We are in a state where Bitcoin is Skyrocketing however altcoin are still lagging behind. You probably are wondering, why on earth is is Altcoin market still lagging behind? Well the simple answer is that there is a huge influx of altcoin miners trying to cash out at this very moment!
GPU Miners are the main reason why the altcoin market is currently down. Roughly about May, there was a huge influx of GPU mining, everyone saw that it was turning out to become profitable to mine with Computers and that one could easily make about $40 a day with a decent 8 GPU Mining rig. So wait, why didnt miners just hold on to the money and just wait till the coins get into a bigger value? Thats a good question, but what happened was that Bitcoin was suddenly going to be split.
So what really happened? Well, Everyone panicked and decided that its time to sell their bitcoin and cash out. Since the entire crypto market is traded against Bitcoin, everything started to loose its value, bitcoin people cashing out, altcoin miners cashing out and suddenly the entire crypto market fell. This was like the end of the crypto world everyone was loosing their minds as their S10,000 mining rigs were becoming obsolete! Guess what happened next?
BITCOIN Started to climb! Guess why that was? Well, apparently people started to realise that Bitcoin was going to split. This meant that everyone that had bitcoin would have Bitcoin, and Bitcoin Cash, well guess what that mean? Everyone was going to have free money! Hence what happened? Everyone that had bitcoin cash decided to poor everything into bitcoin, this lead to bitcoin climbing ever close to its maximum and BAAAM on the 1st of August everyone started using their Bitcoin cash and cashing that out and buying altcoins!
There as a sudden rush of altcoin rise which lead to all the major altcoin to go up. Up until this altcoin rise, all the miners kept mining and saving their altcoins, however when the bitcoin fork happened, bitcoin price kept rising and everything started going up! Crypto miners saw the opportunity and started trading and cashing out.
So why is the bitcoin going up and the altcoin staying the same? Well the answer is the miners are cashing out at the moment and they will be cashing out up until its not worth cashing out. So what do you do if you have invested in crypto? Simply hold on to your coins!
As soon as the mining on GPUs become obsolete, miners wont have anything to cash out, and soon enough the Altcoin value will rise up! Now if you are wondering, should there be a reason for it to not go up? Well, everything is going to go up! Just make sure that you are watching the market and do a quick trade if needed!
If you think this post is utter bullshit, then by all mean do tell me what I am doing wrong! I would definitely with more time. If you felt that this was useful, feel free to help donate!
Congratulations @ashwinms13! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPDownvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi. I am a volunteer bot for @resteembot that upvoted you.
Your post was chosen at random, as part of the advertisment campaign for @resteembot.
@resteembot is meant to help minnows get noticed by re-steeming their posts
To use the bot, one must follow it for at least 3 hours, and then make a transaction where the memo is the url of the post.
If you want to learn more - read the introduction post of @resteembot.
If you want help spread the word - read the advertisment program post.
Steem ON!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit