Expressing his trust in Bitcoin (BTC) currency on every platform, developer and entrepreneur Jimmy Song claimed that investing in altcoins is a “waste of time”.
Via Twitter on April 13 shared Song said, “Diversifying investments with altcoins is a waste of time”.
Song, who is in the top 10 in terms of market value and scrutinizes alternative cryptocurrencies to Bitcoin, compared the 4-year performance of each altcoin with BTC. In his evaluation, he stated that Bitcoin has achieved more rise in 4 years compared to the market value of TOP 10 altcoins.
“Altcoins are a waste of time”
In the statistics he shared, Song argued that the first 10 cryptocurrencies, which are alternatives to Bitcoin, have pale in 4 years.
Just curious what the top 10 altcoins by market cap were 4 years ago. This is their performance vs. #BTC
Altcoin diversification is a waste of time
— Jimmy Song (Jamie Song) (@jimmysong) April 13, 2021
According to the tweet, Bitcoin grew 39 percent more than Ethereum (ETH) market cap, while its rise against XRP was calculated as 73 percent.
Song’s statistics published on Twitter revealed that the 4-year increase in market values of DASH, Ethereum Classic (ETC) and Golem (GLM) was 93 percent less than Bitcoin.
Many different circles responded to the tweet, which resonated with the crypto Twitter community. In particular, it was commented that the increase in the price of Ether is better than Bitcoin.
In the response of a Twitter user named Viktor Bunin, it was stated that “Ethereum provides an overwhelming advantage if the time frame of 5 years is considered instead of 4 years.”
How unlucky that you picked the one time horizon where ETH handily underperformed BTC.
ETH outperformed significantly since inception, and has been outperforming the last two years coming out of the bear market. Happy to walk you through why it’s great if you’re keen to listen! pic.twitter.com/BTyqswWbh6
– Viktor Bunin (@ViktorBunin) April 13, 2021
In the shared data, Ethereum seems to have gained 28,506.08 percent in the 5-year period, while Bitcoin has increased by 13,975.71 percent.
As reported by Cointelegraph, on April 13, all-time records came one after another. Bitcoin rose to over £ 500,000 against the Turkish lira, achieving its all-time high. The Binance exchange peaked at $ 63,287.
On the other hand, Ethereum price also broke a record. While this article was being prepared, ETH, which saw $ 2,243, continued to rise.