- Synthetix founder believes Bitcoin will barely move in this market cycle
- Winklevoss brothers disagree with Warwick, saying Bitcoin is poised to go parabolic
- Analysts expect Bitcoin dominance to drop significantly
Bitcoin News Today – The past couple of weeks have been really favorable to Bitcoin, as the digital currency has surged by about 30 percent in the past month. However, one pioneer in the digital currency space said that Bitcoin might not record any major gains in this market cycle.
Bitcoin May Not See Major Gains in this Cycle – Synthetix Founder
Kain Warwick – the founder of Synthetix – thinks that the benchmark digital currency may be a dormant investment during this cycle. On Aug. 30, Warwick took to Twitter to say that “there is a huge possibility that Bitcoin will not move as this bull market plays out.”
To back his sentiment, the founder pointed to the fact that money entering the digital currency space does not stick with BTC, but it is distributed across altcoins rather. His tweets state:
“There is a very real chance that BTC barely moves as this bull market plays out. The days of BTC as on-ramp to crypto are over, it’s being bypassed almost completely as new money comes in primarily via stablecoins.”
Bitcoin (BTC) Price Today – BTC / USD
However, many seem to disagree with him. The co-founders of Gemini Exchange – Cameron Winklevoss and Tyler Winklevoss – recently said that BTC is poised to go parabolic in this cycle because of potential inflation. The Winklevoss brothers said:
“Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or bitcoin will outrun the scourge. And money stored in bitcoin will run the fastest, overtaking gold.”
Altcoins Might Outperform Bitcoin in This Market Cycle
Many do not agree with the sentiment that Bitcoin will barely move as this bullish market cycle beings. However, an increasing number of commentators are agreeing that Bitcoin would be the overall underperformer. The Spartan Group’s Kelvin Koh – an Hong Kong-based digital currency venture and hedge fund – recently said that the dominance of Bitcoin may plunge significantly in this market cycle.
He also said that the dominance of Bitcoin has been on a “steady downtrend’ and it would eventually “plunge below the lows of January 2018, at 33 percent, in the current DeFi bull market.”
BTC dominance has been on a steady decline for the past 12 months. I expect this ratio to fall below the Jan 2018 lows (33%) in the current DeFi bull market. We are currently at 59%. Still a long way to go.