With Bitcoin price starting to go exponential as the mania builds around it, I noticed yesterday that the Alt-coins took a pretty big hit for the first time in this recent crypto bull market. I'm wondering if we might be getting to that point where Bitcoin might start taking back market share from the Alt-coins and we'll see a bit of a heavy correction or even a crash amongst the Alts. Some of the Alts have had a REALLY good run of late. I guess the question is - if Bitcoin is going into a mania phase, is there enough room for the alts to keep up or will we see Bitcoin start to cannibalise some of their market caps? I've gone a bit cold on DASH for now as I think part of the Bitcoin mania is due to the Litecoin implementation of SegWit and there is a lot of hope in the market about not just resolving the Bitcoin scalability debate, but also the potential implementation of the Lightning Network for transaction speed. I still think SegWit and Lightning is not that great a solution, but the market disagrees with me and it'll probably hurt a lot of the other fast/instant transaction currencies in the short term.
I think by the end of the week or weekend things will just end up going back to the way they were. BC may flatline or pull back a little and let the others catch up. What this week did prove, and as we agreed in another thread, is that when it comes to the crunch, BC is stil king by a country mile; and is basically the new gold. I only wish I ditched more metals into it when I did. Now it's just a feeling out process to find the new Google and Facebook etc amongst the hundreds of others, ie, netscape navigator, myspace, geocities and so on..
With you suggesting a top in Bitcoin a week ago, and a number of other people since suggesting the alt-coins should drop in favour Bitcoin, you are a little behind the times.... Contrarian indicator?? bahaha
SegWit goes live on Litecoin at around 2:30am Australian Eastern time tonite. Could be some interesting volatility around that event.
From what I noticed is the alts dip when Bitcoin is setting new all time high. After Bitcoin shows a sign that the growth is stopping the next day the alts move forward. Cycle continues. Only alts really hurting bad are the garbage ones. Everything else is taking 2 steps forward and 1 step back.
Looks like the potential BC eft listing news is dragging the alts up with it. Will be interesting to see how the alts react to the news. I think we might see another sea of green for most of the cryptos this week regardless of the outcome.
Looking pretty green across the board. I think the market has cautious optimism but may have largely priced in another SEC rejection and it could be another sell the news type event (or in this case, buy the bad news) In any case there is probably significant upside potential if we get a pleasant surprise and the market is currently behaving as if the recent sell down and consolidation of the last week may be over for now. Time for mania to resume it's course?
Yeah, BC rising fast is good for alts. A rising tide floats all boats etc. The only concern I have is how disruptions outside the crypto world (stock market crash type scenario) will affect the alts. I think in this case they will quickly be ditched for BC. I just hope this doesn't happen until I see at least $100 xem or $1000 ethereum
