Altcoin market held down by the pursuit of 2x fork coin
Alts vs Bitcoin
After talking with many crypto investors about there investment strategy leading up to the November hardfork, I've noticed that all of them have one thing in common. They all want the extra forked coin that will be created from a split in the bitcoin network. Many of them have sold off there altcoins in order to get as much forkcoin as possible. Most of them are planning to get back in to there altcoin positions soon after the fork which leads me to believe that the altmarket could resume its growth after all of this bitcoin harforking is behind us!
Could we see another Altcoin BOOM?
It seems possible to me that with all the attention bitcoin and cryptocurrencies have been getting lately that there could be another explosion in the altcoin market late this year or early 2018. The market has learned from the last fork, that a split is not to be feared but to be embraced as an opportunity to get more coins. Personally I would put the value of this new fork higher than BCH but you never know what will happen in this crazy market.
Pump and Dumps
Ive noticed most coins have been experiencing some small pumps from time to time but all of them fall back down to where they started. There is no sustained growth in any of these pumps. For example, steem just went from .00027 to .00039 and than back to .00028/btc. Ripple, monero, ether, dash, neo all had similar pump and dumps recently, none that were sustained. Some might call this "distribution" a term that is used in wall street and is a potential signal that the market could take a dump? As you can see in the charts below, if you zoom out on the daily many of the top coins have lost most of the gains they made vs bitcoin since the last altcoin boom.
I am still holding my favorite coins like steem, ripple and a few others but I have increased my bitcoin holding percentage and will wait patiently to get back in to altcoins.
This post received a 1.6% upvote from @randowhale thanks to @cyberblock! To learn more, check out @randowhale 101 - Everything You Need to Know!
@cyberblock Well done for sticking at it! Followed.
@cyberblock got you a $7.64 (4.0%) @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more about @minnowbooster!
The @OriginalWorks bot has determined this post by @cyberblock to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
To enter this post into the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!
For more information, Click Here! || Click here to participate in the @OriginalWorks writing contest!
Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!