RE: Why I Buy Bitcoin During Crashes Despite Calling it a Bubble
CI,
Though BTC isn't a commodity or share of a company,it's almost treated as such. (That comparison ive seen as digital Gold is a decent argument)
With BTC struggling at current prices,the second tier of alt coins for the most part have struggled even moreso.
Some falling off the map ...(DRGN for example)
Though the strength of the 1st tier of alt coins(ETH/LTC/BCH/NEO) has shown itself in this bloodbath...especially ETH.
That in itself is a lesson to be learned for the next crash,for those who want to HODL a slew of coins ....keep some of those 1st tier alt coins in your portfolio to make the pain a little easier to handle.
What im hoping is BTC builds a nice level of resistance around the 7500-8500 level ..to create at least a decent floor for the next fall.
Nows the time for those looking to put a bit more cash into this market to research a few more coins that held up well during this dive.
(Besides the ones i mentioned above ,i also noticed GAS & PPT to have held up as well)
Alot of bargains out there, but be careful everyone.
I still think we might have a tougher year than most predict.
The media seems intent on posting negative information when possible...not that this market has helped itself either with all its shady characters (besides the Bitconnect crew)trying to capitalize on new investors.
Infact... there's a certain Youtuber who's creating a "crypto hedge fund"...if you watch his videos...though he even admits he has no idea about most alt coins.
And this is a guy im going to invest money with?
Yeah ok.
If you can guess who it is....google his name with Kickstarter project called Greed Monger afterwards.
People like that are why this market will be treated with disregard/disrespect.
Excellent video as always.
Cheers.
I like the comment on 1st tier alt coins - good stuff.
thanks! I actually researched while it was happening...
Those held up pretty strong.
Thanks for your awesome comments as always technical - Indeed, larger cryptocurrencies tend to weather these storms better - was happy to be invested in Ethereum this time for sure.
Do you have any theories on why almost every crypto's chart looks identical the last few days? I mean literally identical, take a look on coinmarketcap's list, every chart looks identical. Seems really weird to me.
This is 80% machine trading and they have set their algo's off BTC. We are witnessing the slow purchase of the market by Wall Street. Who ran the cap from around $120 B in August to nearly $800B? Certainly not new investors. What will be interesting is with all these cash balances fattened after todays stock market sell off how much will flow into crypto.
If you don't believe its machine trading how does the entire board go green at the same freaking time, then go straight to red?
It’s largely because everything is tied to BTC at the moment, most of the people who invest in altcoins start by buying BTC, Eth, LTC on established platforms such as Coinbase and then send to a different exchange for conversion to their desired altcoin.
Additionally, BTC is synonymous with crypto as a whole as it is still the most well known.
There aren't a lot of ways to hege against bitcoin because you don't have a lot of the financial intruments. Investing in altcoins isn't exactly hedging as ussually it takes the whole market down at once. (with the possible exeption of NEO agaist China regulation). how do you hege your bets on bitcoin