Jun 14, 2019 18:00 UTC
Jun 14, 2019 at 18:40 UTC
By& Rushali Shome
Bitcoin has risen in price to $8400.95 (at the time of writing, according to data collected from Coinmarketcap) and a bull run seems clearly imminent. However, according to certain experts, this upsurge in the pricing of Bitcoin could have a detrimental impact on the fate of altcoins. In fact, analyst Alex Kruger has posited another reason for a possible decline in the viability of altcoins. We have reported on how Binance has opened a new US-specific portal. Now, if that were to offer a smaller range of altcoins for trading because of regulatory restrictions, that could end up having an adverse effect on the fate of the altcoins in popular use.
The Twitter account of Binance CEO Changpeng Zhao, or CZ, as he is lovingly called in the crypto circles, has noted that there might be certain restrictions accompanying the coming of the US-specific portal of Binance. The CEO of the top cryptocurrency exchange has however, pointed out that short term pains may be the prerequisite to long term gains. Now, whether or not this will really affect the performance of altcoins like Kruger believes, will remain to be seen over the course of the next few months.
Interestingly, many of the top altcoins have found themselves in the red even as Bitcoin has been enjoying its time in the sun. While second largest crypto currency Ethereum (according to market cap) has seen its price fall by 1.11%, Ripple, the third largest currently, has experienced a 1.64% decline. Litecoin, Bitcoin Cash, Binance Coin etc. have also seen declines.
As the crypto market approaches a phase of maturity, are we really moving towards an altcoin winter? Judging by the falling numbers, it seems Alex Kruger might have been right in his analysis. Yet, we have little choice but to wait and watch. Considering how volatile and unpredictable the crypto market can be and usually is, only time will tell if an altcoin winter is inevitable.
Rushali Shome is a history undergraduate with a keen interest in puns, politics and beyond. When not typing away furiously in the “Notes” section of her phone, she can be found trying to catch the eye of servers at restaurants or weddings for a second helping.