Bitcoin is rallying, but altcoins may end up rallying even more.
That is the thesis put forth by one John McAfee.
This was the recent quote put forth by McAfee on his twitter:
"Bitcoin cranking up, but the real winners, beginning soon, will be the alt coins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market - Docademic, Apollo, XTZ, etc. This is where the real money is to be made. Fill your bags folks."
(Source: ~~~ embed:1143687142788542464) twitter metadata:b2ZmaWNpYWxtY2FmZWV8fGh0dHBzOi8vdHdpdHRlci5jb20vb2ZmaWNpYWxtY2FmZWUvc3RhdHVzLzExNDM2ODcxNDI3ODg1NDI0NjQpfA== ~~~
Altcoins will 10x the move we are seeing in bitcoin?
I am not sure about that, but perhaps 10x from current prices is doable for some coins.
That is exactly the type of price action we saw back in early 2018 when the biggest altcoin season of all time transpired.
It happened after bitcoin made a new all time high just below $20k.
Then, as prices consolidated and trended lower... billions of dollars poured out of bitcoin and into altcoins.
With their much smaller market caps it didn't take much buying to really get their prices rocketing.
I would not be surprised to see the same thing happen again here.
However, we may have to wait until bitcoin makes new highs and then consolidates...
Plus we will need the media and retail to get involved again in a major way.
That hasn't happened just yet.
At least that was the blue print for how it happened the last time.
Hopefully steem is able to participate again just like it did the last time.
Stay informed my friends.
Image Source:
https://coinpedia.org/news/john-mcafee-predicts-bitcoin-price-breaks-12k/
-Doc
Holding crypto as long as its half decent crypto always brings the rewards. Worst thing you can do is be selling now, alts are like a ball under water at the moment. The selling is ridiculous and stupid beyond belief.
I think much of it is likely due to people selling alts for bitcoin... trying to catch what's running. That pattern will likely reverse at some point...
it seems that way, but when they decide to move up they will lose out because most will double in an instant in my mind. Its shocking.
Yep, you are right. It rarely works out well for the chasers, that is for sure.
And if the recent past is any indication, every other alt will run 10x while Steem putters at 1.5x.
That would not be fun if it turns out to be true...
and i think the alts will go up even higher than he says but i do agree when is the question and you about nailed it jtr
good article
have a good evening bud
That makes sense.
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Yep, I mean he is just basing it off the fact it happened just like that before...
If it happened once, it could happen again right?
I WANT TO BELIEVE !
Haha as do I!
Bitcoin is the leader. Well, it has led everything so far, and everything else has followed.
So, i too expect alt coins to make giant moves too!
But not before bitcoin makes a giant move.
The timing is the only thing.
Further, when we begin to see adoption. When people start actually using cryptos to buy things, then alt coins will make serious gains.
Yep, I agree. I think we need to see bitcoin make a new high before the next major altcoin season begins.
I feel like going back on vacation given these price increases! It pays for itself if I sell now! Altcoin rally would be great to see for sure as there is much more development there than bitcoin.
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Hopefully steem goes along for the ride... It has been mostly left out so far.
EOS and perhaps others probably will. I don't see Steem doing well without some major changes to the platform.
Well, it did well in early 2018 with basically the same setup as it has now. Though, there was a lot more hopium back them, which is about the only difference.
Yep. By now it shouldn't be the only difference.
I mean we had the same economic model as now... we are probably on more exchanges now as opposed to then... but we are much further down on coinmarketcap now... we were in the 20's-30's then and now in the 70's. Hopefully that isn't the determining factor.
Someone or some organization builds a better platform on EOSIO and it's game over. Maybe cross posting can help save it, but I can't think of anything else that might, besides improving Steemit.
Why would it be game over if that happened? It's already happening. Steemit is very different than Voice though. I actually think if Voice does well it will help bring people to steemit.com as well.
I was being a bit dramatic. There's plenty of peeps that love Steemit and aren't going anywhere. It's just tough for me to see too many more large investors coming in.
I'm seriously considering cashing out all my Bitcoin (not much) into Steem if Steem begins to spike up. Gotta get that double run up.
Probably not a bad time to do that. Bitcoin may have just peaked in the very near term right now... just dropped close to 30% in a matter of minutes... After getting near $14k, dropped to about $11,600.
we'll see!
Will steem enjoy a run again this time?
could the bitcoin run be safe haven bet? I dont even see ethereum run up!!!
It's partly that for sure. There are several possible catalysts out there right now. Not sure which one is the biggest driving force.
Hold it rest of your life hehe
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Bitcoin or altcoins?
"but perhaps 10x from current prices is doable..." - I can see a good amount of altcoins that will do much better than 10x current prices, because for some of them 10x wouldn't even reach their all-time highs. I think this is why he says what he said. And I agree, it is on altcoins that you will make money, having BTC is only something you should have in the bear market if you don´t want to convert to FIAT.
I disagree, but we shall see. I think some very specific coins will make new highs, but the vast majority will never see those highs again.
A 10x run would put Steem at less than $4 as of today. I hope we can do better than that. I'd like to see another ATH. Hopefully Steem actually participates in the next rally. I'm getting a little tired of this price action.
I am not confident that it will judging by the current price action. I was counting on it participating...
I know, right? I was just looking and of all the coins in the top 100, Steem is one of four that aren't rallying right now. Hard to believe that one of the only cryptocurrencies with a real use-case and roughly 40,000 active users participating on the network daily, is just getting thrown under the bus right now. Almost all the other coins are purely speculative or a store of value. I often have a hard time understanding why people aren't clamoring over each other to join a social media platform that pays you just for participating, since most people already do it on other sites anyway. It's free money! W... T... F...
I don't get it either. I think most people don't know about it to be honest. If we had some real marketing and advertising here it would be another story... but our fearless leaders chose to pocket whatever money they made back in 2017 instead of growing the business. They were happy with a couple million instead of hundreds of millions I guess... sigh. I still think with some advertising/marketing, and a couple tweaks it would be way more valuable than today... though sadly I don't think the tweaks in the next HF are the right ones.