So Bitcoin is riding high again. Back to Back forks and the promise of free coins have driven large amounts of capital to the Grandaddy of crypto. The Question is- How long will it last before an exodus of profit taking capital pulls out? Will aforementioned capital be sidelined or driven back to altcoins which have been sold off to purchase Bitcoin.
Thoughts????????????
Bitcoin update-
Bitcoin’s rise over $7,200 Thursday has piled pressure on already sidelined altcoin markets, leading many into freefall.
An analysis of Coinmarketcap’s top 20 altcoin listings shows a depressing picture as Bitcoin’s surge leaves many struggling to stay above multi-month lows.
Notable standouts are the Bitcoin Cash fork and controversial newcomer BitConnect, opportunistically riding enthusiasm surrounding the Bitcoin Core chain.
Altcoin losses extend to Ethereum, which lost over six percent in 24 hours, while fellow fork Ethereum Classic (ETC) dropped to its lowest BTC and USD price since May.
Bitcoin meanwhile is posting highs elsewhere, its market dominance reaching 62.4 percent - a climb of 2.2 percent in the past day.
Wall Street news propulsion and feverish activity prior to the SegWit2x hard fork are combining to increase market focus solely on BTC, with an altcoin resurgence failing to materialize since August.
