The Downside of Bitcoin Price Surge and How You Can Survive The Alt Market Crash
I'm sure by now most of you notice the market getting red. Well most likely this is because of recent bitcoin price surge and the upcoming hardfork.
Bitcoin is the main vessel for trade for most traders, just like USD or EUR in forex. So when it rise, most traders will convert their alts into bitcoin and cash out.Thus creating these mass selling from alts.
But for those of you whose alts got stucked on high position, don't worry. My theory is that these traders will return to alts with more bitcoin hence they will turn this bear into bull. It happens before when bitcoin surge to $5000 couple of months ago and it will happen again.
So goodluck folks, trade well.
Neo is still on an uptrend, targets place it at $40, although at this point I don't see an entry. There will be major news for Neo later in the month with the Shanghai conference which will surge prices for a bit. Another coin to keep an eye on in the short term is Qtum, they're launching their mainnet on the 4th of Octobre and swapping their ERC20 tokens for their own POS crypto. I think we'll see some price action movement today/tomorrow. Last altcoin that seems to be doing well is XVG (verge) they are launching their Wraith protocol this month, and just started trading on Binance, should have some upward movement also.
Awesome, thanks for the info @paperbull I'll look into Qtum asap then. I should follow you as well, you are pretty knowledgable about this.
Just a heads up, if you buy Qtum make sure, 100% sure, 150% sure that they are in a swap enabled wallet or exchange. I'd recommend using Bittrex for it, they've officially confirmed that they will support the swap on the 4th.
I'm sure am using bittrex. But why is it matter though? Will something bad happen if they are not swap enabled? I'm sure a lot of readers reading this conversation also wants to know
Not necessarily bad. The thing is that currently all Qtum out there are ERC20 tokens, that means they are tokens on the Ethereum chain. Qtum is finally launching their own blockchain platform and will exchange your ERC20 for their "real" token, called Qtum ignition. If you don't have your Qtum in an exchange or wallet ready for the swap then the company has no way of knowing that you own Qtum and should receive the new tokens.
Oh I see, now I get it. Thanks a bunch for the heads up! I've done researching about this matter as well. I wish I know about Qtum momentum a week ago, I wouldn't be stuck on other alts by now :( should've read more news.
I hope its not too late to enter now. Thanks a bunch @paperbull
@cmtzco has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond. To be Resteemed to 4k+ followers and upvoted heavier send 0.25SBD to @minnowpond with your posts url as the memo
Altcoins are suffering hard.
https://steemit.com/cryptocurrency/@ghayas/does-ripple-have-any-potential-to-grow-in-value-should-i-be-investing-in-it-why-do-so-many-people-hates-it
@judas Really good post.
In other word this is a good time buy altcoins for the long term. Buy, hold and wait for bitcoin to start a downward trend. Am i right ?
@enm well yes. Perhaps in the next 3 days these alts will still going to go down because bitcoin is just begun rallying. So I suggest wait for their lowest point and buy immidiately.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by judas from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
This post received a 2.11% upvote from @randowhale thanks to @judas! To learn more, check out @randowhale 101 - Everything You Need to Know!