Topic: Altcoins purgatory? (Read 98 times)

So here we are and all crypto coins are dropping in price sharply. There were a lot of going on in recent days such as big transfer fees, lightning networking, segwit addresses, futures, hacked and stolen crypto accounts, samsung going into making asics, etc.

But one point I want to address here is huge diversity of new alt coins and an avalanche of ICOs pouring in. All that in my humble opinion is the main reason for this big short. There is no way for BTC price to stay on any level from around December of 2017 for this kind of money falling in on such and such appliance for any given token or altcoin. Thus BTC price had to come down and it came hard. But where it will stop? There is of course higher low from 2014 of 1200$ US or it could simply be one of the levels from fibs .236 like 3250$ US and maybe to go higher in two years? Will the price of BTC go to 50k, 100k or 120k it remains to be seen or it could simply go for and year or two like after 2014 (around 200$) and then go higher and again question mark.

https://imgur.com/iNpQDgL

Back in a days around 2015 I noticed one of the BTC price analysis of someone from Traidingview that price of bitcoin will go to 10k, 100k, etc with some time reference of year by year. Well I guess that guy was partially wrong as it went to 20k last year.

https://imgur.com/JBeIBpo

So on a final note I think bitcoin is here to stay and hopefully at one point it will be used as universal currency for the whole world. One reference could be Euro as it is nice for all tourists coming in Europe to exchange their currency into only one needed to visit all the magnificent places here. Mind the usual use of bitcoin for complex mathematical calculations, ease of purchase via mobile phone, etc. But finally we can get rid of vast number of unnecessary alt coins and stop issuing of so many ICOs.