The price of Bitcoin is surging, causing the cryptocurrency market to erupt in excitement and stoke speculation that it may rise to previously unheard-of levels. Bitcoin’s value has increased by more than 11% in the last week alone, peaking at an amazing $57,073 in just 20 hours.
During this spike, prominent cryptocurrency supporter Samson Mow—who believes that Bitcoin will eventually reach $1 million per coin—has warned investors in other cryptocurrencies sharply. According to Mow, Bitcoin is diverging from conventional market linkages and is about to separate itself from the larger cryptocurrency scene as well.
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Mow’s study suggests that while Bitcoin is rising, investors in altcoins can find themselves in a risky situation. He contends that although some people could expect their preferred altcoins to rise to a million dollars each like Bitcoin has, the truth might be very different. Mow makes the implication that altcoins could not see comparable increases and that these investors might be left with “heavy bags” when BTC soars.
Bitcoin vs. altcoins
According to several well-known industry players, Mow’s warning highlights the widening gap between Bitcoin and other cryptocurrencies. There are concerns over the future of other cryptocurrencies and their capacity to compete with the market leader as Bitcoin’s dominance and price increase.
Though many experts emphasise the ability of particular cryptocurrencies to serve particular requirements and carve out individual niches within the developing bitcoin ecosystem, Mow’s point of view is not widely shared.
