The altcoin market may be about to move in a significant way.
Many people focus almost exclusively on bitcoin, myself included, for a number of reasons.
One being that it potentially offers the most use cases currently and is the market leader by a long shot.
However, altcoins also could serve a very interesting purpose, possibly even supplanting bitcoin as the king of crypto some day.
Many of them also already work much better as a form of money than bitcoin does currently.
Putting all of that aside though, altcoins likely offer a better possibility of outsized returns.
What do I mean?
Bitcoin may offer investors a 2X-3X return from currently levels of a relatively short period of time, but some altcoins may offer a 10X-20X return over that same time period.
The altcoin market is currently worth roughly $100 billion.
Looking at the trend from the altcoin market highs, we can see that it is has been basically all downhill:
(Source: https://www.coindesk.com/why-traders-should-chart-the-entire-crypto-market-cap/)
As you can see, the altcoin market just recently bumped up against the year long down trend line and appears to have been rejected yet again.
The longer this trend line continues the harder it is to break.
However, on the flip side, when it does eventually break the more significant that break becomes.
What gets me excited:
If you zoom in a bit and look at the daily chart we see a slightly more encouraging picture for the altcoin markets.
Take a look at this:
(Source: https://www.coindesk.com/why-traders-should-chart-the-entire-crypto-market-cap/)
We are seeing a possible inverse head and should pattern, which is a bullish pattern.
A break to the upside of the neckline would likely yield a move up of about 31%.
No guarantee that this pattern will unfold to the upside, but we are also in a good time of the year seasonally.
The stage is set, now we just need some follow through!
Stay informed my friends.
Follow me: @jrcornel
My Decentraland bags are breaking out!
Really? Are you up on em yet?
I don't see where the motivation is coming from... except maybe a return of speculators.
What other altcoins do you like incidentally?
I think that if bitcoin can bounce, altcoins may bounce even harder. The catalyst may be Bakkt launching their futures products in mid December.
I hold a few altcoins but not many. I hold some ether, some eos, some xrp, steem of course, and then a few smaller ones I have picked up along the way.
oh thanks, i hadn't heard of Bakkt, and I just heard about Circle... what do you think will be the best platform moving forward. I use Coinbase, which is alright, fees are prob. high. ty
If you are in the US, I think Robinhood, Bittrex, Poloniex, Kraken, Coinbase, and Gemini will all be pretty good moving forward. They are all trying to comply with regulations and they are going to eventually engage in a "race to the bottom" in terms of fees. Robinhood is already fee-less.
robinhood, haha... sounds kinda cheesy (-:
They have been around as a stock trading app for a while now. They are actually hugely popular. :)
yeah, right after this I read something saying how slick their apps were,,, in reference that goldmoney.com needs to slickify their shit , etc
A break to the upside would be awesome!! I mean we have been in the bear market for 9 months and start to hurt to all cryptocurrency investors😭😭
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I think is has been almost 11 months since bitcoin peaked and 10 months since altcoins peaked. :)
It's been a tough year for all of us
It would be nice for some relief, wouldn't it?!
This is the time that we all have been waiting for hopefully it will be good for alts :)
it will be in time but for now we can expect a little blow back and within a weak erso we will se bigger change's
"Be fearful when others are greedy, and be greedy when others are fearful." --Warren Buffet
Is it that time yet?
It's time to get greedy.
I hope you are right. How long do we have to be greedy?
I can't say for sure, but in regards to Steem specifically I believe it's going to be some time after the Steem interfaces up their GUI game. I feel like a broken record but the lack of an ability to organize your content like you can on most other social media websites is a HUGE factor in retaining both consumers and creators. Another thing that I believe is going to contribute to Steem mooning is the Steem website builder that is being developed by Finally.network. it's basically the Wix of Steem, and if we can lower the barrier to entry that much I think we'll have a lot more high quality personalized content. Not just a generic feed from a SoundCloud or blogger clone. Not sure how long that's gonna take, but once it does we all might just regret not being more thankful of this bear market.
Interesting, how will that lower the barrier to entry?
It'll lower the barrier to entry for content creators. If say for instance a podcast producer wants to join the Steem network but they dont really like any of the interfaces they can go to an easy to use website builder that has Steem integration built in, which means they can create a unique user experience with their own brand and UI while taking advantage of the Steem blockchain without having to hire a team of developers.
Either that or one of the many red downtrends 🤣😜
Or that. Those have dominated all of 2018.
This could indeed be a possibility, I have had the impression that the focus the last few months has been too much on BTC and the “bear” that is holding it down. But imho some altcoins have been bought up in silence, ready to break out! Look at the surge that Ripple has had, and Electroneum... Things could get pretty interesting soon!
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Hopefully that is the case!