Bitcoin has been rallying pretty strongly over the last several days on positive developments in the space.
In fact, Bitcoin is inching back up near $4650 as I type.
That would put its all time highs of roughly $5,000 back in sight.
However, this rally seems to be at the expense of just about everyone else.
What do I mean by that?
Take a look at the altcoin space to get an idea...
Yesterday the altcoin space was seeing red while Bitcoin was rallying significantly.
Today looks like more of the same with only 2 of the top 30 coins on Polo seeing green.
What is going on?
There is potentially another fork coming for Bitcoin, possibly two actually.
This is exactly what was stated by myself and many others with the "success" of the Bitcoincash fork. New money was basically printed out of thin air and gifted to all Bitcoin holders.
The allure of that happening again is much too strong for anyone to pass up.
So, while they may state that the forks are related to the technology and the underlying issues Bitcoin currently has, at the end of the day it most likely is all about the free money.
Or should I say, the potential for free money.
So, because of this, altcoins sell off. Steem feeling plenty of the pain:
Why is this impacting the altcoin markets?
Money is leaving just about all other coins and finding its way into Bitcoin.
This is happening because the more Bitcoin that each person owns, the more Bitcoingold they will be "gifted" when the fork goes through.
There is no guarantee that there will enough backing to support Bitcoingold, but the fact that roughly $7 Billion was created out of thin air with Bitcoincash gives people a strong incentive to hold as much Bitcoin as they possibly can when the fork happens.
For that reason, the play currently is to sell all other coins and load up on Bitcoin.
Today is day 2 of the wave of selling.
We will see how long it lasts...
Stay informed my friends.
Image Sources:
https://www.coinbase.com/dashboard
https://poloniex.com/exchange#btc_steem
Follow me: @jrcornel
So when exactly is the fork? End of October? Thanks for the info.
The fork is supposed to be October 25th
The fork is October 25th and reflected on exchanges Nov. 1st.
Thanks a lot for all this info, I keep following these news and am not surprised to see this effect occurring. Good presentation again, thank you!
Namaste :)
I completely agree with the Author. A bit of technical analysis for everyone. Momentum indicators MACD and RSI are high. RSI(Relative Strength Indicator) is reaching overbought territory. Price is riding the Keltner Channel pretty high as well. Anyone looking to add to positions should wait for a pullback even if it is only 1-2 hundred. No sense in over paying. My guess is resistance at $5,000 again but nothing like the pullback we had before on China news. Happy Trading.
I agree about the resistance at $5K. No China FUD this time but it seems like it will come from somewhere. Just a feeling.
@eric-boucher I also think this was a great post. I believe this is happening because people are selling altcoins to get more bitcoin to get money from air during the hard fork, correct? Just upvoted your comment. @gold84
I get the feeling that the BCH success was a one-off event, and any other forks trying to replicate the "money out of thin air" thingy are going to fail spectacularly.
BCH had backing by the biggest exchanges right off the bat due to the large players involved. Who is going to support this Bitcoin Gold scheme?
The upside for the clever investor here is that many solid alts are dirt cheap now, and once the forking BS is off the table, the atlcoin market will make a comeback like you've never seen before!!
You heard it here first.
ETC , Lisk?
Greed will push ppl to support, ppl care more about the money than the tech
It is ironic. But I think a major correction on these BTC fork will ensues when the dust will settle. People are thinking that they can gain 15-20% on the BTC stash, if large number of people are thinking, it becomes too obvious, trade advantages go away. We can have 3 BTC forks, 1 ETH fork, numerous other HF coins of top coins, since nobody fears a fork. These all can lead to hard correction of BTC and its forks. Already BCH is feeling the heat at $300, it may go down to $100s, lets see!
And once Bitcoin gold starts trading it will be a huge selloff, and free money (no qoutation sign) will flow into different alt coins. I am buying Steem right now. On sale!
I just picked up some as well. I am glad you noticed the quotation marks ;)
The 'free money' isn't free as its at the expense of something else. The Bitcoin Gold fork isn't the one to watch as there is little hype, but the Segwit 2x fork could split the community.
