Bitcoin sneezed and the altcoins got coronavirus
That was a fun 24 hours huh?
Bitcoin dropped significantly and just about every altcoin died.
They all dropped about 2x-3x the percentage that bitcoin dropped.
That's usually how it works though, bitcoin goes up 2x and altcoins go up 3x-4x.
The not so fun times are when you hold a coin like STEEM that has under performed bitcoin on the way up, but then gets thrashed more than bitcoin on the way down.
It's basically a lose lose for the time being.
I am hopeful that will change eventually, but for the time being it is what it is.
Was that it for the bitcoin decline?
Man I sure hope so, because watching our favorite altcoins drop by 15% in a matter of hours isn't a whole lot of fun.
I saw a chart this morning put out by planB on twitter where he mentioned the 200 week moving average on bitcoin is just below $7k.
He didn't explicitly say it, but I think he was implying that the drop won't go below that level.
I hope it doesn't get anywhere near that level though!
If it were to drop that far that is roughly another 35% below where we are currently.
I don't even want to imagine what the prices of altcoins might be in that scenario.
So, for all our sakes, I hope we are about done with this pullback.