Despite the massive losses from the corona crisis, Bitcoin has had a good year so far in 2020. Year-to-date performance up to yesterday’s Sunday was over 25%, making BTC even outperform the US S&P 500 index in the first half. However, these price gains seem almost meager compared to the plus that some altcoins have had this year. Examples include Ethereum with + 72% and Tezos with + 65%.
Bitcoin dominance can be deceptive
But this glow of dwindling Bitcoin dominance can be deceptive. While some see a new Altcoin rally like 2017, others are not so sure about this. A well-known top trader from the crypto sector is more of the opinion that there will be an extinction of altcoins before the next long-awaited Bitcoin Rally. What is the point of his thesis?
Altcoin extinction before the next Bitcoin rally?
The top trader from the crypto sector is “Joe007”, who has made a name for himself by positioning himself at the top of the Bitfinex leaderboard. In a new Twitter post on July 3rd, Joe007 makes a bold thesis when he writes that in his opinion an Altcoin “mass extinction” will come before a possible next Bitcoin rally. Specifically, he wrote:
“I believe the mass extinction of shitcoins will likely precede the next Bitcoin rally. Make what you want out of it.”