Return of the Altcoins? Not so fast...
I see people talking about how altcoins will have their comeback when Bitcoin will be going through so much needed correction, but I have doubts. Yes, they are down, but I do not see why should they go up before Bitcoin will start rising after the correction.
I mean just look back. Etherum, Litecoin, OmiseGO, Ripple, Dash, NEO, IOTA, BitConnect... all these and many others moved more or less with Bitcoin for a months until mid October when Bitcoin went up like crazy. When Bitcoin goes down these tend to follow. Bitcoin is so strong people take it as an indicator of overall Crypto health and feel safer in cash in times of corrections.
I mean, just look at the market capitalization with and without Bitcoin, until mid October they look like the same thing which means there was little hedging between Bitcoin and altcoins. Why should it be any different now?
Sure, once the correction is done it might be a different story. But until then I see no reason for big optimism. Bitcoin is an investment tool and that is in demand now. Big money do not understand altcoins and this will take time to change.
Until then more money will come to Bitcoin and its price will rise faster than those of altcoins. Because of this even people who understand the potential of altcoins will sell some and move larger part of their portfolio to Bitcoin.
Am I missing something? Please let me know.
Bitcoin is the mother cryptocurrency, but many altcoins will increase in value and bring great stuff to this world.
Alt-coins are your bet when you feel like Bitcoin is going to down! That can sometimes be a mistake though haha
Your a right about big money and business, but newcomers, traders and peers in general will always prefer the altcoins, because we love decentralization, we cannot say that bitcoin is the only "true god".
@silentone, thank for your post and follow me i always follow back :)