RE: Take a look at the Logarithmic scale of ETH, NEO, STRAT and others! 📉📈 Something big is about to happen to alts? 🤔
yes, it appears as though altcoins have been ignoring their relative value compared to bitcoin. This trend indicates to me that people are trading altcoins against the value of fiat currency and tether instead of bitcoin. It's an interesting paradigm because you would not expect that to be the case, but I think it is. While Bitcoin steadily increases in value, people aren't really aware that their altcoins are comparatively devaluing, until Bitcoin suddenly pinches a big loaf onto their portfolios and their altcoins suddenly dip. I think its an interesting phenomenon in this market where people almost trade with a split personality, checking the dollar valuation of their portfolios, but often trading with bitcoin for altcoins.
Those charts look super tantalizing though.
I agree it is an interesting phenomenon. I've also noticed other interesting things, like the ETH/USD value dropping sooner than the ETH/BTC value during dips.
With the current bottoms well established I feel like nobody holding alts is willing to sell for these BTC prices. If they were they would have done so long ago.. so this is why the BTC value seems more stubborn than the USD value. Those who are in it for fiat see the price swings and cash in and out, but those who entered through BTC are holding firm. I think this is going to cause alts to go up
Agreed. I have been watching the alts fall in relative value (to bitcoin) for some time, waiting for a good entry point. Then i convince myself that vs Fiat its still a no brainer, but I generally have to buy bitcoin to trade with alts and then I cant part with the Bitcoin!
Have you looked into Coinbase recently ? You can buy Ether or Litecoin with USD without purchasing Bitcoin. It takes awhile for the transaction to be fully settled but it is worth the wait.
True. The other advantage is the fees are much lower with those when you transfer to an exchange. However there are fewer trading pairs available with the other alts.