Bitcoin sneezed and the altcoins got coronavirus

in GEMS2 months ago (edited)

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.

Sees:

(Source: https://twitter.com/100trillionUSD/status/1308351309427376135/photo/1)

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.

Coin Marketplace

STEEM 0.17
TRX 0.03
JST 0.022
BTC 17798.64
ETH 541.75
SBD 1.16