While alt coins die off - Steem lives strong
Bitcoin is pushing upwards into earths atmosphere in its journey to new highs. This makes many bitcoin enthusiasts excited, but it can also lay waste to the altcoin world as selloff after selloff occurs.
The sea of red
The blood had been spilling into the streets for weeks, and what seemed like the beginning of a recovery, turned into more selloffs prompted by a minor 2% rise in btc. Many of the major alts including eth, ripple, dash and ltc have continued the downward trend reaching new lows not seen years. Even the newer alts like Zec, Auger, and lisk can’t help but decline.
The coin that sticks out the most is also Steemits competition and it has lost 50% in value just in one week.
Synereo AMP
Word is that there is some developer disagreements and bad allocation of assets. It also seems some newer investors are upset with progress and are bailing from the ship early. Do you remember the investment round synereo just had?
The price per AMP was over 30k sats during funding. Now a mere 1/5 the value
Its looking very bad for the competition, But not all is dead or dying. Our shining green island in the sea of red sticks out nicely
Steemit stays strong!
Although many of us were expecting a higher value at this point, as most of us anxiously await the hardfork, the signs that a bottom have been reached are there. The days of 10cent Steem may be over, and it might be in the best interest of the site for new users if the value increased gradually instead of the dramatic moonshot from before.
It seems investors are holding out for the fork to come through before making any moves, but I wouldn’t be surprised if we touch 30k+ when that happens. This could be the cheapest Steem we will get for a long time if not forever.
Some traders say the best profits come when blood is in the streets; as long as the bloods not yours. Others will say to never attempt to catch a falling knife; you will get cut and bleed.
Which are you?
The first and last images can be found at profitisland.com but I can't figure out how to "link" using markdown.
Thank you for reading and feel free to comment. I especially would appreciate any information regarding AMPS.
Also consider following me @generation.easy
Great post, I was just about to post something like this but you beat me to it! I would say that BTC is about to shoot up, causing more alt blood. It may even hit STEEM a little bit, bringing it to 15k or even 12k, which would be the perfect price to snatch up some STEEM right before the HF!
Depends how much btc shoots up. Back in 2013, that huge spike also moved a lot of money into the top alts. Most of those coins died since then, but it would be interesting to see what will happen. Imo, some of these alts are oversold.
I think the days of 12k steem are over, 4days till hf and i believe we will trend upward.
Thanks for dropping in with a comment
You should make a post, i like your ideas
Thanks man, I'm getting much better at predicating movements! I basically go all in alts when BTC downtrends, then when it uptrends all-out, and when it is in a downswing during an uptrend I selectively choose my alts. It's really an art. I'm just barely getting there now. Steem is an easy buy now though haha.
It definetly is a skill to not get destroyed in the crypto game.
I have lost tons myself, but have made much much more.
Once you get the hang of it though, you can get some serious milk from the cow.
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Hey my most frequent commenter!
I knew you would come
:) Nice post, I see that you found @nanzo-scoop's recent post with more juicy info on Synereo. I have been wanting to get in on Synereo but with this news I think I'll wait longer. I think I try to catch bouncing knives, which hopefully describes Steem recently.
Yes, his post prompted an investigation on my part. Stupid devs, they deserve to have there coin crushed after that episode.
Anyways, see you next time :)