According to a recent poll, the majority of people think that Bitcoin will outperform altcoins in the next 30 days. Moreover, information also reveals that the number of people who are holding altcoins has decreased since the beginning of April.
People Think Bitcoin Will Continue To Outperform Altcoins
Alex Saunders, a well-known cryptocurrency commentator, initiated a poll on Twitter, asking people if they think that altcoins will outperform bitcoin in the next 30 days.
— Alex Saunders (@AlexSaundersAU) September 9, 2019
Perhaps somewhat unsurprisingly, the majority of those who voted (53%), think that Bitcoin will outperform altcoins. The poll saw a total of 1532 votes.
Crunching the numbers, we can see that Bitcoin managed to increase by a total of 175% during 2019. More importantly, the cryptocurrency is behaving relatively stable and even though it saw a decline of around 27% since its yearly high, it doesn’t mark any violent declines.
The situation is far from the same with altcoins. While a lot of them are up in the positive on the year-to-date chart, their recent performance in the past few months is looking bleak. Ethereum, for instance, lost 45% since its yearly high. Interestingly enough, Binance Coin (BNB) lost almost the exact same number.
Things seem even worse when we see how altcoins are performing against Bitcoin as most of them are reaching long-term lows and show no signs of stopping the fall. BNB, for example, lost more than 55% of its BTC value since its peak this year but remains up for the year. ETH, on the other hand, is down almost 50% against BTC since January 1st.
Despite the magnitude of news coming up regarding altcoins, we can see no actual impact on their price and it appears that investors are no longer buying it. As Cryptopotato reported earlier this year, the main difference is that Bitcoin has already proven its use case while the majority of the altcoins have yet to do so.
Investors Losing Confidence In Altcoins
It’s also worth noting that it appears that investors are losing faith in altcoins. Popular Twitter account DonAlt did a series of polls, starting back in April. As we reported back then, 47% of investors had between 60% and 100% of their entire portfolio allocated into altcoins.
He did the same poll at the end of august and that number was reduced to 38%, while the number of people holding between 0% and 19% increased to as much as 43% from just 23% in April.
This means that people are increasingly reducing their expositions to the altcoin market. Given all of the above, we can see why.