After hitting highs over $7600 per coin, bitcoin has been sliding ever since.
Currently it is dipping down to $6900, the lowest level seen in the last 5 days or so.
What is causing the slide it not as clear but likely has to do with the upcoming bitcoin fork.
There is a lot of uncertainty surrounding it and the fact that bitcoin is up so much going into it likely means the profits are too good to pass up for some traders.
Bitcoin's slide brings me to my main question...
What does bitcoin's slide mean for altcoins?
Currently they aren't doing much, appreciating slightly against bitcoin but also mostly losing value against the dollar as well. Though not nearly at the pace that bitcoin is.
A lot of money has been leaving altcoins and flowing into bitcoin over the last couple of months.
Anyone holding altcoins over that time period likely has the scars to prove it.
This was likely due to the fact that bitcoin cash turned out to basically be a free airdrop of new coins for bitcoin holders. Many people bought into bitcoin hoping the next two forks were more of the same.
Bitcoin gold turned out to be more of the same, but this next fork is possibly the most unpredictable of the bunch.
Uncertainty around the corner?
As mentioned above, this next fork in just over a week is the one that is bringing about the most uncertainty.
For that reason many users who were buying bitcoin to get the free airdropped coin likely saw enough of a profit already to not risk that money if something unexpected happens with this next fork.
Free coins or locking in 40% gains?
That is the question many traders are faced with currently.
Not unexpectedly, we are seeing many of them ring the register currently.
Could money finally come back to steem?
The hope is that after we get passed this latest fork money will start to diversify again and make it's way back into the most promising altcoin projects.
That is my hope with steem.
The development, smts, and marketing can't come fast enough with this thing as we probably have a nice window coming up over the next several months here where altcoins will finally see some bids again.
However, this time I don't think we will see all altcoins rise together. I think the very best as well as the heaviest marketed will be picked out and those will get support.
Likely at the expense of everyone else.
Here's to hoping steem is one of those getting some attention!
Stay informed my friends.
*Images courtesy of pixabay.com
Follow me: @jrcornel
I love your description about Bitcoin's "slide"! Wow, but we still haven't put in a daily reversal yet! The fact that this feels like a slide says a lot about where we are in parabolic curve terms. And, like you say, it's everyone on the same side of the Bitcoin shitcoin airdrop trade. That kind of thing usually doesn't end well.
No, when everyone is thinking the same, those who take the other side tend to be the ones to profit.
By the way, added another batch to BTS today.....hard not to like that one....still doing homework on it.
Their goal basically is to take over the financial industry on a decentralized platform.
If they pull that off, the $340 that was put out there will be a small number. The financial sector is world trillions of dollars.
I like ambitious people with good ideas and solid implementation.
Oh how sweet it is (we will be saying one day not too many years away).
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[steemit](https://steemit.com)Unlike short links this allows the reader to see where they are going by simply hovering over the link before they click on it.It sure looks like it. Most altcoins have nice green candles today.
I think many alts will lose a good bit and drop back down again in the coming two weeks as more people try to get in on the free coins when the btc is lower again. After fork...well I agree - the best coins win and the others get pruned. Stay frosty, logical, and don't get emotionally attached if possible
Yep. Just riding the waves as best as I can.
This would be the ideal case, if everything goes well with the hard fork, or it is possible that people will wait for it to pass and then start investing again in bitcoin
Both, more the former than later.
I think Bitcoin begins to decline. It could fall to 5000 (green line). The blue lines are the long term range and the red linies are the range of the current bubble. the price could touch the lower red line and then go up to 10000 by the end of the year.
See also here: https://steemit.com/bitcoin/@sevenseals/today-i-sold-a-tenth-of-my-bitcoins-now-it-follows-a-bubble-or-a-fallback-to-4800
I guess there are so many possibilities right now... what if with this hard fork its valea splits half and a half? It will be worth 3500$ then but who knows for sure?
Not right, at least, not until after the fork. Im sure BTC will quickly recover above $7000. BTC major correction is yet to start. I can only see BTC dropping to $6400 before $8000.
The issue with the 2xHF is that they are not implementing replay protection, so anyone selling these coins risks losing their btc as well. Risky move. However, this HF has the possibility of splitting the community. Lets hope its uneventful like the previous forks.
2x hardfork is a complicated one to deal with. But I wonder, was it not necessary to increase block size?
That is what has split the community. Some say that the implementation of Segwit is enough without the 2x HF. Segwit has effectively doubled block size which will buy breathing space. The development of the lightning network should address future scaling issues. Others say 2x is needed.
Thanks for the clarification and a bit more light on the argument which divides the community. In that case; I would speculate the segwit2x team are pushing their own agendas. I'll try to read up a bit more on the fork when I get the chance.
Try this:
https://steemit.com/bitcoin/@modprobe/i-looked-into-segwit-and-here-s-what-i-saw
Opened my eyes.
I dont think the BTC run is over.
This is just some minor profit taking...I think we will see another run up before the fork.
As for the fork, the more that take place, the less impact they seem to have.
BTC still appears to be the original and what people buy.
