Popular cryptocurrency analyst Benjamin Blunts believes that although altcoins can perform better than BTC in the short term, Bitcoin’s dominance will increase in 2021.
btc dominance with a clear breakdown and now retest as we saw in late 2019 indicating alt outperformance.— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) June 30, 2020
my hypothesis is btc keeps distributing or even breaks down and money flows from btc into the better performing low-mid cap alts causing a snowball effect. pic.twitter.com/YLP53prCPx
At the same time, Blunts admits that in 2020 altcoins are better than bitcoin, and this trend may well continue in the near future. The analyst believes that by October of this year, the dominance of the first cryptocurrency will continue to decline and reach 60%:
“We see that the level of dominance is falling, and will test levels at the end of 2019.”
Note that in their letter to investors, Pantera Capital analysts also are of the opinion that in the near future altcoins will perform better than the first cryptocurrency. True, they encourage careful selection of coins for investment.
In addition, the growth of altcoins is facilitated by a sharp increase in the decentralized financing market, which has been observed recently – only the capitalization of the Compound protocol has exceeded $ 1 billion.