Anthony Pompliano (a.k.a Pomp) boldly claims that almost altcoins will eventually be worthless while sharing too bullish sentiments on Bitcoin, the world’s largest cryptocurrency.
Bitcoin is currently approaching the dominance level of about 70% which might be the one key reason why few famous figures of crypto industry always have positive sentiments towards the future of Bitcoin. Very recently, Anthony Pompliano (pomp) who is an American investor, co-founder of Morgan Creek Digital Assets and the first person to utter “Long Bitcoin, Short Banker” phrase took to Twitter and shared his views on Bitcoin and Altcoins.
All Altcoins Will Eventually Be Worthless – Pomp
As always, he encouraged how well crowning cryptocurrency, Bitcoin flourished in the global financial market within just 10 years and remarked;
It only took 10 years for central bankers to go from unaware of digital currencies to calling for one as the global reserve currency. This is moving much faster than almost anyone expected
Pomp’s tweet quickly received significant interaction from the crypto community, having around 1.7K tweets at press time. The community too responded to Pomp’s view and one such Twitter user asked Pomp to share his view on the future of Altcoins. In response to a tweet that stated “when will altcoins skyrocket” Pomp said, “almost every altcoin will eventually be worthless”. He justified his claim, adding that “there will be o liquidity and they will get delisted from exchanges”.
Almost every single one of them will eventually be worthless because there will be no liquidity and they will get delisted from exchanges.
— Pomp 🌪 (@APompliano) August 24, 2019
Bitcoin has been on the top of other cryptocurrencies, witnessing its existence as the largest crypto asset since its emergence. Despite the entry of thousands of cryptocurrencies, only a few were able to manage under the list of top 10 tokens on Coinmarketcap (CMC). As the crypto market is too volatile, the potential future of any cryptocurrency can only be witnessed at the respective time.
Per the graph of Coinmarketcap, Bitcoin is currently experiencing a decline of almost 2 percent over the past 24 hours, adversely affecting the volume of other cryptocurrencies. As such Ethereum which is the second largest cryptocurrency is plummeting with 1.74 percent, XRP with over 1.20 percent, Bitcoin Cash with 2.07 percent, Litecoin with 1.54 percent over the past 24 hours respectively. Also, other cryptocurrencies are following the suit.
Bitcoin’s Actual Dominance is 90% – Report
In addition, it is worth reminding that the data leaked out by Arcane Research argued that Bitcoin’s actual dominance is 90% while it is hovering at around 70%. If the research turned out to be true, there might be a tough time for Altcoins to survive in a crypto market where top cryptocurrency is robustly dominating the whole market. The research report adds that;
“It is notoriously difficult to compare and contrast different projects targeting different niches…For crypto, one could argue that the whole idea of measuring the relative strength of different coins and tokens falsely implies a competition between complementary solutions.”
Image Source – Yahoo
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com