Altcoins Taking it on the Chin as Bitcoin Soars! What Say You?

in #cryptocurrency7 years ago

Bitcoin has been getting a lot of positive attention lately. Investors buying bitcoin for the hard forks, well that was only the start.

  • Bank of America recently issues a report that a bitcoin ETF was a viable possiblity.
  • The CME group launcing Bitcoin futures is further indication of Wall Street accepting the investment.
  • Bloomberg reports "Bitcoin is going legit, for better or worse".

All this has bitcoin breaking price records. The downside is that all of us holding altcoins are having our wills put to the test. Today even Ethereum had a quick drop in price. Recent high flyers such as OmiseGo, TenX, Walton and Lisk are all pulling back. Vertcoin and Stratis had a recent run going and are pulling back as well. Some that are holding up well are Zcoin, Status Network Token and Rise. NEO and Qtum seem to be staying in their recent ranges.

Me, I'm doing the HODL for now. I'll try to get some money together to take advantage of the low prices in the coming weeks. As I said before, I'm getting setup for 2018.

I believe this market action will continue until the next bitcoin fork. I'm not sure how much higher bitcoin will go near term unless more great news comes out. I feel that investors in it for the bitcoin forks are already there. My thought is that money will flow out of bitcoin after the fork. Even at the current price there are huge profits that people will want to lock in. Alts should benefit from this action.

What do you think! How are you dealing with alts? Which ones are you selling/buying? What are your thoughts on the market after the fork?
Don't be shy now :)

Good Fortune!