• Bill Morgan is pushing back against the idea that the explosion of over 36 million altcoins somehow makes Bitcoin even stronger.
• Morgan contends that this whole ‘Bitcoin versus altcoins’ thing is a false divide, and he’s even bringing up Bitcoin forks like Bitcoin Cash to prove his point.
• Meanwhile, Jesse Myers has made a pretty strong statement: he says ‘altseason’ is “permanently canceled.”

Get ready for a crypto clash! Crypto lawyer Bill Morgan is currently taking on Bitcoin advocate Jesse Myers, who boldly declared that “altseason” is a thing of the past.

This crypto debate kicked off after Myers tweeted a chart on X. The chart showed just how many altcoins have popped up since 2021, and Myers’ point was clear: with over 36 million tokens out there, their combined market power is spread too thin, leaving Bitcoin to reign supreme as crypto king.

So, What’s Myers’ Case for Bitcoin’s Reign?

“Let’s face it, with over 36 million altcoins, altseason is officially over,” declared Myers. He backs this up by saying Bitcoin’s unique digital scarcity, its powerful network effects, and something he calls the “Crypto Catch-22” all point to Bitcoin staying on top for the long haul.

Myers’ “Crypto Catch-22” is basically a tricky situation he believes many altcoins find themselves in. His theory is that for any altcoin to even think about competing with Bitcoin, it needs a strong team and marketing push to get people to use it. But guess what? That very need for leaders and marketing makes the altcoin centralized, which is the opposite of Bitcoin’s fully decentralized nature.

Myers isn’t stopping there. He also claims Bitcoin’s dominance is even more impressive than the numbers show! He compares Bitcoin’s value to the top 30 altcoins, picturing Bitcoin in his analysis as a giant circle representing the “invention of digital scarcity.” Altcoins, on the other hand, are shown as tiny circles, just “copies” in his words. This visual, according to Myers, makes it clear that even with millions of altcoins around, they’re not really denting Bitcoin’s market cap dominance.

Related: Thinking Altseason? Analyst Pinpoints Breakout Levels for Major Altcoin Rally

So, How Did Morgan Fire Back?

Morgan wasn’t buying Myers’ argument at all, calling it biased right off the bat. To counter, he brought up the fact that even Bitcoin isn’t immune to splitting, pointing to Bitcoin Cash (BCH) as proof that Bitcoin itself has forked before.

“That whole line of thinking is flawed because it creates a made-up difference between altcoins and Bitcoin, just to make Bitcoin look better,” Morgan shot back.

Okay, But Where Does Bitcoin Dominance Stand Right Now?

Looking at the numbers from CoinMarketCap, Bitcoin currently dominates with a 60.8% share of the crypto market. Ethereum is way behind at 8.5%, and all other altcoins combined make up about 30.7%.

Interestingly, the trend shows Bitcoin’s dominance has actually gone up from 60.0% just last month. This seems to back up Myers’ point that altcoins are losing ground overall when you look at the bigger market picture.

Related: Bitcoin’s Back on Top: Dominance Breaks 60% Barrier, Is It Curtains for Altcoins? Analyst Sounds the Alarm

So, Are Altcoins Down for the Count?

Even though Bitcoin’s been flexing its market muscle since 2021, it’s not like altcoins are just sitting still. They’re still bringing fresh ideas to the table, creating functionalities that Bitcoin doesn’t have. Think about it, platforms like Ethereum, Solana, and other blockchains have built entire ecosystems that really challenge the idea that Bitcoin is the only crypto that matters.

But, hold on, Myers has another card to play. He believes a lot of altcoins are pretty much worthless, their market caps pumped up by projects that are either dead or on their way out. His chart suggests if you factor this in, Bitcoin’s actual dominance could be even *higher* than what’s being reported. Looks like this Bitcoin vs. altcoin debate is still going strong!