The displacement of institutional Bitcoin adoption is going to overflow into every other asset just like it always does.
Here is what is different about this cycle: the exchanges Hive is on.
Bittrex and Poloniex have closed down. Americans and Brits are banned from using Binance. And the Korean govt tightened rules on exchanges (they have to evaluate listed coins every quarter and start delisting coins deemed to be scammy or risky). The new Korean rules are the reason Hive tumbled from 30 cents in July - Koreans panic sold as wild rumours went around about which coins would be delisted.
When bitcoin pumps to $100k, all the alts listed on Coinbase and Kraken will pump. But nobody American is going to open an account on obscure minor exchanges just to buy Hive. Losing Bittrex and Poloniex was a big blow because it cut Hive off from Western money.
The solution is to get Hive listed on Coinbase or Kraken asap...
Or get VSC AMM pools operational.
Agreed!
Some good observations here but I'm not sure the exchange issue is the reason Hive dropped in value in July. Virtually all of the alts took a significant hit at that time.
However, what does seem irregular this time in the cycle is the Bitcoin to alt coin price ratio, it seems a bit out to me. Let's not forget BTC has been trading not that far from its ATH pretty firmly for the past few months, yet the alts have taken a huge hit. I'm not sure it was the same type of BTC to alt coin price ratio this time in 2020.
I don't know if @edicted has any thoughts on this?
Don't forget we have our own DEX to trade Hive on called LEODEX.
If enough of us use it the bugs will get fixed and we might even get a trading pair betweek Hive and Cacao. As it stands we can trade Hive for Bitcoin, Ether or USDC via LEODEX. So Americans and Brits have a place to go.
#khaleelkazi has plenty of posts on it, as do I.