Legendary trader and technical analyst Peter Brandt believes that, unlike the 2017 bull rally, when many other cryptocurrencies also rose in price against the background of rapidly growing bitcoin, today such a scenario is unlikely.
“Cryptomaniac expects altcoins to repeat the same thing, but they can be very disappointed,” he wrote on Twitter.
Many altcoins benefited from the last bull run in $ BTC
Cryptomaniancs expect it again
2000 .com bubble is analog
Following 2001-02 tech collapse, dotcoms with real value exploded
The "alt" .coms went bankrupt
– Peter Brandt (@PeterLBrandt) June 27, 2019
Brandt’s comment was made while Bitcoin, having risen close to $ 14,000 earlier this week, went down sharply, at a certain point dropping to around $ 10,400.
Unlike bitcoin, a significant part of cryptocurrency, however, could not demonstrate the same recovery rates, and as Peter Brandt says, in this case, you can draw parallels with the dotcom boom in the early 2000s.
“After the collapse of technology companies in 2001-2002, dotcoms with real value showed an explosive growth rate. "Altkomy" went bankrupt, " – he added.
Note that this is not the first time when Brandt, who predicted the fall of Bitcoin by 80% in January of last year, is not drawing a very bright future for altcoins. So, in February, he compared them with the popular in the 1990s toys Beanie Babies, which after some time turned out to be “no useless rubbish”.
According to CoinMarketCap, currently there are 2,291 altcoins with a blockchain monitored on the market, but their share in the general market is less than 40%.
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