I've looked around a lot for news on why alt coins are down by a huge number, but had no luck. Thought I'd ask here; so why are all the alt. coins down? What are the chances of them recovering in a short / long term? Currently I'm holding Metal, Monaco, OmiseGO, NEO, DigiByte, ZCash, Ethereum, Ethereum Classic, SiaCoin, Singular DTV and Redd Coin and except for Redd Coin every f'in thing is down by a large number. What's going on?!
Have a look at the Bitcoin chart and you will get your answer. Everyone is pulling out of alts and getting into Bitcoin in the hope of short term profit. Luckily for us holding alts, Bitcoin can't keep going up like it is, so there will be a correction soon. I think (and hope) it will happen sooner rather than later.
i hope there is a big correction and very soon too :P this is getting out of hands lol
as upset as you may feel now remind yourself of how upset you will be if you sell and the price skyrockets.this could just be an artificial manipulation to cause weak hands to dump.I hope it skyrockets and we can all buy tickets to the moon. :) cheers.
I can't specifically for any one of them but it is normal that when Bitcoin goes up dramatically, the alt coins go down. People usually switch out of their alt coins to go into the rising Bitcoin which depresses the prices of the others. Bitcoin rose by a lot given the news the CME is planning on opening a futures market for Bitcoin specifically. Hang tough though! Hopefully, for most of these it will be temporarily down but go up over the long term
That makes sense. I'm alarmed at Monaco and Metal though, both rose crazily and immediately dropped insanely lol could all this also be because of the Segwit 2 fork? people wanting to capitalize on the split and get BTCx2 coins?
that's unfortunately what happens with smaller alt coins with less liquidity. Violent up and down swings. Hoping the best for you!
This is happening every 2-3 months, people are cashing in their profits.