Plunging cryptocurrency alt coins now generating talk of “extinction” event that could wipe them all out

Friday, August 24, 2018
By Paul Martin

by: Ethan Huff
Thursday, August 23, 2018

Financial experts are desperately trying to get an accurate sense of where the cryptocurrency market is headed amid a continued downward spiral trend that’s seen many crypto values plunge to disastrous lows. The bloodbath has been so dramatic in recent days that some observers are now predicting that more than 90 percent of all existing alt coins will eventually disappear entirely.

Ted Rogers, president of the Xapo Bitcoin Wallet & Vault, tweeted on August 13 about how he believes that we’re currently “in the midst of the extinction-level event for ‘cryptoassets’ that many maximalists have predicted.” He added that he believes the vast majority of cryptos are on their way out, and that it “might as well happen now” in order to get it over with.

At the same time, he says, the current low prices for the more legacy cryptos like Bitcoin suggest that it’s an “incredible opportunity to buy” for people who were deterred by the all-time highs of $20,000 per “coin” that were reached back at the end of 2017. With Bitcoin prices now hovering around $6,000 per coin as of this writing, a fraction of what they were last year, Rogers believes that now is the time for many people to make their move.

“I think Bitcoin is a long-term investment and I personally wouldn’t get into it for short-term trading,” Rogers stated back in June, adding that, “it’s not a matter of if, but when” Bitcoin will eventually become a global reserve asset.

Be sure to check out this video segment (or watch below) from a recent episode of the Health Ranger Report, which explains how even Bitcoin could eventually see a total collapse due to the fact that it’s backed by nothing and remains largely vulnerable to cyber attacks and other forms of manipulation.

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