been noticing this pattern recently where when bitcoin rallies, other crypto falls on the same day. This patter is definitely clear today, as we see bitcoin rising to almost $4800 and other coins falling by around 3-10%. The good news is that there is positive long term correlation between the price of bitcoin and alt coins, so even though we see a drop today, in the long term we generally see a rise in the value of altcoins
Stay safe everyone! happy trading.
Hi boxmining,
Thanks for the great content
A lot of people use this to ride the wave. They put their alt coins into bitcoin, wait for their alt coin price to drop and the bitcoin price to rise, then at the top of the wave they buy into the alt coins again. This can make someone turn 500 Steem into 700 Steem within a few hours by doing nothing but trading back and forth.
It can definitely be risky though and there is a big chance of losing money as well.
Yeh, sometimes we don't care about risky situation, we just want to make some money out of nothing :)! Great post!
Nothing too suprising, this is a sign that money only moves internally as people try to get their free fork-coins.
There have been plenty of times when the whole market moved up, usually when there is new money coming in from outside.
agree on this. just some internal crypto money flows but no overall added outside money
If you have extra fund then play both side. Buy BTC for the coming fork and buy alts when they are cheaper now for the rise later when the next upleg come after the fork.
I think AGRS is getting cheaper. I'm considering increasing my stash if it if it goes under 20 cents. I'm also looking at EOS but EOS is still too expensive and needs to reach 25 cents or less for me to look at.
There are too many coins/tokens out there to keep watch. I'm not for speculating but for actual use case so a longer time frame. If you are interested in a long term holds or possibly even for permanent hold then just check my blog for a particular token I have been writing about. My latest post is https://steemit.com/populous/@marcusxman/populous-full-steam-on-the-spur-line . I have been writing about them for the past few weeks so very excited about it because beta will be going live in the next few weeks.
I hope to see everything go back on the rise! But i see a lot of people jumping on BTC to got that hard fork extra! So hopefully we see a rise in the market when these forks pass
A lot of people are exchanging their alt coins to btc for the upcoming fork. The good alts will go back up in due time.
Congratulations @boxmining! 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
STOPHey mate, I did a post about it too it's crazy how the market behaves. Seems everybody selling altcoins to get the more BTC they can and get more Free Bitcoin Gold lol
Time to buy cheap and make profit after the fork =D
Great post and a very good observation! Useful info and practically is really working, thanks!
The market grow from 145.000.000.0000 on 10/06, to 153.000.000.0000 on today. Now the alts are following btc with this new money.
Hi boxmining. Thanks for such great views.