Bitcoin has achieved a new of all time, and the next step will either be an increase in new price discovery or a stop to make way for the oncoming Altcoin season, says Bitcoin pioneer Samson Mow.
Bitcoin (BTC) prices reached $ 124,500 on Coinbase in early trade on Thursday, according to TradingView. The relocation has added 3.5% to the active day and has pushed the total crypto market capitalization into a record high of $ 4.26 trillion.
Bitcoin OG Samson Mow said there are now two possible paths for Bitcoin:
“We godzilla or omega up, suck all oxygen from the room, and altcoins fall 30-40%”, or “alt mania” peaks that cause a massive sale, while the “dilemma of the Bagoler loses dilemma”, which will see BTC immersing when the Altcoins tank, he said on Thursday.
The Bitcoin -Maximalist could not resist having another bash at Ether (ETH), comparing and mentioning market capitalizations: “But whatever happens, it is impossible that Ethereum is worth 4,600,000 BTC”, before he adds: “This must correct sooner or has it corrected.”
BTC reaches a new peak on Coinbase. Source: Tradingview
Bagholder dilemma
Earlier this week, MOW discussed “Bagholder’s Dilemma” for the first time when he speculated that Ethereum investors will soon start dumping and turning back in Bitcoin.
He said it will be a challenge for ETH to break all time, because “the closer you reach that psychological level, the stronger the drive to sell.” According to MOW, the same starting point does not seem to apply to Bitcoin.
Ether has surpassed the Bitcoin with a huge margin in the last 30 days and has risen 58%, while BTC won only 3.5% in the same period.
Altcoins are too hot
The Jan3 CEO also believed that there will be more Bitcoin of all time, “but I think we will see a pullback because Alts are now too hot.”
As soon as the “Altcoin Mania” passes, Bitcoin will take off: “This is exactly how it has always been,” he said.
Bitcoin Dominance has fallen by around 10% since the end of June and, according to TradingView, has fallen for the first time since January this week since January this week. Sharp decreases of Bitcoin’s dominance have been historical indicators that is an Altealth season.
The time for Defi is now
Some industry experts agreed that investor interests can cool in Bitcoin, with decentralized financing that may be in the spotlight.
“We believe that ETH and Defi-assets will continue to perform here, supported by the regulatory environment and the tokenization of RWA (Real-World Activa),” Apollo Capital’s Chief Investment Officer, Henrik Andersson, told Cointelegraph.
The total value locked in Defi is on a peak and rises rapidly, which feeds Defi income, he said, adding to it:
“We enter a new paradigm in which BTC is the low beta-active, the annual 30-day volatility has collapsed to 23%.”
In the meantime, director of LVRG research Nick Ruck Cointelegraph said that BTC could almost consolidate the current level, “falling dominance and rising altcoin volumes suggest that an altealth season starts, led by ETH’s outperformance and speculative inflow into Defi -Tokens.”
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