Odd Market Still
Bitcoin goes higher, leaves most other cryptos in the dust. Then when bitcoin falls, it affects other cryptos negatively?
Other cryptos are subject to bitcoin's declines but not its rises.
This gives me trepidation concerning the market as a whole. I never put anything into a bitcoin trade because I was trading the 2nd tier stuff, Ethereum, Dash, Ripple, ect. Ethereum was the only one that rallied decent with Bitcoin.
With Ethereum, I have already sold 1/3 of my trade holdings at $300, and I have a stop-loss put in at 270.00. If you're sitting on it long-term I think it would be fine, but I am personally not in the mood to ride profits down into losses at this point.
With Dash, I think I am fine with just holding it. It's had all the opportunities to crash and it hasn't taken most of them. Plus there are possible fall positive events in its favor. Also, it never fully rallied along with the rest of crypto, because it had rallied quite a bit before other cryptos.
With Ripple, I am reducing holdings and taking a more wait and see approach. Buying in phases on the way down could be really good long-term.
With EOS, I am just holding what I have and will be buying more on dips, I do not care how far it drops since I do not own a ton and it is just a long-term play without a huge bubble involved.
With Steem I have actually been selling it out of my Steem Power. I am not exactly bearish on it, but I have considered maybe I am holding too much. If it ever goes back to 80 cents, I may just buy a lot more, though.
As far as BTC goes, if I owned any, it is a dicey situation. Either goes really high or crashes quite far now that we have what could be a top. Once a run starts with bitcoin, it's rare that the first top is the last top, but we have to consider this run happened after the prior runs since fall 2016. Also, we have to consider the outside money willing to value-buy BTC on dips, but perhaps unwilling to buy altcoins on dips.
OMG that @unlockrs brought up is very interesting. Asian project that has yet to be super-hyped, and has a bullish chart formation. That said, it's sitting at 700 mil market cap. Maybe it's just the overflow from the NEO run. It is an easy enough to trade situation, though. Put in a stop loss at the recent triangle that broke higher, and it either goes way higher, or it runs out your stop loss. But it is traded in BTC, which I hate because if BTC tanks on you and OMG rallies, you may lose even if OMG goes up.
The game in town right now is Bitcoin or bust. Maybe that means we are on a verge of a shift toward 2nd tier coins? Yet if BTC declines significantly at all, the 2nd tier rally is unlikely to occur.
Note: Still on some vacation, will be for the next two weeks, not sure if I will get much content done during this time.
Thanks for the mention, Ted. I was fortunate to catch OMG in that bullish triangle and bought in at the right time. Your point about it being traded in BTC is a good one, though. Still contemplating what my move here is because I think OMG still goes higher based on the volume.
Regarding the market cap, it may be too high right now, but in the long run if the OMG token is used how I think it will for unbanked individuals in developing countries, then this market cap is relatively low.
Have a good vacation and chat soon.
Looks like you're sitting good today, if you held. I'm quite happy to see the Dash price today, and seeing Eth back at 300.
I'm long OMG. Moved off the exchange to MEW. I see a lot of hype around the interwebs, plus with their product launching Q4 2017 I see this as very low risk.
Somehow I feel like the calm winds before the storm, I'm learning to overcome FOMO and realizing that the old principle of selling when is high and buying when low always applies. That said situation like July is a great learning opportunity for investment
This BTC rally leaving the alts in the dust was something that I imagine caught most people off guard. The market had always moved together for the most part and now there's a tremendous amount of uncertainty. I had read that a majority of the money flowing into BTC in this rally was from Asia, and the fact that the crypto market is so small can lead to extreme volatility orchestrated by just a few big players. I really don't have a feelfor this market at the moment, but appreciate your commentary b/c you're usually right on, but definitely not adding to any positions. If indeed more big money starts moving into the market for BTC, the alts could go keep going lower.
Yes, it does have an eerie, almost Surreal feel to it. Very few winners and lots of losers in the second, third and lower tiers. There's no way of knowing what will fly and what will not. It may not be a good thing to be shaken out of one's alt coins.
This BTC rocket may truly be the harbinger of super hyper-inflation and the demise of fiat currencies including the almighty dollar. When that actually happens, so many false narratives fall out of the sky never to return to their former status. Humpty Dumpty.
I decided a couple years ago, the bankers can keep the bubble going for quite a long time with the fiat currencies. They've gotten really good at holding the system together. My on-going assumption is if any bank in the world strikes at a serious banking crisis, before they tell investors, before they implode, they call a hotline at the Federal Reserve and it gets taken care of. No one knows, and the hole gets plugged. Then if all the money they print never makes its way out into the open market, but sits in a database somewhere as a derivative, I am not even sure how much inflation that creates... creates an asset bubble maybe, but would affect currency itself less than just normal printing. We have high inflation these days, but it's not ridiculously high.
If it goes, though, it should be a pretty big event because likely they can no longer keep the failures operational as they have been doing.
Then all the king's horses and all the king's men bomb the crap out of Humpty Dumpty in hopes that it will somehow solve their problems of putting him back together again. So it goes....
In 6 months, the evolution of bitcoin has increased from 1000$ to 41xx $ today and that's what worries me a lot. Thanks for sharing
Good post. What do you think is actually driving BTC so high? I wonder how much influence bitconnect has to do with it. Bitconnect is on fire and if the BCC lending investments are used to buy BTC, couldn't this be a part of it going higher? Following.
Bitconnect is an influence, I think. If you research it, one of their people said that Bitconnect is aiming to become one of the top 30 wallets holding Bitcoin. It's where some of their lending wallet holdings get invested. Great point you brought up there. That said, there are plenty of traditional market investors putting something in Bitcoin right now.
The Btc is like the king that affects all alt coins i hope particularly steem rises BTW enjoy your Vacations :)
Thank you
My impression in a relatively short time in the market has been that when BTC rises at a more moderate pace, it allows the alts to follow. That is, when BTC pauses, it gives the alts a chance to catch up/surpass BTC's gains. Currently though, BTC hasn't paused at all, so the alts have not had a chance tocatch up. If BTC now corrects rather quickly, I expect most of the alts will go down with it.
The market seems to be quite strange. I made the assumption that if BTC rallies a good number of the alts should also go up. I haven't been in crypto too long but there seems to be 2 other market states for BTC and alts besides the one I just mentioned. The first one seems that if BTC rallies the alts either stay the same or decline. The second state is that if BTC declines the alts will also decline. I believe going forward that if BTC declines from its current levels most likely the alts would probably also decline.
I believe that in the future BTC wil drop and some of the alt coins with a good structure behind it wil take over.
Enjoy your vacation :)