“Altcoins Still Have A Long Road To Travel” says Famous Crypto Analyst

By Supriya Saxena
Published August 24, 2019 Updated August 24, 2019
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“Altcoins Still Have A Long Road To Travel” says Famous Crypto Analyst

By Supriya Saxena
Published August 24, 2019 Updated August 24, 2019

The crypto sphere has always been an interesting arena for discussions and several opinions and analysis make it even more of an interesting affair.

Source- Twitter

Recently, a famous crypto trader, analyst, and Bitcoin investor, Willy Woo has come up with an interesting case. He claims that, although Bitcoin’s technology is old, no other crypto asset has the potential to come close to the Lindy Effect that Bitcoin has established. As per the Lindy effect, the mortality rate decreases with time. Interestingly, with Bitcoin hogging all the limelight it recently proved CNBC’s Brian Kelly Bearish stance to be false and reclaimed its support above $10,000

Source- Twitter

He further asserted that when it comes to an investor’s point of view, the key deciding factor is –utility. In order, to establish the Lindy Effect, greater liquidity and longevity is needed. More importantly, Bitcoin will continue to assert dominance owing to its pre-established market value.

Source- Twitter

In a sardonic laugh, he mocked altcoins and said that altcoins owe their presence to people staking their assets in them. Furthermore, they lack utility valuation.

Source- Twitter

His tweets garnered some interesting responses from the crypto community, one of them even compared altcoins to comets. He laid special emphasis on Lindy effect and said it’s all just a matter of achieving the Lindy effect and only a few coins have achieved it.

Source- Twitter

Woo then traced back to the 2017 shitcoin boom and mentioned how altcoins lost 90-99% of their satoshi value.

Altcoins and the Cryptosphere

With all this being said, altcoins have indeed had a tough time surviving the crypto winters and reclaiming their space. Notwithstanding Bitcoin’s valuation, altcoins do have their fair share of achievements, be it related to their blockchains or price trends.

In another news reported, by Coingape Siam Commercial Bank Thailand has officially agreed to use Ripple to power cross-border payments through its Easy Pay app.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Supriya Saxena
216 Articles
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

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