YouTube Star Says Bitcoin Could Lead The Way For These Three Altcoins To Fly
Story by: Benjamin Pirus
As bitcoin, crypto’s largest asset, continues to consolidate in price, numerous other non-bitcoin crypto assets, known as “altcoins,” are showing a little bit of life in the price department after months of losing value. Nicholas Merten, host and creator of one of YouTube’s top-subscribed cryptocurrency channels, DataDash, listed three altcoins he expects the most growth from over the next year.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
“At the current moment, taking a look at [bitcoin] market dominance, it does look like we’re starting to enter into a trend shift where altcoins can start to gain as we retest back toward bitcoin’s highs at $20,000,” Merten said to me in a September 19 interview. “The last two [altcoin cycles] that we had were at the end of the overall bitcoin cycle where bitcoin reached $20,000,” he explained. “The first one happened at the beginning of 2017 when bitcoin retested its highs at $1,100.”
Bitcoin (BTC) has had a fantastic year in the price category, rising from under $4,000, to more than $13,000 per BTC according to Messari’s price data, in what could be labeled as a storybook comeback. In contrast, the altcoin market, composed of more than 2,800 crypto assets, as listed on CoinMarketCap.com, has had a rocky year.
The tides could be turning for altcoins however, as shown in Merten’s reference to bitcoin dominance, a metric that shows the amount of money invested in bitcoin compared to altcoins. Merten commonly references this metric on his YouTube channel, which touts more than 320,000 subscribers and over 21 million views, according to his channel’s analytics page on Social Blade.
As the dominance and growth of crypto’s top asset increases, Merten said he sees money eventually funneling into other areas.
“As bitcoin does increase over time, as we tend to see a general growth in bitcoin’s price, we tend to see more risk taking in different types of digital assets. As more liquidity has entered into bitcoin, you have the ability now, through exchanges, for that liquidity to exit into other alternative investments. Sometimes that can be rampant speculation, and, in other cases, it can be driven through fundamentals. I believe this time around, in this cycle, were going to see more going toward fundamental developed projects that actually have real demand.”
by 