Founder of the HEX platform Richard Heart has taken to Twitter to comment on the current crypto bloodbath in the market and say that he does not believe Bitcoin to be the best cryptocurrency out there.
Among the projects that Heart reckons to surpass BTC, the crypto entrepreneur named Vitalik Buterin’s Ethereum.
Heart published an S-curve (also known as the S-shaped curve or sigmoid curve) which visualizes how new tech, innovations, products, etc., spread around the community and become adopted by the population or within the market over time.
Heart claims (not for the first time, according to his tweet) that Bitcoin has been at the top of its S-curve for several years already. This means that BTC is already at its mature stage, according to Heart – it has a vast support, and all users who will ever need it already have it, the growth in new users is slowing down drastically. Basically, Heart is certain that Bitcoin has nowhere much to grow in terms of new users and adoption.
He claimed that gains can hardly be made with Bitcoin; other coins are much better suited for that. One of those, according to Heart, is Ethereum, since it has more technical potential. The entrepreneur added that the real quality and utility of a cryptocurrency does not make it a popular market asset. It is rather true about its price: “Price is a function of marketing and whether people decide to press green or red buttons.”
Over the past day, the world’s largest cryptocurrency, Bitcoin, has managed to put up a recovery of 5.26%, returning to the $66,000 level. However, this recovery was preceded by a mammoth 30.55% collapse over the past week.
On Wednesday, January 28, Bitcoin lost the $90,000 price line and began to decline rapidly, eventually landing at the $63,000 level per coin. This price collapse coincided with the 30% crash of gold and silver on January 30 after these precious metals reached new all-time highs above $5,000 and $100, respectively.
Two other major reasons of the Bitcoin crash, according to analysts, have been the poor reports of the Magnificent 7 (which triggered investor fears around the AI bubble) and the fact of Donald Trump nominating Kevin Warsh, known for his hawkish stance on monetary policy, for the position of the new Fed chairman.