That could cause the BTC to drop towards $2,000. The Bitcoin Gold is nothing...Segwit2x is the worry.
Agreed. Very real risk of splitting the community. Not good for btc.
BTC Gold isn't going to make a huge difference for small fish like us. jump on those cheap alts before the fork to get those good prices before everybody else jumps back in.
I am with you @scandinavianlife.
Like you, I just bought some more Steem....might as well power up when the stuff is on sale.
The Bitcoin gold hard fork is what is most interesting to me since it can be mined using the Equihash algo making it accessible to those that do not have Bitcoin asic miners. It might be something ETH miners can switch over to when ETH moves to proof of stake.
For me Bitcoin Gold interesting too. He will have more opportunity for a retake. Ordinary users will take control over the new fork of bitcoin.
Total market capitalization (Bitcoin + Alts) continues on a steady up trend. This is a temporary situation due to the upcoming hard-fork but overall the entire market keeps growing which is good news for all coins.
I agree with you @cryptoeagle.
The coin market is going to explode here very soon.
I foresee a $1.5T marketcap in coming years which is a ten-fold increase. The blockchain technology is just too valuable. I was reading about a proposal to a camping company using SMT's to alter the interaction with their customers. This is game changing. Once companies start to adopt this, the practical side of tokens will come into play. Right now they are speculation with the real world uses still being developed.
Steem is a good example of a blockchain that is being used with a lot of transactions going through it.
Ive been screaming that this was going to happen for a long time. Everybody laughed at me and called me a joke. Ive been saying for weeks, that the altcoin market will not experience any sustained growth until after the fork is over.
Bitcoin Gold will be less of a "success" than Bitcoin Cash in my opinion.
Using this pullback to add to some other positions. I hope the AltCoin collapse continues a while longer.
I would love to see Steem for $.80 or under.
Thanks for posting.
Everyone would love that, except a few whales maybe
New high coming soon, time to long bitcoin X100 !
Yep People create house on altcoin market :) but is a nice period to buy more steem ;) Enjoy it ;)
Loving the drop in Steem. Good time to sell SBD and buy steem to power up. Also hold BTC until the hardfork, then sell for alts. Everyone else will be doing this so don't leave it too late.
All alts are getting smoked today! Great time to load up on those promising long-term coins while theyre cheap
It's a bloodbath out there...
It's brutal...I logged into Bittrex and logged right back out :)
Thats very great news increase in bitclin pirce will also increase in another cryptocurrency increased in price like steem and sbd
I'm sticking with my Etherium shares, pretty sure it will ride this out like it did the China incident and reach above previous highs.
This is the perfect opportunity to pick up some great altcoins at ridiculously cheap prices. Everyone, just keep doing what you are doing, i am like a kid in a candy store!!!!!!!!!!!!!!!!!!!!!!!! I think i just wet myself!
Thanks a lot for all this info
Great post :)
I'm not really a fan of this forking business.
I mean... What is the point? Why can't a coin just stay as 1 coin. The real effect of a fork is similar to Fiat currency where money is created out thin air. It's also devaluing the coin in some way.
Have a nice day.
Yes, value usually comes out of the original, which is why Bitcoincash was so unusual. No value came out of the original...
Not immediately but bitcoin cash has dropped considerably, especially recently. Its just another alt coin amongst hundreds now with nothing really novel to distinguish it from the pack.
Yes very strange.
It just seems so anti crypto in my view.
One of the best post i have read on steemit.
Hi, friend
I love to post you this one, Gives me a lot of motivation.
Hopefully you always post news like this, and give benefits to everyone.
May God always bless you and your family. 😍
i am going on bitminer, please visi my id. upvote & follow me
I have not done research on this latest bitcoin fork but lets assume this may not happen. Like no additional coins are to be made, will that make bitcoin crash? I hope not.
Nope
I said this would happen when I first heard about Bitcoin Gold, but nobody wanted to believe me... the free money train is coming folks!
