According to a recent poll, the majority of people think that Bitcoin will outperform altcoins over the next 30 days. Moreover, the number of people who hold 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 over the next 30 days.
— Alex Saunders (@AlexSaundersAU) September 9, 2019
Perhaps unsurprisingly, 53% of respondents thought that Bitcoin will outperform altcoins. The poll got a total of 1,532 votes.
The price of Bitcoin has managed to increase by 175% so far in 2019. More importantly, the market has been relatively stable, and even though the price has fallen around 27% from its yearly high, it hasn’t seen any violent declines.
The situation is far different for altcoins. While a lot of them are in the green on the year, their performance in the past few months has been bleak. The price of Ethereum, for instance, fell 45% from its yearly high. Interestingly enough, Binance Coin (BNB) declined almost the exact same amount.
Things seem even worse when we note how altcoins have performed against Bitcoin, as most of them have reached long-term lows and show no sign of reversing. BNB, for example, fell by more than 55% against BTC since this year’s peak but remains up for the year. ETH, on the other hand, is down almost 50% against BTC since January 1.
Despite all the altcoin news making waves, there has been no actual impact on their prices, and it appears that investors are no longer buying it. As CryptoPotato reported earlier this year, the main difference between Bitcoin and altcoins is that Bitcoin has already proven its utility while the majority of altcoins have yet to do so.
Investors Losing Confidence in Altcoins
Indeed, investors are losing faith in altcoins. The popular Twitter account DonAlt conducted a series of polls starting back in April. As we reported back then, 47% of investors had between 60% and 100% of their entire portfolios allocated in altcoins.
When DonAlt conducted a similar poll at the end of August, that number was reduced to 38%, while the number of people allocating between 0% and 19% of their portfolios in altcoins increased to 43% from just 23% in April.
This means that people are increasingly reducing their exposure to the altcoin markets. Given all of the above, we can see why.