Emphasis on 'appears' to be. People will still buy a lot btc, mainly because they don't take the time to understand what is going on behind the curtain.
But I think more and more flirt with Bitcoin cash.
I agree with you, the best bet is now on altcoins. If you like to take risk, then maybe riding the BTC wave until near fork then jump back to alts is also a good move.
I would like to add another "underdog" to this fight: BCH. As the 2 main chains: Legacy BTC and BC2X are fighting, they might lose their hashing power to BCH as BCH is updating their EDA on Nov13 --> We might witness an overthrown too (which is unlikely but it might!) --> keep some BCH in your pocket is also not bad :).
I have written a short analysis here: https://steemit.com/bitcoin/@bluephoenix/bch-vs-btc-vs-bc2x-for-investors
Alr upvoted. Keep up the good work!
I've been happily watching my XZC climbing lately. Nice post. Thanks for the insight.
Bitcoin at 8200$ at 31st december 2017 :-)
If not; early january ;-) .
Thanks for sharing this post, resteemit for you!
I took a hit with my Golem (GNT) since the BTC explosion. As BTC starts to re-stabilize itself, a lot of the popular altcoins should regain some value, imo. Seems to happen everytime BTC sees a major hike. No worries here.
Another leg up is due, maybe?
It does feel like momentum will be shifting back to alt coins and hopefully steem will be one of the chosen ones! Thanks for the update!
Steem should work on being independent of Bitcoins!
That is definitely the goal but not the reality yet. If you have fiat currency to invest you have to buy bitcoin first to be able to purchase steem from an exchange so the bitcoin price does matter from a psychological perspective and it creates an inverse relationship between the price of steem and bitcoin. Psychology moves the markets. When steem is available on exchanges that can be funded via fiat currencies it will act a little more independent but the yoyo effect with bitcoin and alt coins will still be present.
You are absolutely right. Might be hard for altcoins to be independent of BTC given its wider adaptation and use by far as compared to the others. Furthermore the market is still young.
An increase in steem to $4 within 1 to 3 years, I would consider a great achievement, given the unlimited supply.
Steem is progressing nicely though and in terms of platform growth. I would say, "Its picking up more steem ;-).
I certainly hope so!
When it comes to coins, or almost any investment for that matter, I'm frighteningly naive... And so I appreciate your clear analysis of what's going on.
My tendency is to just buy and hold the best crypto I can find, because I don't understand these short-term trends. But it is very clear to me that "money based on math" is much closer to the biblical ideals of "honest weights and measures" than any government issued and controlled fiat currency.
Thanks for a great article!
😄😇😄
YES finally!!! Gogo steem!
i think @jrcornel, it go high, hope for the best. i am waiting when it crossed the linit of 10,000.
I am rooting for steem to rise but like you cautiously optimistic. I can not believe how XMR and ETC are rising so quickly. Esp. XMR.
Yes finally!
Still not low enough to buy some extra...
My prediction is that bitcoin will go back to 4000-5000 mark after the fork and I agree that the top alts coins will make a little run. :)
BTC may not go below $6500. Though I have to admit, that fork will be a major hit to Bitcoins!
How would I know which is the right coin to invest?
Yup, until the 2x HF I'm just accumulating alts on the cheap and hoping their is a rotation back into them after the fork as we expect. NEO, LTC, SMART are few names I've been grabbing up.
and what about ripple?i just get start to read about cryptocurrencies, and i d like to try to invest in something
I simply love your articles, what great content and quality of posting you offer the community here on Steemit and abroad.
Thanks a lot :)
i noticed that also, i think its time to sell my bitcoin
meh. whatever coin is adopted and also has low inflation and a low coin count will probably win.
I think Bitcoin is really going to rise quite a bit until Segwit2x. Because this fork seems to be much better planned than Bitcoin Gold. Then the real recovery of altcoins (and the slide of Bitcoin) will come after Nov 16th.
I'm hoping, that as Steemit becomes more popular, as a Social Media outlet the value of SBDs will eventually climb..... But I don't look at "This Week's Volatility", instead I'm "Going Long" on Steemit. In time, Steemit will erode Facebook, Reddit, and Youtube. When it becomes "Mainstream" the value of SBD will soar.
Thank you for your explanation.
I hope money come back to steem.
You and me both my friend :)
Hey ,
Very interesting read, Thanks you for sharing it!
Great analysis @jcrcornel
I think all the forks currently underway with BTC is creating a lot of noise that is taking attention away from altcoins. The total crypto market cap is gradually rising, so money is slowly moving into currencies in general, but I think that people are either buying BTC to try and take advantage of the airdrop of new coins as you reference in your article. I also think the noise is potentially causing some investors to sit on the sidelines to see how things play out. There are a lot of really positive developments occurring in some of the alts I follow, but the news can't get any oxygen as BTC politics is taking it all.
I'm hoping that once the current series of forks is out of the way it might create some space for the focus to return to the good work being done by the development teams in the altcoin world.
The bitcoin fork is definitely affecting bitcoin's current slump. But I do believe it will break $8,000 by the end of November.
thanks for the information, very good post, i have upvote and resteem 👍😊