Since the price of Bitcoin (BTC) exceeded $ 11,000 on September 16, the altcoin market has been hit hard. Some analysts believe that profits from the rise of alternative currencies and decentralized financing (DeFi) may have moved to BTC.
After a big bull run, or the so-called “alternative season”, the Bitcoin Dominance Index is in a downward trend. When this happens, it often results in BTC surpassing many altcoins in the global market.
Over the past two weeks, Bitcoin’s dominance has shown a double bottom, jumping from 59% to 61%. If the BTC dominance index continues to recover, this could lead to altcoins falling behind BTC in the near future.
F * ck altcoins: Curry says that Rogan Bitcoin is the best
Bitcoin’s dominance solidified just two weeks after internet founder and podcast host Adam Curry talked about Bitcoin on the JRE podcast with Joe Rogan. While on the air, Curry hailed Bitcoin as a value store, pointing to a 10-year overview of dominating cryptocurrencies in the markets.
Carey said he sold many bitcoins when they were around $ 900. He said:
“But let me tell you that the end of the world is coming and you need bitcoin. At least once. I was such an opponent of bitcoin that I sold a large amount for $ 900 and I could [make a lot of money]. ”
Since then, Bitcoin’s price has exceeded $ 10,000 and reached a peak of $ 20,000 by the end of 2017. Curry said that given its resilience over the past decade, BTC is a solid store with value.
During the podcast, Carey and Rogan discussed Bitcoin and the alternative cryptocurrencies they compete with.
Curry said he initially denied BTC and its potential as a store of value. Finally, after ten years, he said that Bitcoin’s resilience and vitality changed. He told Rogan:
“I got it for free. First, people gave it to me. I deny it, and when you look at ten years, you notice everything altcoins and everything. ”
Rogan responded by asking if there is a risk that Bitcoin will remain the dominant cryptocurrency. He wondered why other cryptocurrencies could not coexist, which could outweigh the potential risk of manipulation.
Rogan noted that all currencies that are most likely traditional currencies have been manipulated in one form or another. He said:
“This is a question about bitcoin. Is there a risk that this is a standard. For example, why are there no competing cryptocurrencies? Should we stick to one, and if we stick to one, is it possible to manipulate all currencies? ”
While Curry did not delve into the altcoin business, he simply said that Bitcoin’s ten-year record speaks for itself. There have been serious cycles where many altcoins have failed in the last 10 years, and BTC has been dominant.
Since the end of 2017, Bitcoin, Ethereum and XRP have remained in the top three cryptocurrencies. Apart from three, the other twenty leaders often changed. Curry explained:
“Data over 10 years have shown that Bitcoin is truly the only one you can trust. In my opinion, this is really the one you should not mess with. ”
How will BTC perform in the fourth quarter?
Historically, Bitcoin’s performance in the fourth quarter has been mixed. Over the course of two of the last four years, BTC has experienced a major correction towards the end of the year.
Given that the halving took place in May, and historical data show that bitcoin is trending up after 15 months of halving, it is likely that the fourth quarter of 2020 will be slow.
Analysts expect the first quarter of 2021 to be higher than Bitcoin.