulating capital, as well as being used to implement micropayments due to scaling outside the main network. Kaiser noted that this forced investors to send money back "to the most secure network."
Kaiser believes that over time the Altcoins will disappear altogether, because all the money will go into the first cryptocurrency.

“The altcoin phenomenon is over,” he said, adding that the bitcoin dominance index may well grow from the current 60% to 80% or even 90%.

A few days ago, trader Peter Brandt shared similar thoughts. He believes that this time Bitcoin will not become a catalyst for the growth of the entire market.

“Many people want a repeat of 2017, when the growth of Bitcoin made other assets increase in price. This time the script may not repeat. ”

Note that, at the moment, Bitcoin has already lost about 30% of the local peak and is trading at around $ 9,900. Over the past 24 hours, the rate of the first cryptocurrency has decreased by 11%, and the bitcoin dominance indicator has reached 60.2%.
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