Most of us have no idea about what will happen in the future, we tend to look at things that have occurred in the past to predict how the future will turn out. Crypto market analysts always use this rule to check the previous trend of cryptocurrencies to know what lies in the future for the assets. Market analyst Mark Zoell, while posting on his Twitter page, stated that Bitcoin showed complete control in the crypto market after the two previous halvings that took place in the past.
Zoell noted on his Twitter page that according to the Data analyzing website, TradingView the leading crypto showed complete dominance in the crypto market after the halving that happened in 2016. He further stated that the value of altcoins tripled against Bitcoin when the laters metric volume went from 98% to 94%. He stated that he doesn’t expect that to happen this time around because the altcoins are making a downward trend against Bitcoin. He was quoted on Twitter as saying “BTC nuked right after the second halving. With a lot of ALT/BTC pairs currently making new lows, I think we might see the same thing this time”.
BTC.D nuked right after the second halving. With a lot of ALT/BTC pairs currently making new lows, I think we might see the same thing this time. pic.twitter.com/vc6uTTVHfl
— Zack Voell (@zackvoell) May 8, 2020
The downward trend on BTC was further reiterated by Chris Burniske, a partner with Placeholder Capitals stated in April that the leading crypto might soon lose its dominance in the market. He noted that the surge witnessed in the previous halvings may not happen this time around, “which points to standouts of the long tail being the opposite of worthless.”
Bitcoin Is Widely Adopted All Around The World
Things might eventually change after the halving takes place, but as of now, Bitcoin is the only known and widely accepted crypto all around the world. An analyst has been quick to note that the previous week has seen major altcoins crash against the Bitcoin. He said the reason for this is that most traders are leaving other altcoins to focus on Bitcoin.