Bitcoin Will Rebound, But Altcoins are ‘Never Coming Back’: BitPay Exec.

[SuperBazooka]

Bitcoin Will Rebound, But Altcoins are ‘Never Coming Back’: BitPay Exec.
A top executive at one of the oldest and largest cryptocurrency payment processors said that he firmly expects bitcoin to rebound within the next year but that altcoin prices may never again see their early-2018 peaks.

Sonny Singh, chief commercial officer at BitPay, said during an interview with Bloomberg that his firm has “never been more bullish” on cryptocurrency, noting that adoption and infrastructure development is moving “full speed ahead” even as the market has shed approximately 80 percent of its value from its January peak.

However, he notes that this infrastructure development has largely been concentrated on a single cryptocurrency — bitcoin — which Singh expects to steadily eclipse the bulk of its supposed disruptors.

“[Altcoins] will never come back, I believe, in the same way, a bitcoin will come back. You know, Fidelity, BlackRock, they’re not launching altcoin products. They’re going to launch bitcoin products. So bitcoin will rebound next year” when these mainstream products begin to see widespread releases, he said, adding that the initial coin offering (ICO) market is “in a lot of trouble.”

To his point, altcoins as a group have been affected by the precipitous market decline to a markedly greater degree than bitcoin, whose market share in recent days has risen to 2018 highs.

Singh said that he is not sure if the bitcoin market has yet found its bottom, noting that trading sentiment appears to suggest that investors are looking for a “defining moment” or “catalyst” that will spur the next bitcoin rally.

Lately, he explained, investors have largely been trading on rumors of whether or not large financial institutions will roll out products for this nascent asset class. Consequently, it’s unlikely that the bitcoin price rally will see anything more than fits and starts until these rumors concretize into material actions, such if Goldman Sachs actually starts trading cryptocurrency, BlackRock launches a bitcoin ETF, or Square begins processing bitcoin payments.

Singh believes that such a catalyst will occur in the mid-term, likely at some point in 2019.

Featured Image from Shutterstock. Charts from TradingView.

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https://www.ccn.com/bitcoin-will-rebound-but-altcoins-are-never-coming-back-bitpay-exec/

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[masterrex]

Bitcoin Will Rebound, But Altcoins are ‘Never Coming Back’: BitPay Exec.
A top executive at one of the oldest and largest cryptocurrency payment processors said that he firmly expects bitcoin to rebound within the next year but that altcoin prices may never again see their early-2018 peaks.

Sonny Singh, chief commercial officer at BitPay, said during an interview with Bloomberg that his firm has “never been more bullish” on cryptocurrency, noting that adoption and infrastructure development is moving “full speed ahead” even as the market has shed approximately 80 percent of its value from its January peak.

However, he notes that this infrastructure development has largely been concentrated on a single cryptocurrency — bitcoin — which Singh expects to steadily eclipse the bulk of its supposed disruptors.

“[Altcoins] will never come back, I believe, in the same way, a bitcoin will come back. You know, Fidelity, BlackRock, they’re not launching altcoin products. They’re going to launch bitcoin products. So bitcoin will rebound next year” when these mainstream products begin to see widespread releases, he said, adding that the initial coin offering (ICO) market is “in a lot of trouble.”

To his point, altcoins as a group have been affected by the precipitous market decline to a markedly greater degree than bitcoin, whose market share in recent days has risen to 2018 highs.

Singh said that he is not sure if the bitcoin market has yet found its bottom, noting that trading sentiment appears to suggest that investors are looking for a “defining moment” or “catalyst” that will spur the next bitcoin rally.

Lately, he explained, investors have largely been trading on rumors of whether or not large financial institutions will roll out products for this nascent asset class. Consequently, it’s unlikely that the bitcoin price rally will see anything more than fits and starts until these rumors concretize into material actions, such if Goldman Sachs actually starts trading cryptocurrency, BlackRock launches a bitcoin ETF, or Square begins processing bitcoin payments.

Singh believes that such a catalyst will occur in the mid-term, likely at some point in 2019.

Featured Image from Shutterstock. Charts from TradingView.

Follow us on Telegram or subscribe to our newsletter here.

