Is BTC the only “correct” cryptocurrency?

Bitcoin became the world’s first cryptocurrency and remains the largest of them to this day. In this regard, there are quite a few supporters who consider BTC to be the only real digital currency.

One of her well-known supporters of BTC, who justifies the ethics and recognizes the right to the legitimacy of this currency, is the founder of MicroStrategy (NASDAQ: MSTR) Michael Saylor. He added bitcoin to his company’s balance sheet, and as BTC grows, the value of the company should also grow, regardless of its core business, software. So far, this strategy has worked, and the amount of BTC on the balance has reached 129,699. Cryptocurrency price fluctuations have a greater impact on the share price than many other business decisions of the company.

More recently, Sailor once again took the opportunity to speak out in favor of BTC: from his point of view, only this cryptocurrency has a solid ethical basis, while all others are only in the nature of a security. These statements did not meet with understanding among well-known representatives of other cryptocurrencies. For example, Ethereum founder Vitalik Buterin tweeted (NYSE: TWTR):

“Why do people keep chasing personalities who turn out to be complete buffoons?”

BTC/USD is currently down 2.47% to $23,187. After breaking through the resistance of a 38.2% Fibonacci retracement at a daily close of $23,850 last Thursday, BTC’s upside move was no longer able to find support.

The 38.2% Fibonacci retracement of $23,263 now provides support that needs to be tested. If the daily close is below this level, BTC losses could be extended to a 23.6% Fibonacci retracement of $21,110. Resistance is at the $25,000 psychological level, which is reinforced by a 50% Fibonacci retracement at $25,003.

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