Popular Bitcoin proponent Max Keiser has weighed in on the current market conditions. He noted that Bitcoin’s hashrate has hit yet another all-time high and that altcoins are fading. According to him, Ethereum is headed back to $90, which would mark a decline of around 46%.
Bitcoin to Hit 85% Market Dominance
He also stated that Bitcoin’s hashrate has hit an all-time high once again.
New ATH for #Bitcoin hashrate as alts die and players position themselves strategically ahead of BTC’s move back to 85% dominance. BCH and BSV are particularly vulnerable. ETH heading back to $90.
— Max Keiser, tweet poet. (@maxkeiser) August 30, 2019
Indeed, BTC’s hashrate is currently standing at an ATH of more than 83 million TH/s. Moreover, despite Bitcoin’s recent violent decline which saw it lose more than $700 in a day, the cryptocurrency has maintained its market dominance. At the time of this writing, Bitcoin’s relative share of the entire market is 69%. The cryptocurrency is trading at around $9,500, marking a very slight increase on the day of about 1%.
Keiser also said that Bitcoin Cash (BCH) and Bitcoin SV are particularly vulnerable because of Bitcoin’s growing dominance and the increase in its hashrate.
ETH Headed to $90?
On another note, Keiser shared his thoughts on the future of Ethereum, the second-largest cryptocurrency by market cap. According to him, its price is headed to $90, which would mark a decrease of about 46%, given that it’s currently trading at around $170.
As seen on the chart, ETH has lost more than 11% in the last week and more than 18% in the last month. It’s safe to say that the cryptocurrency has seen better days. Moreover, it appears that the Ethereum network itself is having challenges as its capacity is upwards of 92%, clogged by the circulating Tether (USDT), leaving little to no room for additional decentralized applications.
As CryptoPotato reported yesterday, the entire market was dragged down severely, with all of the large-cap altcoins marking significant declines over the past few days.
Source: Crypto Potato