• Join CCN's crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.
https://www.ccn.com/bitcoin-will-rebound-but-altcoins-are-never-coming-back-bitpay-exec/

This kind of unfair insights is not new! I do believe that Bitcoin will rebound and i think its highly possible. Lets do a simple analysis since Altcoin's is also traded with Bitcoin the cycle of demand is there. The article don't say any specific altcoin but instead they used "Altcoins" i dont see any truth in this speculation the truth is there's a lot of room for everybody to grow and not just only bitcoin.

[bitChipper]

This guy is a typical one coin maximalist, he has said things like this before, earlier this year he said that he thinks 97% of all alt-coins are going to zero.....like really dude?

I don't understand where these people get this idea, sheez even bitconnect the biggest scam in crypto history still trades for .67c....and I am supposed to believe that projects like Waves, Komodo, NXT, NEO ect ect ect are going to go to zero?? How? 

These one coin maximalist in my opinion are no better than the type of people who make anonymous twitter accounts to shill one single coin 24/7. The only reason i can see him saying these things is to support his business which only deals in btc/bch.

You gotta remember also that a lot of altcoins made their all time highs in early 2018 because of the price of bitcoin, since most of them only have BTC pairs they were valued alot higher in USD. Hardly any alts made all time highs in BTC value in 2018, most of them did in 2017.

It's simple market pychology, too many people know they can make 2x-10x returns on their bitcoin by trading altcoins....therefore these altcoin markets will not cease to exist...why? because people are greedy and want more bitcoin.

[khufuking]

All I read is bla bla bla same with most so-called market experts, I read the whole thing couple of times and didn't see any real ground he bases his takes on, all I read is some general information that has nothing really to do with what he predicts.

[Yaddady]

All I read is bla bla bla same with most so-called market experts, I read the whole thing couple of times and didn't see any real ground he bases his takes on, all I read is some general information that has nothing really to do with what he predicts.

You should understand that in the prevalent market situation, everyone becomes an expert, churning out analyses without any real basis or grounds. I tend to ignore most of these guys largely because most of what they posit are never in tandem with eventual reality. I would have listened to him more if he said some alts will never come back because they were never needed in the first place and they have use case.

[tk808]

I thought Bitpay died out in 2015, haven't heard their name being relevant or alive for years now.

[mostkey]

Well, the name made predictions, and I never believed in such predictions by making a short article without analysis in my eyes, which led to promotion by joining CCN with a series of predictions in it, I just made predictions or analyzed myself. just because it makes me learn and doesn't issue anything, everyone can be smart, the price problem I believe we will change in the next few months, not only Bitcoin but all coins, usually Bitcoin on the bull market, altcoin always follows that movement, I believe that I will return to his good path.

[qazgroup]

I think from altcoins he means ico coins and tokens, because some top altcoins seem super bullish to me especially eth, it has already showing signs of reversal and i think bull trend will continue from here.

[FlamingFingers]

I partially agree with what he says. There were a lot of shitcoins that were insanely and unjustifiably pumped from a few cents to a couple of Dollars in late 2017's–early 2018's 'cryptocurrencies rally.' Those will never reach that peak again. However, I would argue that a lot of useful tokens and coins backed by passionate communities will have a comeback regardless of what 'experts' think.

I thought Bitpay died out in 2015, haven't heard their name being relevant or alive for years now.

What...? But they are the only bitcoin payment processor I know which is used in the likes of Shopify, Newegg, and Third–Party Steam keys markets like G2A and Kinguin (was also used by Steam and Microsoft before they pull the plug on Bitcoin).

[CorneliaMarket]

The market does need altcoins, otherwise it might end up becoming a monopolistic market. Plus altcoins are needed for transacting BTC. So, if BTC will rebound, so will the altcoins.

[Bere ice]

Bitcoin will rebound. But making the statement that altcoins will not, seems untrue.Because a lot of the BTC transactions are done through altcoins and the market does need altcoins in order to prevent it from being a monopolistic market.

[judeafante]

I don't think he is watching the right market, altcoins are here to stay ethereum is also an altcoin does this mean it's bye bye for ethereum, there are still a lot of good altcoins with huge potential in the future, he is looking at scam coins. not really all the coins, I don't trust this guy.