Anthony Pompliano is well known for his unwavering confidence in the future of Bitcoin, but it seems the Bitcoin bull has barely any confidence in the future of altcoins.
This weekend, the Morgan Creek Digital Co-Founder was asked on Twitter when he believes altcoins will ‘skyrocket’, his response was blunt.
“Almost every single one of them will eventually be worthless because there will be no liquidity and they will get delisted from exchanges.”
Pompliano wouldn’t be drawn into discussion about what altcoins he believes will survive his dire forecast.
Bitcoin dominance strong
Bitcoin’s cryptocurrency market dominance has been rising steadily over the past 12 months.
According to CoinMarketCap data, after hitting an all-time low of 33.47% in January 2018, Bitcoin market dominance currently now sits just below 70%.
Recently however, an analysis by Arcane Crypto suggested Bitcoin’s dominance may actually be closer to 90% when liquidity is factored in.
“Having an appreciating and valuable token is generally a good sign for a project, and in that regard Bitcoin is by far the king of crypto, with a reported market dominance approaching 70%. However, this measure is deeply flawed and actually underestimates the relative strength of Bitcoin in terms of relative valuation,” stated Arcane Crypto’s Norwegian news portal, Kryptografen.
“Adjusting for liquidity by calculating the volume-weighted market capitalization, bitcoin’s market dominance is pushed well above 90%. This is true whether we use the volumes as recorded on CoinMarketCap, excluding stable coins, which are representations of other assets rather than “true” cryptocurrencies, or only look at the ten exchanges identified by Bitwise as those having “real” (not wash trade) volume.”
Horizon State collapse
Pompliano’s comments come just days after prominent Australian cryptocurrency project, Horizon State, shut down.
Horizon State’s cryptocurrency, The Horizon State Token (HST) is now worthless after trading above US$5.00 in January 2018.
The company’s directors blamed the collapse on court action taken against it by company co-founder, Oren Alazraki.
Almost every single one of them will eventually be worthless because there will be no liquidity and they will get delisted from exchanges.
— Pomp (@APompliano) August 24, 2019
Some still believe in Altcoins
While responses to Pompliano’s altcoin warning were largely in agreeance, many altcoin bulls were left outraged.
“Without actual details from you, this seems like simple fear-mongering,” wrote one twitter user.
Recently, Micky reported on a bullish altcoin prediction made by controversial cryptocurrency figure, John McAfee.
McAfee said atlcoins would experience “ten times the rise of Bitcoin”.