Despite encouraging crypto market signs throughout the past several weeks leading many investors to believe the long “crypto winter” may finally be at an end, Civic CEO Vinny Lingham insists that things can only improve when Bitcoin price can improve independently of alternative coins (altcoins).
He posted on Twitter yesterday that if technical data was removed, he believed Bitcoin’s growth wasn’t sustainable as altcoins had not been decoupled from Bitcoin.
Many people believe that the crypto winter is over. Here are some of my unfiltered thoughts on this topic. Charts & technicals aside, I don’t believe this rally is sustainable for one reason: The market has not yet decoupled the various crypto assets from Bitcoin.
— Vinny Lingham (@VinnyLingham) April 10, 2019
One of his main arguments, he adds, is that Bitcoin’s value should be reflected in price irrespective of other alts. He points out that the entire crypto market has shifted together with Bitcoin, whether or not they experienced progress or development. This is also shown by dominance figures, which do not change proportionately to price.
Lingham’s view is opposite of recent ones from the likes of Fundstrat analyst Tom Lee or RT’s Max Keiser, who have been resuming bullish comments in the wake of the recent spike in Bitcoin price. Lingham challenges their sentiment by saying that the market is still, after all, acting irrationally:
“How can we have a situation where the market price of one asset dictates the value ascribed to other unrelated assets, irrespective of whether or not anything changes in their own separate networks.”
Controversial technical analyst Tone Vays, despite being a Bitcoin maximalist, has also echoed similar thoughts as Lingham. Vays believes that altcoins have yet to suffer a true bottom but once they do and investor confidence is completely shattered, that is when Bitcoin can grow sustainably.
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