Peter Brandt has indicated through his social networks that we could be facing an imminent season of altcoins. However, this will happen before the majority falls into the precipice of oblivion.
Before talking about altcoins, it’s important to note that an Altcoins, or Altseason, Season is the term used in the crypto market for a period when the non-Bitcoin cryptocurrency market far outperforms the leader.
With this in mind, over the past few weeks, a wide variety of altcoins have seen significant price spikes. In fact, on July 9, Peter Brandt noted that Ethereum (ETH) saw a significant breakout in its ETH / BTC pair.
Other examples are Chainlink (LINK), which has risen around 500% since March, and Cardano (ADA), which has risen 800% from its lows due to the imminent launch of “Shelley“
Obviously this has led many analysts to consider that we are facing an imminent season of altcoins, Peter Brandt being one of them.
Optimism before falling off the precipice of oblivion
However, according to the analysis carried out by Peter Brandt, this Altseason could be too optimistic, especially since many think that this trend will last forever.
But, Peter Brandt considers that at some point 99% of Altcoins will tend to a price of $ 0.
This was expressed by the analyst through a Tweet where he refers to the graph of a cryptocurrency whose value has tended to zero.
“Please speak to all the trolls who attacked me for telling you that $ DIG was nothing but a big scam. This chart will finally describe 99% of all alternative currencies. But of course, your pet rock will not be one of the flat lines. ”, noted in the Tweet.
However, it is not the first time that said analyst has made any comments against altcoins. In fact, to be more precise, at the time I point out that 99% of altcoins should be in the “garbage pile”.
Likewise, Brandt at the time made the exception that among that 1% are cryptocurrencies such as Ethereum and Litecoin.
At the moment, the basis on which analysts rely to project such behavior from Altcoins is that Bitcoin has the potential to overcome them because the macroeconomic environment has never been so favorable.
What do you think? Will Bitcoin continue to be king? Only time will tell.