Any idea what is wrong with altcoins
During the last 2 months Bitcoin was around $5750 and then it started rising up and reached around $8490.. it was a healthy growth.. now it's falling again and is somewhere around $6450.
Ok its fine to have volatility with people taking profits and all..
But I'm confused about Altcoins, when Bitcoin was going up, Alts started falling, perhaps people were exchanging alts for Bitcoin because they were looking to sell that at a much higher price in USDT or TUSD or FIAT..
But what about now? Alts were low when Bitcoin was rising, and now that Bitcoin is on bear mode, Alts are still falling..
Apart from few coins due to pump and dump, only few alts showed some increase for a while and then kept on going lower again..
My question is when will Alt show a decent growth.. or we should only invest in Bitcoin as the volatility is good.. I wish I knew how this mechanism actually works, especially for altcoins. Help me if you have the answer. But don't ask me to subscribe to any premium services.
Well I don't the future but from the past experince I can say this. Most of the altcoin are related to BTC and ETH on crypto exchanges, there is no USDT/Alt pairs. So they folow BTC.
In rough times BTC is more secure investment so people, investors covert alts to BTC. We need to have wild bull run again, in order people to start asking again where to invest... and alts to become atractive.
But this is just a small part of the story.
Hope that helped.
Tricky question, ALTs generally do best when bitcoin is going sideways. BTC is best long term, ALTs are best for short term gains. Usdt is best when in a bear market. Trying to time entry and exits is near impossible. Best simple advice I have had is to have 30% max of your bank in altcoins, oh and take some profits on every bull run.