The co-founder of “Three Arrows Capital” stated: Bitcoin dominance does not matter much!
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Answer The co-founder of “Three Arrows Capital” stated: Bitcoin dominance does not matter much!
Mr. Su Chu, co-founder and CEO of the hedge fund Three Arrows Capital, sees the measure of Bitcoin’s dominance as being too unimportant and only suitable for billionaires.
a permit The latter “choo” is aimed at newcomers who have decided to avoid the two largest cryptocurrencies and not invest in them and opt for alternative cryptocurrencies that are more risky.
Earlier this year, a speculative frenzy swept through altcoins and sometimes “memes” like Dogecoin, as retail investors searched for astronomical gains.
Chu said he would personally bet on Solana and Avalanche (as well as their ecosystems).
He sees big cryptocurrencies like Bitcoin and Ethereum still in an uptrend.
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He predicted that Bitcoin would flip the market cap of gold while Ethereum would eventually reach $25,000.
In February 2021, he made strange predictions about Bitcoin and said that it would eventually reach $2.5 million in the long term.
While some believe that the leading cryptocurrency does not have much upside.
Economist Alex Krueger recently stated that crypto investors seeking extraordinary returns should put their money elsewhere.
Bitcoin dominance on the brink:
After recovering from Bitcoin’s multi-month peak of 49.25% on July 30, Bitcoin’s dominance reversed course and ended up falling below the 40% mark on September 10.
The decline in the dominance of Bitcoin and its lack of market share, came after the remarkable rise of many alternative digital currencies such as Solana, which many investors directed to.
JPMorgan analysts see the shrinking market share of major cryptocurrencies as a sign of a redistribution of funds in the cryptocurrency market.
At the time of writing this article, Bitcoin’s dominance has fallen to 42.3%.
While on January 3rd, Bitcoin’s dominance was estimated at 73%.
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