Barry Silbert: This is The Time for Quality Altcoins to Surge with Bitcoin

[sirty143]

Several cryptocurrency analysts have opined that the altcoin season is near even though Bitcoin, the top cryptocurrency by market cap has shown more gains in the past few months. Like these analysts, Barry Silbert, founder, and CEO of Digital Currency Group, a venture capital company has stated that it’s beginning to feel like the right time for quality altcoins to catch up with Bitcoin.

It Feels Like the Time for Quality Altcoins to Catch Up with Bitcoin

In a tweet on July 10, 2019, Barry Silbert said it’s beginning to feel like the right time for quality altcoins to catch up with Bitcoin (BTC). According to the CEO, the bottom is in; an opinion that has also been aired by some professional cryptocurrency traders.

However, a comment of this nature does not go unawares and that being the case, the crypto community was quick to support or throw tantrums at the CEO’s remarks. The first class of people is those who applauded the remarks stating that Silbert is right with his prediction and its definitely time for altcoins to spike significantly in price.

Pierre Rochard, a software engineer, for instance, remarked that without a doubt, altcoins can certainly pump. In Rochard’s opinion, he is not making a trading call, however, his prediction is based on his observation of fundamental monetary economics.

Rochard also said:

“If you’re using bitcoin as the unit of account for your bag of “quality alt coins” then you are confirming the toxic bitcoin maximalist thesis. Monetary economics is real!”

Altcoins May Also Rally with Bitcoin

Crypto enthusiasts who also made comments were quick to point out certain altcoins which they think could be among those that could potentially rally along with Bitcoin. Notable among this, is XRP, the third largest cryptocurrency by market cap. The virtual asset seems to have found favoritism among enthusiasts.

On June 18, 2019, Barry Silbert had revealed that he truly appreciates how unstoppable Bitcoin truly is. His comments were made in reference to a tweet by a media outlet that House Financial Services committee chairwoman, Maxime Waters has asked Facebook to temporarily halt the development of its Libra cryptocurrency.

The crypto market, on the other hand, is currently facing a downtrend after Bitcoin which surged to the $13,000 price level for the second time this year took a plunge. While the price of most altcoins did not rally alongside with it since they were mostly dumped, the sudden dip in Bitcoin’s price still affected them as well.

Source: ZyCrypto

[Alcor]

We hope that this will be so. First of all, I want to believe that ethereum will grow. This coin, in my opinion, is too underestimated now.
As for the other promising altcoins, of course, this year their backlog from the price of bitcoin was too noticeable. Probably, it is already time to catch up with them in the price plan Bitcoin.

[Noverteno]

Of course, if bitcoin in the first half of the year has increased in price by three to four times, then time must come sometime and altcoins will grow in price. I really hope so, since many of my tokens are practically without movement.

[Betim]

Some altcoins really grow well with Bitcoin, but I'm not sure that XRP and Libra are a good example of those altcoins that show high growth rates. I think that there are more promising projects, for example, NEO, EGT, EOS, TRON, LTC and many others.

[kaleemmalik]

No doubt it will increase.. as it seems that the prices of bitcoin are increasinh so definatly  the prices of other altcoins must increase...

[MrSpasybo]

Bitcoin has lost its momentum, perhaps because of Libra and Trump, hope that this is an opportunity for Altcoins to rise. Waiting for the price increase of Ethereum and Tron, then the Dapps on these two platforms.

[ZionRTZ]

XRP of course! Is it because they can always pump whenever they want being a centralized crypto?

As much as we wanted altcoins season to start but it may not be happening anytime soon. Not unless bitcoin moves sideways for a very long time.

[Betim]

Taking into account the fact that domination periodically moves from Bitcoin to altcoins and back, it is logical to assume that the altcoins season should start soon. Moreover, Bitcoin domination lasts long enough and has already reached high, at any moment the capitalization of Bitcoin can start to change to altcoins.

[Niteroy]

There are many promising altcoins, but so far it is not noticeable that altcoins begin to grow in relation to bitcoin. Perhaps the dominance of Bitcoin for some time will continue to increase and only when interest in Bitcoin decreases and investors begin to look in the direction of altcoins then will the growth of dominance of altcoins begin.