Crypto Michaël, a person whose bio on the Twitter page states that he is full-time trader from Amsterdam Stock Exchange, a technical analyst and a coach, says that savvy traders use altcoins for working an old scheme which helps them make big cash.
Pump and dump
Along with pumping BTC, the expert says, the scheme is as follows: dump altcoins, making people forget about them and switch their attention to BTC. Then buy bags of alts. The next step is to pump altcoins again, once people start believing in their potential and their price soars, start selling your altcoin bags.
Anthony Pompliano is pro-BTC, saying altcoins will die
Earlier on Saturday, U.Today reported that the crypto expert Anthony Pompliano forecast that the majority of altcoins will eventually get out of the game – be delisted by exchanges over lack of liquidity.
The crypto community did not quite agree, though, with many believing that top coins, such as XRP, BCH, XMR and ETH, will survive and find constant use-cases in the future.
John McAfee believes in altcoins
In his recent tweet, where he tried to persuade the crypto community to get a grip on themselves and not to heed the short-term Bitcoin price drawdowns, the crypto baron John McAfee clearly stated that he supports altcoins and believes many of them will go into the future along with Bitcoin.
Previously, McAfee often promoted ICOs and various altcoins on his Twitter page. One of his favourites here was the Docademic token (MTC).