Briggsy's Bitcoin Blog - Thursday February 1, 2018
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Everything was on sale today as the crypto markets (or the coordinating efforts of whales if we're being honest) continue to try and shake weak hands and buy for cheap. Today was a proverbial yard sale. The anticipated (but unscheduled) dive into the mid $8000's for Bitcoin went ahead today, with the price of Bitcoin dropping at a near free-fall rate. The "Good Buy Zone" I've had on my chart for a little while is now seeing relevance today, maybe even tomorrow if this very large push by the proverbial bear-whales continues.
While it's always tempting to try and wait for the absolute bottom and then buy in all at once, it's not advisable. There is a psychological hit that a person takes when they try to buy in all at once and fail to predict the bottom. As an example, I have a distant relative that sold a bunch at 13000, then bought back in at 10,500 last week thinking it was the bottom. I didn't bother saying anything to him because he's new to crypto and markets in general, and is hot-headed.
anyway, I believe it's better to just stagger your buy-ins as the price keeps falling, because there is no sure way to predict when you've reached bottom, and only with hindsight will you know when the price is truly recovering.
Bitcoin could drop as low as $7,000 or even $5,000 before finally stabilizing and starting its slow crawl back up out of the sewers... It could do that. But if it doesn't you will be kicking yourself for not staggering your buys instead of trying to predict the bottom.
Please remember that I am not giving financial advice and this is just my opinion. What I do strongly advise is to get your information from multiple sources to get a broader perspective on the markets, but ultimately you need to developer your own intuition as well, so that you can feel confident in your market position. This blog is written for entertainment purposes only. I cannot predict the future; therefore this blog should be considered a work of imaginary fiction.
Today's Crytocurrency Marketshare:
- 76.85% - Top Ten
- 42.94% - Top Ten (excluding Bitcoin)
- 33.91% - Bitcoin
- 23.15% - Other
- 0.279% - Steem
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The total Cryptocurrency market cap today was $455,442,000,000. Steem Marketcap Today was $1,269,210,000, or 0.279% of total.
Today Bitcoin's Price hit a high of $10,289, a low of $8,812 and an average of $9,551 before closing.
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Today Bitcoin's Market Cap was $172,372,000,000 US Dollars.
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Today Bitcoin exchange trading totaled a volume of $9,959,400,000 US Dollars.
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The average Bitcoin transaction fee was $8.11 USD today.
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The average number of new transactions being added every second to Bitcoin's mempool was 2.876 today.
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The percentage of Bitcoin transactions using Segwit addresses peaked at 14.57% today.
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There were 248,472 new Bitcoin transactions added to the mempool today.
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The average block contained 1.06 Megabytes of transaction data today.
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Today there were 12,523 new transactions left unconfirmed by end of day. As per blockchain.info there were still ~36,500 total unconfirmed transactions awaiting confirmation in the mempool by end of day, with ~24,000 of those being stale transactions that may be stuck in the mempool.
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Article Spotlight: Wolf Of Wall Street Says Bitcoin Could Hit $50K Before Crashing
I've heard a lot of different views on Bitcoin, and almost everyone has their own opinion about it. I found this statement interesting.
“Something [BTC] was designed to be used as a currency, and it’s being used as an investment vehicle... As a currency, Bitcoin is no more useful at $20,000 or $100.”
This is an interesting statement because it's both true and false.
It's true (I believe) that as a vehicle to enter into the cryptocurrency market, Bitcoin's value is pretty much irrelevant. Same thing goes with its value as a currency, because a currency needs stability more than large valuations.
I think his logic is correct, but that he is wrong (in this case), because it doesn't matter whether Bitcoin's price is relevant or not, there is a limited supply and this alone creates a very strong upward pressure on the price at all times, even in a very bearish market with bearwhales raiding exchanges and beating coins out of scared traders at a discount.
Video Spotlights
Coin Mastery - Bitcoin Keeps Dropping! Support Levels To Watch, Regulation, Playing The Long Game
A great video, I recommend watching it to the end because he makes a lot of excellent points.
SnipersTube - Is This The END Of Bitcoin ($BTC)?
if you want to be more proactive in this community, try using steemfollower (sign in is done through steemconnect using your steemit name and your private posting key - found in your wallet under permissions). This Video will explain how the program works. It is a great way to motivate you to produce great content, and to reward others for producing great content.
Tip Jars:
Dogecoin DDizpbLrYzFNEZtEVvUXo8kKBKu3K7yLry
Bitcoin 32p67yperYxM8dEFXESL3oeBcEn4qP32cQ
Ethereum 0x54c0387Fd48Dc8D48D30069be2e18756b8d203A5
ETC 0x067511c327Bc68b73726F4410fEAdb47ed396425
Ubiq 0x3EDb86c57f7f495aE0963855Cc37BA64B40C7685
Cryptocurrencies were off to a pretty volatile start this year. What may have also contributed to the slide is the fact that more governments are cracking down on cryptocurrencies. Not only did South Korea—once the third-largest market for Bitcoin trading—ban cryptocurrency exchanges in early January, but India’s Finance Minister Arun Jaitley announced plans this week to ban the use of Bitcoin and other cryptocurrencies as payments. The news did help shake investors who have already had a messy start to the year.
thanks for the post of a friend, I like your information as always thanks
good article
thank you for sharing
I agree with you mate, this is largely a coordinated sale initiated by the whales, probably starting with them taking a short position in futures. I think they have been pushing the price down and voila, the weak hands do the rest of the work. I am buying what i can in this market, lets hope we wont have to go to 5k for it.
Thank you very much @briggsy, you always share this useful information for everyone. Hope you are more successful... :)
We are riding this through together and the limit buys in 500$ intervals are such a way to keep sane and hedge bets.
I think you are being followed as well as another BLOG I follow had a Briggsy shoutout a couple days ago https://steemit.com/cryptocurrency/@vanessav/cryptopub-morning-market-digest
that's awesome, thanks for sharing the link.
I believe increasing your position little by little as the price dips in a "good buy zone" is definitely the smartest way to do it. While you don't have the "best" price, you have a price that averages lower than your initial buy-in price. And if the price bounces up, you have a few good positions in lower buy-in prices. I'm excited to check out the videos you've linked. Thanks for the post!
very interesting information I really love it
Excellent information friend I think that soon he will recover again the bitcoin greetings thanks