Analyst Claims Ethereum, XRP, and Solana Prices Are Unrealistic
Cryptocurrency prices have shown slow gains over the past 48 hours, with Bitcoin leading. Popular Bitcoin maximalist Samson Mow criticized unit bias affecting altcoin valuations in a recent post on X.
Unit Bias And Market Cap
- Mow argues that current altcoin price perceptions are misleading.
- He suggests Ethereum at $9,200, XRP at $5,800, and Solana at $3,400 are unrealistic based on their supply.
- Bitcoin's total supply is capped at 21 million units, with 19.85 million currently circulating.
- Mow recommends applying Bitcoin’s supply model to evaluate altcoins, highlighting the disparity in perceived value.
- This approach reveals that altcoin appeal largely stems from unit bias rather than actual value.
Narrative Of Bitcoin Dominance Getting Stronger
- Mow believes Bitcoin's supply dynamics will strengthen its dominance over altcoins.
- Increased inflows into spot Bitcoin ETFs and traditional finance recognition support this outlook.
- Some analysts predict an upcoming altcoin season, despite Bitcoin's current dominance at 63.5%.
- Technical analysis suggests a potential drop in Bitcoin dominance to around 40% in the coming months.
Current trading figures: Bitcoin at $88,530 (+1.3%), Ethereum at $1,620 (-1.5%), Solana at $140 (-0.5%), and XRP at $2.09 (-1.63%).
