In past, Bitcoin has enjoyed its supremacy alone in the crypto market when the altcoins were not considered an option by 90% buyers. The situation has changed now as altcoins now share a significant size of market share.
The reason is that altcoins observe Bitcoin minutely and then avoid the loopholes faced by it to provide buyers a better option. Recently, Bitcoin has remained in the spotlight for much of the time but unfortunately, not positively. Most of the times when it was in the headlines it was because of its devaluation. Bitcoin has certain loose ends which need to be tied such as volatility, longer transaction time and higher fees. The Bitcoin vs. altcoins comparisons will never come to an end because of market dynamics changing rapidly and notably.
Chief executive officer of Pantera Capital Dan Morehead said in an interview with Bloomberg that he is searching for an option other than Bitcoin which can provide big returns. He said that we are not in 90’s anymore and we have plenty of options to invest.
Ethereum, Palkadot and some other digital currencies have undoubtedly surpassed the leader- Bitcoin. At the present time, Messari’s data shows the yearly profit of Bitcoin at 12.64% only while Etereum and Polkadot stand at 164.25% and 88.09% respectively.
In the present circumstances altcoins look more convincing than Bitcoin but still if Bitcoin is compared with traditional assets, it still tops the chart. Cryptocurrencies are out-performing physical assets according to Morehead.
Dan Morehead shared that his asset management company’s hedge fund has seen a growth of 240% in this year which is a better figure when compared with Bitcoin. His company has achieved these results by sticking with Ethereum and Polkadot only.
The crowd metric shows that investors are still more interested in Bitcoin more than the alcoins as social volume of Bitcoin is 1173 while that of ETH and DOT is 474 and 43 respectively. The reason was explained by Morehead that it is the right time to buy Bitcoin because of the temporary cheapness.
He added that by the end of this year, Bitcoin must have seen a 200% increase in its price. This means that by the year 2031 Bitcoin would be trading at $12 million. These statistics are quite satisfactory amid these ongoing financial crises seen by Bitcoin. With countries legalizing digital currencies and people still buying them shows that future belongs to Bitcoin.
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