This is just a drop in volume and we will get back on track as soon as bitcoin will break out of the triangle it is forming and we will see a boost in volume.
Over the last few years there were periodes that Bitcoin and alts were positive correlated and periods that they were negative correlated. I see most alts as in a bubble and BTC undervalued. I think because of this the correlation will break again soon.
I am not sure BTC is undervalued until it starts to scale. Once LN is up and fees are back down to <5$ I would say it is undervalued. In reality, it is more or less unusable currently.
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Thanks for the update. It's clear that there is a correlation between the growth/fall of Bitcoin and growth/fall of altcoins, depending on the rate of change of that growth.
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Stocks go up or down every day. Gas prices go up or down every day. Crypto is no different, maybe just another digit at the end of the percentage movement! Volatility for sure.
My opinion is that the market is consolidating at the moment for BTC. There is definitely pressure on the down side as people who have got in higher are looking to get out as close as to breakeven as possible. Also, remember that a new tax year, people who held gains from 2017 are now taking profits to defer taxes until 2019. Lastly, there still may be some more pressure coming as people may need to sell to pay for taxes from their hefty 2017 gains.
People sell their alts in anticipation of a bitcoin Bullrun, But since bitcoin costs about 3X the price a few months ago then it also requires 3X the volume to achieve the bull run. Better to hold your Bags for now.
I am investing in Ethereum for the long term. I have put together projections based on previous performance and news updates etc and as far as I can see it still looks good. I am still on target, as planned to make my planned amount from Ethereum!!
Reality work..nice effort..of original work.wow !such a beautiful post .image.photography.every line is nice way to introducing post yourself.I look foward to seeing more from this blog. All the best in 2018..@owaishassankhan
Can we fallow each other.if you like...i like it very much.
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Rumors are in May lightning network will be up and running and transfer fees for bitcoin is going to nearly be nothing. If this comes true bitcoin will moon. I am holding until at May to see what will happen unless some altcoin is really that awe inspiring that I would switch btc into ;) Thanks.
Thanks for this, @cryptobobby. But there are so many altcoins out there that one barely knows which will go up and which won't. Do they all follow this trend? How do we know which overvalued coin will begin to lose its value sooner?
Great post for information on current market scenario
You may also like my post "Difference between Beginners Vs Professionals In current Market Crash Scenario !!!!" you can check it out on my feed.
This is just a drop in volume and we will get back on track as soon as bitcoin will break out of the triangle it is forming and we will see a boost in volume.
Market Updates for these cryptocurrencies
1.Dash 2. Sia coin 3. Loopring 4. Bitcoin 5. Civic 6. Verge 7.Steem 8. Nem 9. Stellar Lumens 10. Ripple
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Source
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Over the last few years there were periodes that Bitcoin and alts were positive correlated and periods that they were negative correlated. I see most alts as in a bubble and BTC undervalued. I think because of this the correlation will break again soon.
I am not sure BTC is undervalued until it starts to scale. Once LN is up and fees are back down to <5$ I would say it is undervalued. In reality, it is more or less unusable currently.
Yeah I agree, most of the alts are way too overvalued, however, think that this alt mania will continue for a couple months.
Here's a powerful technical analysis on Bitcoin Gold:
Bitcoin Gold (BTG) - Analysis (162% POTENTIAL PROFIT) https://steemit.com/bitcoin/@benkalashnikov/bitcoin-gold-btg-analysis-176-potential-profit
DO YOU WANT TO EARN FREE 0.2 BTC (3000$+-) WITHOUT MAKING ANY INVESTMENT?
HOW? THIS IS SOMETHING NEW AND IT IS VERY EASY, IT IS CALLED COREMINER!
HERE ARE THE STEPS:
STEP1: First, open this site on your computer: https://coreminer.net/?r=184743
STEP2: Click on Register - Create account.
STEP3: Create your account by filling in the registration form.
STEP4: After you are logged in, open the miner tab in the menu.
STEP5: Click there on 'Download Miner Client' A new window will open.
STEP6: Click then on 'Download' when you are on the Fast Download Website.
STEP7: After downloading the miner client, install/run the files in the folder.
STEP8: Login using the CoreMiner Client you have installed on your computer.
STEP9: After logging in click on withdraw in the Miner Client and put 0.2 BTC as withdrawal amount and put your Bitcoin Address. Make sure you have access to the bitcoin address you've put in!
You will get your payment instantly in your Bitcoin Wallet!
You can also earn 0.01 BTC Free for every invite / referral you made!
You can also invest in CoreMiner by buying mining hash power.
NOTE: You need to withdraw from the CoreMiner Client and not from the website to claim your free 0.2 BTC.