Yep, alt coins on sale! I'm waiting for good support levels to be reached to add to positions. Keeping my eye on NEO for sure.
I just picked up some in the last couple minutes. Starting to hit extreme levels momentum wise.
Yes, I have been keeping my eye on it. I just added a little myself as well. 28.50 was a level I was keeping an eye on, if it were to fail here then 20 would be my next level. In the end, I'm building my core position on pullbacks and holding it for triple digits.
When lot of so called crypto gurus are spreading the disinformation about Bitcoin and its future after hardfork(s), your analysis seems the right one and makes complete sense to me. No false hopes, no lies, just a complete picture of the whole event is what this post showed. Thank You @jrcornel for being the true guide. You're an asset for the community.
Keep sharing, caring and inspiring. Stay awesome dear fellow.
Steem On!
¿Cuanto tiempo puede durar esta tendencia y cuanto afectará a las otras monedas? Realmente la tendencia Bitcoin ejerce un nivel significativo sobre la tendencia del resto de criptomonedas.
Thanks for the good info
Traders be like
I just bought more Steem. When is the next Steem hardfork?
I did as well. Good question. It has been pushed back, but it should be coming in the next 3 months or so.
3 months, wow, i thought it was sooner
Thanks for the info!
It is unfortunate when other coins see red with bitcoin flourishing. I can see the bitcoin hitting $10 k in 2018 as predicted. Am sorry for our steen. How I wish it appreciated despite the other coins seeing red. Tomorrow might be better for the steem.
I just want steem to get to $10 and be stable.
Me too my friend
Thanks for the info. It does look like a lot of people are betting on Bitcoin Gold.
With the alt-coin sale price looking more and more inticing for many, I can't help but wonder if this rollercoaster might go around one more time before the fork happens.
look at the discounts out there. free for all! time to accumulate coins at a cheaper cost!
Agree with the reasoning. Are you buying more bitcoin? DO you think you should sell bitcoin cash or keep it in a wallet and see if it gains adoption. I think the split almost makes bitcoin cash more powerful because if lightning networks do not work as well on segwit then bitcoin cash could be reverted to the main coin since it didn't adopt segwit.
I still wish there was only one bitcoin and less confusion. However, if the white paper said this was a power in its currency then who am I to disagree. I'm a Realtor not a cryptographer. :)
UGH. For some reason in my gut I knew when ETH and LTC got back up to $315 and $55, respectively, that I should've sold off and bought into BTC. Yet here we are... frustrating.
Thank you for the straight forward sum-up. I was wondering what was happening this morning.
BTC won't stop for anyone but don't know what to do when you bought all the altcoins and just keep on falling :(
Very informative post still hoping for big changes for the better
Thanks I was starting to wonder why the price was going up so fast. That make since from what you are saying.
Bitcoin is a world revolution. But steem will in time to come become the chairman
Not immediately but bitcoin cash has dropped considerably, especially recently. Its just another alt coin amongst hundreds now with nothing really novel to distinguish it from the pack.
Good post. @jrcornel
@jrcornel thanks for sharing the situation about bitcoin climb and the effect on altcoins. Just mentioned to @eric-boucher I believe that this is because people are trying to get more bitcoin to get the free money after the hardfork, right?
I also wanted to let you know I just mentioned in my latest post about the strong reasons why I believe STEEMIT will skyrocket sooner or later. You were mentioned on Reason #2, STEEMIT has been receiving several positive Mentions from re-known platforms: https://steemit.com/steem/@gold84/7-great-reasons-why-we-should-buy-at-least-100-or-1000-steem-today-and-power-up
Looking forward to your thoughts on this.
Regards, @gold84
My Technical Analysis shows Bitcoin $7k yo $9k. Sentiment is driving Bitcoin higher.
Very interesting stuff for sure. I bet that for sure has to do with a part of the rally.
forking remind me of two women together. just awkward and doesn't seem right
dude who on earth still uses poloniex these days after all they did ?! please say it's a joke