Bitcoin (BTC) Remains The Best Crypto, While Altcoins Boost Portfolio Risks, A Crypto Analyst Said
Since the emergence of other cryptocurrencies besides Bitcoin (BTC), which was the first one in the world, a war has started between Bitcoin (BTC) and altcoins. Now, a renowned crypto analyst stated that altcoins boost portfolio risks, while the BTC remains the best crypto.
In 2017, when the world started to turn its attention to the cryptocurrency market, altcoins started to gain significantly against Bitcoin (BTC) and the US Dollar, as well.
For example, Ethereum (ETH) surged from a few bucks to about $1,400 between first months of 2017 and early-2018. This considerable growth in ETH value triggered a massive drop in Bitcoin (BTC) dominance in the market – from 90% down to 33%.
However, Willy Woo, a famous crypto analyst and a partner of Murad Mahmudov’s Adaptive Capital, warned investors that putting their money on altcoins might not be as wise as many believe. Bitcoin (BTC) remains the best crypto out there, Woo thinks.
Altcoins Boost Portfolio Risks And Bitcoin (BTC) Is The Best Crypto, Willy Woo Said
“For the record, altcoins are highly correlated to BTC/USD. Buying altcoins in an attempt to diversify only increases portfolio risk. This is why I am not a fan of altcoin index baskets,” said Willy Woo on his Twitter page yesterday.
Woo did not add any more details to argue his statement regarding Bitcoin (BTC) and altcoin in the before-quoted tweet. However, in an older post on his Twitter page, Willy Woo, a popular crypto analyst, explained his view on Bitcoin (BTC):
“People say Bitcoin is old tech, too slow, legacy. Even if true, very arguable, nothing in crypto comes close to the Lindy Effect that BTC has established; hence it’s valuation dominance. It’s the only coin that I’d park funds in if I were forced to HODL 10 years without selling,” Woo said in August.
Other crypto analysts don’t think that investors should skip altcoins. Many experts suggest that Bitcoin (BTC) is indeed ideal in the long term, but cryptocurrency holders and traders should also put money on altcoins as these ones might also have a rally of their own.