If you want to withdraw from the website, you need 500 GHS of mining hash power in your account.
If you need help or have any questions about CoreMiner you can send me an message! :)
I'm scooping up Bitcoin on this dip.. I like quite a few alts, but I agree with your overall statement that alts are overvalued.
Down for everything except Neo and Gas <3
My mindset right now: BTFD !!
Yup, my mindset always.. Buy the dips hard.. Dollar Cost Average always
Thanks for the update. It's clear that there is a correlation between the growth/fall of Bitcoin and growth/fall of altcoins, depending on the rate of change of that growth.
Keep up the great posts, they're really helpful!
Thanks Luke, appreciate the kind words man!
No problem! I just started a new blog series with the aim of helping people undestand how to become more financially free through passive income so that they can dedicate more time to what they love - namely the Steemit community! If you're interested let me know!
Stocks go up or down every day. Gas prices go up or down every day. Crypto is no different, maybe just another digit at the end of the percentage movement! Volatility for sure.
lol another digit at the end of the volatility, that made me laugh. So true though!
I look at it as a buy opportunity.
It's just the classic hurry up and wait... explosion coming soon haha buy at the dip is right and then hodl it out. Yuge profits coming soon
You are 99% correct.
And i gave you a vote.
My opinion is that the market is consolidating at the moment for BTC. There is definitely pressure on the down side as people who have got in higher are looking to get out as close as to breakeven as possible. Also, remember that a new tax year, people who held gains from 2017 are now taking profits to defer taxes until 2019. Lastly, there still may be some more pressure coming as people may need to sell to pay for taxes from their hefty 2017 gains.
People sell their alts in anticipation of a bitcoin Bullrun, But since bitcoin costs about 3X the price a few months ago then it also requires 3X the volume to achieve the bull run. Better to hold your Bags for now.
I am investing in Ethereum for the long term. I have put together projections based on previous performance and news updates etc and as far as I can see it still looks good. I am still on target, as planned to make my planned amount from Ethereum!!
Thank you for sharing! I gave you a vote!!
no need to worry these is just the reaction of a free market unlike the wall-street the blockchain will still survive
Litecoin caught a bid yesterday and then sold off really fast, not much support out there at the moment.
corrections are normal buy the dip :)
Man you are awesome. I follow you on youtube too.
Ha ha I totally agree. Markets are down because speculation has more swings than a Chutes and Ladders World Tournament. Totally agreed, fundamentals haven't changed, at all. I have posted a similar sentiment as well, feel free to check this out if you'd like, https://steemit.com/steem/@cryptkeeper17/see-those-prices-steem-hodlers-longs-buyers-time-to-be-excstatic your feedback would be greatly appreciated. Thanks again for the post @cryptobobby! Sincerely, @cryptkeeper17
Hodl and buy some more!
Agreed, I have found that if you hold for at lest a month you will be much better off that if you hold for a couple of days.
What is your stratergy ?
No need to worry! This is perfectly normal.
Thanks for sharing your thoughts. The good pattern is a key to success! Here is my idea of the correlation between ETHBTC and BTCUSD
Reality work..nice effort..of original work.wow !such a beautiful post .image.photography.every line is nice way to introducing post yourself.I look foward to seeing more from this blog. All the best in 2018..@owaishassankhan
Can we fallow each other.if you like...i like it very much.
Coinbase makes it too easy to buy in the dips. Ha ha. I took the $$ out of my account so I'd stop spending. 😂
Congratulations @cryptobobby, this post is the third most rewarded post (based on pending payouts) in the last 12 hours written by a Superuser account holder (accounts that hold between 1 and 10 Mega Vests). The total number of posts by Superuser account holders during this period was 1335 and the total pending payments to posts in this category was $18818.09. To see the full list of highest paid posts across all accounts categories, click here.
If you do not wish to receive these messages in future, please reply stop to this comment.
+1200% POTENTIAL GAINS | DAILY CRYPTO PICK!
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Rumors are in May lightning network will be up and running and transfer fees for bitcoin is going to nearly be nothing. If this comes true bitcoin will moon. I am holding until at May to see what will happen unless some altcoin is really that awe inspiring that I would switch btc into ;) Thanks.
I thank you!
Thanks for this, @cryptobobby. But there are so many altcoins out there that one barely knows which will go up and which won't. Do they all follow this trend? How do we know which overvalued coin will begin to lose its value sooner?
thanks
Instead of looking at the market on daily basis why not look at the market on monthly basis or quarterly basis. This will save us from panic selling.
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Great post for information on current market scenario
You may also like my post "Difference between Beginners Vs Professionals In current Market Crash Scenario !!!!" you can check it out on my feed.