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RE: Bitcoin Prices are Falling - Here is what I think
retracements are healthy for the market...
I was curious however how was it that all the markets dropped around 30% in less than 12h ..
looks to me like there is still a strong correlation to the btc price , throughout the market , would you agree wiht me on that Michael ?
There is obvious relation of every altcoin to bitcoin because everything is being traded against bitcoin. All of us want to increase our bitcoins so this dump has pushed panic button to sell all we got.
On Binance, you are also able to trade against LTC, ETH, and BNB, which makes it a little more convenient. I beginning to see altcoins as an investment opportunity like the stock market, where you buy low and sell high. So the concept of holding the coins and hoping to make money by just waiting for low periods could prove to be a waste of time. If played well, $500+ could be made easily in about 30 minutes, especially with BTC's fluctuating price right now. What's awesome about this is you can buy and sell altcoins 24/7.
I would agree, although much of it is likely to be psycological.