Will bitcoin's fade be good news for altcoins?
After hitting highs over $7600 per coin, bitcoin has been sliding ever since.
Currently it is dipping down to $6900, the lowest level seen in the last 5 days or so.
What is causing the slide it not as clear but likely has to do with the upcoming bitcoin fork.
There is a lot of uncertainty surrounding it and the fact that bitcoin is up so much going into it likely means the profits are too good to pass up for some traders.
Bitcoin's slide brings me to my main question...
What does bitcoin's slide mean for altcoins?
Currently they aren't doing much, appreciating slightly against bitcoin but also mostly losing value against the dollar as well. Though not nearly at the pace that bitcoin is.
A lot of money has been leaving altcoins and flowing into bitcoin over the last couple of months.
Anyone holding altcoins over that time period likely has the scars to prove it.
This was likely due to the fact that bitcoin cash turned out to basically be a free airdrop of new coins for bitcoin holders. Many people bought into bitcoin hoping the next two forks were more of the same.
Bitcoin gold turned out to be more of the same, but this next fork is possibly the most unpredictable of the bunch.
Uncertainty around the corner?
As mentioned above, this next fork in just over a week is the one that is bringing about the most uncertainty.
For that reason many users who were buying bitcoin to get the free airdropped coin likely saw enough of a profit already to not risk that money if something unexpected happens with this next fork.
Free coins or locking in 40% gains?
That is the question many traders are faced with currently.
Not unexpectedly, we are seeing many of them ring the register currently.
Could money finally come back to steem?
The hope is that after we get passed this latest fork money will start to diversify again and make it's way back into the most promising altcoin projects.
That is my hope with steem.
The development, smts, and marketing can't come fast enough with this thing as we probably have a nice window coming up over the next several months here where altcoins will finally see some bids again.
However, this time I don't think we will see all altcoins rise together. I think the very best as well as the heaviest marketed will be picked out and those will get support.
Likely at the expense of everyone else.
Here's to hoping steem is one of those getting some attention!
Stay informed my friends.
*Images courtesy of pixabay.com
Follow me: @jrcornel
I love your description about Bitcoin's "slide"! Wow, but we still haven't put in a daily reversal yet! The fact that this feels like a slide says a lot about where we are in parabolic curve terms. And, like you say, it's everyone on the same side of the Bitcoin shitcoin airdrop trade. That kind of thing usually doesn't end well.
No, when everyone is thinking the same, those who take the other side tend to be the ones to profit.
By the way, added another batch to BTS today.....hard not to like that one....still doing homework on it.
Their goal basically is to take over the financial industry on a decentralized platform.
If they pull that off, the $340 that was put out there will be a small number. The financial sector is world trillions of dollars.
I like ambitious people with good ideas and solid implementation.
Oh how sweet it is (we will be saying one day not too many years away).
It's not a fade, it's called a correction.
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[steemit](https://steemit.com)Unlike short links this allows the reader to see where they are going by simply hovering over the link before they click on it.It sure looks like it. Most altcoins have nice green candles today.
I think many alts will lose a good bit and drop back down again in the coming two weeks as more people try to get in on the free coins when the btc is lower again. After fork...well I agree - the best coins win and the others get pruned. Stay frosty, logical, and don't get emotionally attached if possible
Yep. Just riding the waves as best as I can.
This would be the ideal case, if everything goes well with the hard fork, or it is possible that people will wait for it to pass and then start investing again in bitcoin
Both, more the former than later.
I think Bitcoin begins to decline. It could fall to 5000 (green line). The blue lines are the long term range and the red linies are the range of the current bubble. the price could touch the lower red line and then go up to 10000 by the end of the year.
See also here: https://steemit.com/bitcoin/@sevenseals/today-i-sold-a-tenth-of-my-bitcoins-now-it-follows-a-bubble-or-a-fallback-to-4800
I guess there are so many possibilities right now... what if with this hard fork its valea splits half and a half? It will be worth 3500$ then but who knows for sure?
Not right, at least, not until after the fork. Im sure BTC will quickly recover above $7000. BTC major correction is yet to start. I can only see BTC dropping to $6400 before $8000.
The issue with the 2xHF is that they are not implementing replay protection, so anyone selling these coins risks losing their btc as well. Risky move. However, this HF has the possibility of splitting the community. Lets hope its uneventful like the previous forks.
2x hardfork is a complicated one to deal with. But I wonder, was it not necessary to increase block size?
That is what has split the community. Some say that the implementation of Segwit is enough without the 2x HF. Segwit has effectively doubled block size which will buy breathing space. The development of the lightning network should address future scaling issues. Others say 2x is needed.
Thanks for the clarification and a bit more light on the argument which divides the community. In that case; I would speculate the segwit2x team are pushing their own agendas. I'll try to read up a bit more on the fork when I get the chance.
Try this:
https://steemit.com/bitcoin/@modprobe/i-looked-into-segwit-and-here-s-what-i-saw
Opened my eyes.
I dont think the BTC run is over.
This is just some minor profit taking...I think we will see another run up before the fork.
As for the fork, the more that take place, the less impact they seem to have.
BTC still appears to be the original and what people buy.
Emphasis on 'appears' to be. People will still buy a lot btc, mainly because they don't take the time to understand what is going on behind the curtain.
But I think more and more flirt with Bitcoin cash.
I agree with you, the best bet is now on altcoins. If you like to take risk, then maybe riding the BTC wave until near fork then jump back to alts is also a good move.
I would like to add another "underdog" to this fight: BCH. As the 2 main chains: Legacy BTC and BC2X are fighting, they might lose their hashing power to BCH as BCH is updating their EDA on Nov13 --> We might witness an overthrown too (which is unlikely but it might!) --> keep some BCH in your pocket is also not bad :).
I have written a short analysis here: https://steemit.com/bitcoin/@bluephoenix/bch-vs-btc-vs-bc2x-for-investors
Alr upvoted. Keep up the good work!
I've been happily watching my XZC climbing lately. Nice post. Thanks for the insight.
Bitcoin at 8200$ at 31st december 2017 :-)
If not; early january ;-) .
How would I know which is the right coin to invest?
i think @jrcornel, it go high, hope for the best. i am waiting when it crossed the linit of 10,000.