Is it OK to hold Bitcoin and other Altcoins?
Assalamu Alaikum
How are you? By Allah's grace, I'm doing very well. Today, the topic I want to discuss is holding Bitcoin & Altcoin.
A few days ago, Bitcoin went to 72 thousand dollars. Then it went down to 63 thousand dollars from there, but Bitcoin made a comeback from there. However, today's topic is not only Bitcoin, but I will discuss whether it is right to hold other coins besides Bitcoin. Bitcoin went from $38K to $72K and then back to $63K to $70K over a period of 2 months or more. And for the past 2 months I've been looking at other coins as well. I've seen a lot of surprising things. Let me give you an example of some coins. When Bitcoin pumped from $18000 to $45000 or more, other coins in the market were slowly pumping. But suddenly Bitcoin came to $38000 and the rest of the coins also started dumping. Then Bitcoin again. Started to pump and slowly Bitcoin went to its all time high. Not only Bitcoin but also other coins pumped a lot. Notable are solana, BNB, Ethereum. Among these three coins, BNB and solana showed that surprise. BNB is A very big flash showed from $356 to $645.
Again when bitcoin came to $38 thousand with a dump, solana came to $79 with a dump, then Bitcoin slowly reached 72 thousand through a few days of pump and dump, just then solana surprised everyone with 211 dollars but when bitcoin dumped again to 63 thousand dollars solana reached 170 dollars. Now bitcoin slowly pumped up. If you are investing in term or thinking about doing it, you need to understand that you need to do such analyses. And I will tell those who are holding to hold, because the current market condition is very good. A big reason for this is the next halving of Bitcoin.
Currently Bitcoin bull run has started. The first one is Bitcoin ETF approve and for this we saw major rally up to 45000 and the current rally is also mostly for Bitcoin ETF but still there is another big event which is Bitcoin halving in 2024. Will start in April.
After some time, the market will pump that level. So even if you are a holder of any other coin besides Bitcoin, you should hold it now because the halving event is not always available. You have to wait four years for it to come. So make a decision carefully.
Today's discussion concludes here. I hope you've found it interesting. Please share your thoughts on today's topic. Prayers for everyone. May everyone be well. Amen.
Upvoted! Thank you for supporting witness @jswit.
If you have the ability to invest a large amount, now it is a good decision to invest in Bitcoin because ALT Coins have become such that if Bitcoin +10% is pumped, ALT Coin +5% pump, Bitcoin -5% ALT Coin -30%
At the moment it is wise to hold the coins and it is important to invest again when the Bitcoin price corrects. Thanks for writing about this topic.
Great choice of topic, after reading through for my own opinion I believe it's wise to hold vast majority in bitcoin then other altcoin that are good to provide portfolio diversification.