Xapo president Ted Rogers suggested cryptocurrency markets could be facing a “mass extinction event” as Bitcoin’s fresh downturn drags altcoins ever lower.
‘Incredible Opportunity’ To Buy Bitcoin
In Twitter comments August 13, Rogers said current conditions may prove timely for a wipeout involving “90 percent” of cryptocurrency assets listed on Coinmarketcap.
Conversely, he added, Bitcoin trading around $6000 provides an “incredible opportunity” to buy.
“We could be in the midst of the extinction-level event for ‘cryptoassets’ that many maximalists have predicted. 90%+ of [the CoinMarketCap] list will disappear eventually – might as well happen now,” Rogers wrote.
Meantime, lower BTC price means incredible opportunity to buy more [Bitcoin].
Altcoins Treble Bitcoin Losses
After BTC/USD hit recent highs around $8450 in late July, altcoin markets initially proved sluggish in repeating the gains.
As Bitcoin $6218.13 -0.11% retreated back under $6000 this week, however, losses across the board proved significant, Ethereum trading at under $270 for the first time since September 2017.
24-hour losses at press time Tuesday were 15 percent for Ethereum $6218.13 -0.11%, while assets such as IOTA $6218.13 -0.11% and TRON $6218.13 -0.11% lost over 20 percent.
Bitcoin was down just over 6 percent in the same period.
Responding to Rogers, Civic CEO Vinny Lingham echoed the sentiment over altcoins, saying that despite not being a “Bitcoin maximalist,” he had “predicted the same” about the future of the market.
Lingham’s CVC token $6218.13 -0.11% has not escaped the rout meanwhile, currently trading at its lowest levels ever in USD terms and almost matching all-time lows in BTC, data from Coinmarketcap shows.
Despite Bitcoin’s current lows, sentiment across the cryptocurrency industry and beyond remains positive. A major rally, potentially even eclipsing last year’s gains, is firmly on the cards, sources told mainstream media this week.
“Price is an imperfect metric,” CoinShares CSO and Athena Capital founder Meltem Demirors explained to CNBC Monday discussing adoption and general market trends.