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RE: Why Bitcoin Could Fall Lower From Here
Last time Bitcoin lost its dominance and slipped below 50% was last year or early this year that Ethereum got lots of bull run and if I remember correctly its market cap became half of Bitcoin....So everyone was talking whether Ethereum replaces bitcoin but it didn't take so long that Bitcoin skyrocketed and went above 50% again.
I believe we have a same scanario here for Bitcoin & Ethereum after this Ripple hype...Bitcoin and ETH now are volcanic eruptions in the making!
@ka82, I had exactly the same thought about BTC and ETH this morning when I saw the overnight price action. But then I immediately warned myself not to buy into the BS too early. I'm looking for emerging resistance levels and planning my buy stops to add incrementally as those levels are convincingly broken through. As always, a work in process.
Regards,
Rick
This is a good thought, but it is important to remember that a lot of the "rocket fuel" that BTC has during this time was mainly due to an extremely high increase in media attention and news coverage. This year alone has been astounding for awareness around cryptocurrency in general. While I don't entirely disagree that it is a possibility, it is still important to separate the market-analytic factors from the emotional/media factors to best understand how things may not repeat that way. Predicting either direction is hard, but in the long run all 3 will most likely see an overall uptrend so still good news for everyone!
When it comes to advantages, BTC has "first", "biggest", and "most well known". Other than those, which are huge, no doubt, I fear it will not be the winner in the long run. I'm investing in BTC, ETH, and LTC because those are all GDAX had when I started a few months ago. I'm looking for an exchange where I can get into IOTA but not liking the buzz around the ones that currently offer it. Because I'm not a deep thinker my main chance in this game will be diversification.
Well I consider investing in Bitcoin like a long straddle (options strategy). If it rips to upside or downside, it will do better than altcoins. Altcoins tend to be like the short straddle position: If Bitcoin stays still, they tend to do well (except with much higher upside than short straddle so I guess that's not the BEST comparison but whatever). As dominance declines, I tend to it increases the ferocity by which Bitcoin can recover relative to alts when it dips or rips. We'll see how that plays out if Bitcoin has another huge volatile pump or dump.