Meanwhile, Bitcoin Touches on the $4000 Level, And Gently Moves Forward
While I was sleeping, Bitcoin rose above $4000, currently trading at $4158. Like, literally, during my sleep time, Bitcoin broke another psychological level. Those who were targeting $5000 by the end of the year may want to revise their analysis.
In my opinion, this rise is way too abrupt, especially when thinking that the SegWit saga is not even remotely over. There are a few developments going on and once they will unfold, is is very likely that a correction will apply.
Now, don't get me wrong, I'm very happy to see the admiral vessel of the crypto navy proudly cruising ahead and I hope it will continue to do so. But there are some market mechanisms that are functioning no matter what you trade and those mechanisms can't be avoided. I would rather see this vessel keep cruising forward at a lower speed but in good shape, rather than sprinting and risking a very dangerous overheating.
In other news, Steem is trading at around 28k satoshi, but it's on the good side of alts, meaning it is appreciating on a Bitcoin appreciation, as opposed to other cryptos which are taking a dive as deep as 10-12%.
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Glad to see Steem is not taking that much dive in comparison to other crypto...
Steem dropped in value as much as 20% last night even while bitcoin was rising, but it has indeed been going back up today as you said. Last I checked 'a few hours ago' Steem is still at the lowest value compared to btc that it's been since May 7th.
It seems to be much more stable than BTC is right now which is a plus, but I wouldn't doubt a huge crash if BTC does correct in a big way as you've predicted, or even for other reasons like what happened around this time last year to steem.
A correction is not necessarily a crash. The rule of thumb in crypto is that if you hold an asset long enough, it will be worth more than what you invested. Now, it's hard to define long enough, I know...
Oh i agree, a correction is not a crash. My reference to crash was for Steem, crashing based on a big correction of BTC.
Wow. I guess $5000 bitcoin is possible by end of year!
We are in the middle of a pretty sick run. Its looking like a run away train gaining speed everyday
This is absolutely crazy! I can't believe it has been doing this well with this much explosive growth in such a short period of time. Let's hope this pump continues and more money keeps coming into the market and there is no drastic dumps due to this juicy price @dragosroua
Bitcoin Holders are Kings :) Bitcoin is the future , its more then Gold!
I've read on the news, its because more and more institutional investment has joined into bitcoin. Its great and all in general, but sadly some of my altcoin stash (AMP, ETH, XRP) took a nose dive today ;(
Does this BTC price, when combined with Steem's generally lower price, suggest that Steem and other alts could "re-absorb" some of these gains? BTC goes down towards 3k, we move up back towards $2?
The way it unfolds is: BTC goes up, all altcoins go down. BTC corrects, altcoins recover, get to the previous value (in BTC) before the surge. Rinse and repeat. But it doesn't always go like this. There are internal factors for each altcoin which may impact this workflow.
Hope every other crypto will recover, thats sad people sell their cryptos for bitcoins when it go up and sell for bitcoin when its down beczuse they are scared...
Dragosroua, got in Bitcoin 2 years ago. It tend to spike around important elections. Brexit, Trump, Frexit and I am guessing the upcoming German elections. is Merkel as lock? Followed upvoted and resteemed