Ted Rogers, the president of Xapo – a Hong Kong-based company dealing with Bitcoin wallets – has claimed that a shocking portion of the cryptocurrencies currently listed will be wiped out.
We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin
— Ted Rogers (@tedmrogers) August 14, 2018
Rogers further stated that now, when the market is down, is a good time to invest in more Bitcoin before it starts peaking again.
In response, Erik Voorhees of Shapesift.io, a company which offers global trading in digital assets, suggested that perhaps the market movements have more to do with the “extinction”.
So falling alts is an extinction event, and falling Bitcoin is a buying opportunity. Alternative theory: alts are more speculative, thus rise faster in bull and fall faster in bear markets.
— Erik Voorhees (@ErikVoorhees) August 14, 2018
The idea of Bitcoin dominance – whereby Bitcoin holds more than 50% of the cryptocurrency market trading volume – has been a topic that investors are not shy about. Tom Lee, CEO of Fundstrat, believes that Bitcoin dominance will make a huge improvement in the cryptocurrency space, saying that “Bitcoin is the best house in a tough neighborhood” and suggesting that investors should focus on the original cryptocurrency and ignore other altcoins.
At the time of writing, almost half of the 15 leading cryptocurrencies including Ripple, Cardano, IOTA, TRON, Dash, NEO, and NEM while Ethereum, Bitcoin Cash, Litecoin, and Monero have seen 80% or more dips.