Pay close attention
You might be noticing how some interesting personalities of the cryptosphere have all of the sudden become BTC maximalists. They are for all intent and purposes, FUDing the $atls bigtime. At face value, you might be tempted to think they are helping you make the right choice, but don't be so naive.
Yes, there are some personalities out there that really don't believe in $alts, but I promise you, it's a very small group. I suspect that everyone else is doing precisely what greed would inspire them to do, trying to get you to capitulate, so that they can get their $alts for cheap.
Some crypto personalities are being a little more reasonable, and actually giving us a good shakeup, but It's not always easy to buy the falling knife as they say. That being said, it's not a bad idea to begin to hedge your BTC positions into $alts that have proved themselves over and over. More so, because even if you can get them cheaper, the difference would not be that significant.
Am I saying that BTC is not going to climb higher? Of course not, and I do believe that the 40K is a complete reality. But again, we are talking multipliers here, and that's the point I'm trying to make.
Yes, I won't lie, I'm very biased, and a big chunk of my portfolio is allocated in STEEM, but using STEEM as an example. If we were to go back to a healthier valuation, one that mind you, seems to actually represent the value of this community, of this blockchain, we would be seeing a literal rocketship to the moon.
Simple math: If STEEM had a 100% profit run tomorrow, it would only mean an 80 cent STEEM more or less, and the elusive 10x gains that we all dream of, still would be under the all time high for STEEM at $8.43
As it's often said in this space, this is not financial advice, but chasing BTC out of your $alt bags, the ones you've carried for the whole duration of this bear market, is precisely how you lose big.
Again... pay close attention my friends.
MenO
Agreed. It's crazy how people are willing to follow the advice of others (especially considering that many of these people are just personalities on the internet and don't even go by real names). This is why the SEC is trying to regulate the hell out of crypto. The problem with the masses investing is that the masses typically have no idea how to evaluate their investments.
Follow the advice of ...personalities ...?
Yeah, that's what you do, when you are young, fresh to subj, unexperienced. A NOOB.
With the time, age, comes the real, true understanding. And it takes time...
I know.
its nothing more than market manipulation... :/
Double yup
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Fear and greed drive ultimately everything, not necessarily, rational behavior. I think alts will get a season after Bitcoin hits a new all time high. Its going to be all bitcoin until them. I personally don't believe all that many alts will participate when this day comes, and I doubt Steem will be any much above .50 this year. I hope I am wrong. Just my opinion.
This is not the first time that steem seemed dead. Where you around for the seven cents?
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Dogecoin has been having a run while most everything else stinks, so that tells one what kind of a market it is at the moment.
I had the same exact damn thought process.....
I'm very surprised (not really) so many people are getting tricked . I think Bitcoin is in for a slight crash for the next 48 hours. During that time many holders will be capitulating.
This is messed up, because many of the projects that are bleeding are ones that never got pumped to begin with. Bitcoin really has a grip on these platforms. It almost feels like a test to see how much Bitcoin can manipulate the rest. The answer is: quite a bit.
I see a lot of "rule-of-3" patterns in the TA for Bitcoin. We pushed up three times, and now we are about to push down for the third time. Where it goes from there is anyone's guess.
I'm not going to be surprised if altcoins become incredibly oversold in two days. Hell, they already are now in my opinion... but I'm betting they will go a bit lower.
I lot of the coins that I always wanted, I now have. It's time for me to go all in on Steem for a while... there is so much going on here.
The potential opportunity cost of missing out is what eventually leads to the FOMO we often see!
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Yes @meno. The alt bagholders I think are in for a very nice surprise in the short term. BTC dominance is running awful high-ish and there are alts that are really gaining traction nipping at their heels. In the meantime steem is at just north of 3 satoshis. Trade steem for bitcoin, that is a very ballsy move at the moment in my humble opinion. Will be fun to see how low the steem price/BTC can go before is a real move. The level it is at right now is criminal and actually hilarious at how tight the spring has to wind before steem shatters the paper mache roof of 45 cents.
Yeah, my alt bags are as big as they were a year ago and have recently added a tiny bit to some. I actually own 10% less BTC now than I did this time last year as I've traded around it a bit.
If BTC somehow sees 8,500 which is my low side buy entry I'm stacking it though. That scenario would be great as alts would probably rise against btc and btc entry becomes desirable at that price.
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