From Cointelegraph
Bitcoin climbed 11 percent into Friday to post its highest price since mid-December: one coin was worth $16,920, cross-exchange data shows.Read more: https://cointelegraph.com/news/bitcoin-hits-multi-week-highs-despite-continuing-altcoin-surgeExchanges tracked by Coinmarketcap recorded an average trade price maximum of just under $17,000 earlier Friday before a slight correction saw Bitcoin head back towards $16,000.
The performance is encouraging for holders who have watched profits ebb as altcoin markets continue to surge. The trend marks a pause after several weeks of bearish action for BTC, which did not immediately correct following its dip from $20,000 to around $13,000 last month.
On social media, casual traders were eyeing Bitcoin’s reversal to continue, noting its impact on altcoin markets.
I was surprised to see altcoins holding their value against bitcoin's rally today. Personally I'm still licking my wounds from the summer when I was holding all altcoins during the bitcoin cash fork. Since then I make sure to have a few bitcoins and big volume altcoins.
I'm still a little gun shy right now about picking up altcoins because I have a feeling we are going to see bitcoin pass $20K USD very soon.
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I too was surprised to see the strength within the alt space. Alts seem to be holding fairly well with the dips being bought. This will definitely be interesting to watch especially if BTC continues.
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I have a question and I'm looking for an answer.
What happens if everyone abandons Bitcoin and they rely on another coin: Ribel or Ethurium... Any other coin
This means that the value of the Bitcoin becomes 0 $.
... Just an opinion of a small fish in the sea of Steemit
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I wouldn't bet on that outcome.
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Why not happen.... Bitcoin is not a single choice.. There's a lot now.
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It is the first cryptocurrency and so has a name brand which means a lot. It has an army of investors and evangelists backing it. It is adapting to scaling issues, slowly, but adapting never the less.
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This kind of reminds me of UGAZ and DGAZ ETF's in the stock market. When one is going up the other goes down. Seems to be a similar correlation with BTC and Alt-coins. Will be interesting to see if this ends up being a consistent trend or not. Regardless, I believe over time they will both continue to grow. It just might be more likely at different intervals.
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thanks for info ;)
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BTC is a strategic asset to hold for long term while many alt coins are for quick profit taking purpose only.
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👍!
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You’re right, alt coins seem to fall when bitcoin moons.
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Hi ~ I'm a robot of imranmujaddi.I just upvoted your post!
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great news..technology is very nice...i love bitcoin..thanks for sharing this post...
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Thank you 👏👏
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Sneaky Ninja Attack! You have been defended with a 7.67% vote... I was summoned by @contentjunkie! I have done their bidding and now I will vanish...Whoosh
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You got a 1.63% upvote from @upme requested by: @contentjunkie.
Send at least 1.5 SBD to @upme with a post link in the memo field to receive upvote next round.
To support our activity, please vote for my master @suggeelson, as a STEEM Witness
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