Bitcoin has recently been dominant on altcoins, but from the past few days, the leading cryptocurrency is in a serious bleeding situation. While it is uncertain how long this continues. Since June 27, the bitcoin price has dropped from $14,000 by more than 22 %, leading the valuation of the crypto market to drop.
Despite the minor correction, the bitcoin price is up more than 210% this year to date as one of the best-performing assets in the global market.
While considering altcoins, popular faces of the crypto community, are trying to keep altcoin season alive. One of the well-known Crypto influencers John McAfee believes the real money will be made during altcoin season.
On July 14th, McAfee tweeted claiming, The present bearish trend of bitcoin is just a weekly fluctuation and he still believes bitcoin price shall reach $1million by the end of 2020. He slammed investors for freaking out over weekly fluctuations and reminded investors to recall Bitcoin price’s parabolic move over the past few months. Also, he highlighted that Altcoins like MTC and Apollo will rise ten times more.
John McAfee claims that Altcoins like MTC and Apollo will rise ten times more. he still believes that bitcoin price shall reach $1million by the end of 2020.
In response to this tweet, one of the crypto enthusiasts, Luciano Schipelliti asked Mcafee “When you say alts like MTC and Apollo will rise 10x more, you mean from the current price or do you mean the rate of growth will be 10 times faster than the rate of growth of bitcoin?”
Mcafee replied saying, “I mean ten times more than Bitcoin’s rise. How can people not see this? The density of the human brain astonishes me sometimes”.
On the other hand, Mcafee also believes that Privacy coins, in a world of crypto transparency, can’t lose.
Previously, McAfee claimed that “privacy coins will be the next big thing, and you can’t take that away.” He also clarified that he was referring to growth some altcoins especially those in the medical field and in privacy coins.
However, considering all the things, Whatever coins succeed, there is a good chance that we will soon see a pump in Altcoins as the Bitcoin rally eventually runs out of steam.