The past week has brought some extraordinary pain to the Alt-coin markets as what I am dubbing the "Red Death" is killing everything!
Today has marked another 20% sell-off across the board which was simply a continuation of the 20% sell-off a few days ago...
What isn't selling off?
Bitcoin!
Up nearly $1,000 in a few short weeks, bitcoin is about to test the all time highs of $5,000 in the next days if not hours from this posting.
Unfortunately, when bitcoin makes serious moves, it tends to shock the alt-coin markets.
Take for instance this past April:
Bitcoin was rallying and at the same time altcoins that had taken a beating for months were again inching lower and lower, then one day everything suddenly changed;
Boom - Altcoin Rally!
Once bitcoin decides to settle on a price.... Until then things could go lower but as the past has shown, a major altcoin rally will follow and begin to grab pieces of the market shares
Tokens to keep an eye on
- Ethereum - 60% off recent highs reached 3 months ago
- Monero - Has been slowly pumping for over 1 year
- Litecoin - Longest lasting Alt-Coin, tends to rally following bitcoin rally
- Dash - Popular altcoin with low supply
These are the obvious high market-cap tokens that everyone is most likely watching anyway
Other not-so-obvious altcoin projects to watch
- Wings - Nearing beta release of platform. Has rewarding mechanism to build a cryptocurrency portfolio without further investments and price has sank to extreme lows
- Decent - Content distribution platform with quality team. Nearing release of content. Also sinking to extreme lows
As the past has shown multiple times, these altcoin crashes present buying opportunities across the board.
Don't make the mistake and actually believe that these cryptos will die...
Steemit has died many times already
Those who stick through the bad times are rewarded during the good times
- Use this time to become known and gain a following. When the rewards are decreasing, less people post and a bunch decide to leave. Now is the time to build yourself up
- Stack up some cheap steempower! As the price goes down, the actual steem payouts per $ increase.
When Steemit Re-Awakens, you will be glad you stuck around!
Feel free to follow and comment on my articles
I love comments and it's the best way to get my up-votes!!
@generation.easy
a bitcoin fanatic and alt-coin enthusiast
I like it because it's exactly what I want to hear!
I'm skeptical as well. With all the attention that BTC has been getting lately especially from Wall St., I can see a massive pump and dump.
Resteemed!
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I think BTC is going higher. But i also believe altcoins will follow.
When it comes to alt teading, going against the hype tends work. Buy when everyone is calling death and sell when you start hearing moon claims.
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IF BTC goes up and stays up, yes it would seem that altcoins would follow. If there is a massive sell-off of BTC over the next few days, we may be able to draw a better conclusion.
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Crypto speculation is what I love to do ;)
Either way, I see alts making a rally. They have been getting destroyed for months right after the massive pump stopped.
It's getting to that point for a rally again...
At least I hope I am right
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It surely is getting out of the red. Mine are on a good roll now. Looks like BTC might stabilize abit.
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You jinxed it!!!
Lol, i bailed on most alts.
Btc is on a rampage and looks to delink itself from the rest
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I couldn't make it to the exchange in time even though I saw it coming. Was to say the least, painful!
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I think that after the hard fork of bitcoin all the alt-coins Will go Up (to the Moon)
Good post, Upvote.
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Thank you for the insights, @generation.easy yes I will stick on to steemit and steem...planning to buy more, today.
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I'm right there next to ya.
I'm either deciding to grab some now or wait to see if it drops under 20k
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Selling altcoin to buy an overprice bitcoin assuming to receive some btc gold after the fork. I think these strategy wont work, instead of gaining you will lost.
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Did you just come up with a strategy without reading my post???
I never said anything about selling altcoins for bitcoins, instead i'm saying to sell bitcoins for undervalued altcoins...
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