Why 'You Should Only Buy Bitcoin' And All Other Top 20 Cryptos Are 'Really Jokes,' According To This Trader

Bitcoin investor Fred Krueger pointed out why “you should only buy Bitcoin BTC/USD,” even though there have been significant changes in the top ten and top 20 of cryptocurrencies over the years.

What Happened: In an extensive tweet on Monday, Krueger argued that all other cryptocurrencies in the top 20 are “a joke,” despite their combined market cap of over $500 billion.

Why you should only buy Bitcoin. A look at the next 19 top cryptocurrencies.

2. ETH. Has underperformed since 2019 when it hit 0.12 ETH / BTC. Now 0.56, and in a falling channel. Multiple lawsuits in play by SEC. Centralized.

3. USDT. It's stable, so no upside possible. Does…

— Fred Krueger (@dotkrueger) June 2, 2024

The analyst list includes Ethereum ETH/USD as an underperformer since 2019 when it touched 0.12 ETH /BTC and is now at 0.056 in the "falling channel." He cited that the SEC has multiple lawsuits against Ethereum in play. Tether USDT/USD is stable so there is no scope for an upside, but while interest rates are at 5%, it does not pay interest.

BNB BNB/USD is termed a “highly centralized exchange coin,” with Binance in decline and former CEO Changpeng Zhao in prison. Solana SOL/USD is “a completely centralized meme coin factory” and is down 40% from Bitcoin since 2022. He also noted the problem of periodical shutdowns for system upgrades.

Other cryptocurrencies Krueger dismissed include:

• USDC USDC/USD: Depegged a few years ago.
• Ripple XRP/USD: “No actual use.”
• Toncoin TON/USD: Telegram coin which “nobody uses.” It also got in trouble with the SEC.
• Cardano ADA/USD: “Nobody uses” this “useless coin” promoted by someone claiming, ‘Bitcoin won’t make it.’

Among meme coins, he terms Dogecoin DOGE/USD a literal joke with no redeeming features and no one using it. Shiba Inu SHIB/USD is a bad copy of Dogecoin and Pepe PEPE/USD is just a “$6 billion frog coin.”

His tweet also highlighted Avalanche AVAX/USD as worthless, Chainlink LINK/USD as “just stupid for providing feeds” to Ethereum chains. He adds Polygon MATIC/USD as an Ethereum sidechain with “terrible tokenomics” and down 75% from the peak.

Major crypto traders reacted to his viral tweet, with Bitcoin analyst Willy Woo tweeting that most of the cryptocurrencies have their main real case as "buying them" at the right time and stacking more Bitcoin. He adds, "USDT has been a past favorite of mine during crypto winter."

What’s Next: Bitcoin and the rest of the 19 top cryptocurrencies will take center stage in discussions at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. The influence of Bitcoin as an institutional asset class is also expected to be thoroughly explored.

Read Next: Crypto Expert Reveals How To Find ‘High-Risk High Reward’ Meme Coins

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