Tesla investor Ross Gerber took to X, formerly Twitter, to caution the younger generation about the pitfalls of investing in lesser-known cryptocurrencies, commonly referred to as “sh*tcoins.”
What Happened: On Monday, Gerber took to X and urged them to focus on established cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD, referring to them as the king and queen of the crypto world.
Gerber wrote, “Please kids. Avoid the sh*tcoins. Do not make this mistake again. Stick to the king, Bitcoin. Or queen, ETH. But please not this again. Avoid sh*tcoins! #BTC.” This statement comes amid a backdrop of a significant rally in major cryptocurrencies and a resurgence of interest in the crypto market.
See Also: Meme Coins – Jackpots and Gambles In the Wild World Of Crypto
The tweet was posted on Monday, March 12, 2024, a day when the cryptocurrency market has been experiencing notable gains and increased investor attention.
Why It Matters: The cryptocurrency market has witnessed a surge, with Bitcoin, Ethereum, and Dogecoin leading the charge. The total crypto market cap has reached a staggering $2.5 trillion. Bitcoin’s valuation alone has soared to $1.42 trillion, surpassing silver and marking it as the world’s eighth most valuable asset.
Recently, Wrapped Bitcoin’s price increased by more than 4% within 24 hours, continuing its positive trend. Analysts from Bernstein have even predicted that Bitcoin could hit $150,000 by 2025, as the cryptocurrency continues its upward trajectory.
Despite the optimism surrounding major cryptocurrencies, the market has seen a significant number of altcoin projects fail. A report revealed that 72% of crypto projects launched since 2020 have died out. Nonetheless, the recent Bitcoin rally has sparked hope for an altcoin revival, indicating a possible correlation between Bitcoin’s performance and the broader crypto market’s health.
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