Every time Bitcoin sees price upsurge, what is normal is that altcoins follow suite. But this time around, Bitcoin appears to be recovering after it felt from its all-time high last year.
Bitcoin is speedily recovering and has more than half of what it lost in the last bearish scene that saw it trade around $3000 range.
For example, Ripple’s XRP was trading around $3.84 USD in the last cryptocurrency boom, but at the moment, it is changing hands at $0.39, an indication its price is 84% far from its all-time high.
The same holds for Ethereum and some other digital currencies. $1,432.88 remains Ethereum’s all-time high, however, it trades around $309.
The present situations among other things have made Veteran trader Peter Brandt say a large number of altcoins will perish.
Peter, recently said 95% of altcoins will die a natural death, He added that some of these altcoins will be worthless to the extent that Bitcoin will take 80% to 90% share of the total cryptocurrency market.
The statement has generated lots of condemnations from far and wide, to the extent that Veteran developer and crypto pundit John McAfee branded Peter’s knowledge as “stone age”.
To McAfee, privacy coins and medical coins, which he has been preaching in support of, will remain unmoved when others die.
At the time Peter said this, he was not sure of the altcoins that would remain after 95% of them die a natural death.
However, now, Peter Brandt said he would like Litecoin (LTC) and Monero (XMR) to remain after others have perished.
“I actually like the chances of XMR and LTC to survive, ” Peter said.
While the reasons behind Peter’s choice of Monero is because of its privacy, his reasons for selecting Litecoin is still not clear. However, Litecoin unlike others, are mostly adopted anywhere Bitcoin is accepted.
Litecoin, was created by former Coinbase and Google employee, Charlie Lee, as a silver of Bitcoin’s Gold. The digital currency was forked from Bitcoin.
For Monero, it is one of the major cryptocurrency with untraceable transaction history. This has been one major coin supported and fully backed by John McAfee.
Monero completely implements privacy procedures that hide the source of transactions. Unlike Bitcoin and others whose transaction history are traceable.