I expect a second wave of Altcoin sell-offs before Monday
There have been some very positive moves in select Altcoins today, following a large sell-off on Friday. Ripple is ripping through the roof, and Qtum regaining it's US Dollar value and market capitalization highs set back in November.
I expect that there will be more blood through the streets (multiple altcoins being drained of value, and bitcoin to climb to USD$20,000). I project that the second correction will begin Saturday night (UTC+10; Australian time) and continue through Sunday.
On Sunday evening, would be a good time to buy into some of the cryptos you like that may have taken a hit during this wave of sell-offs.
I expect cryptos like Litecoin and VeChain to regain some market cap (based on trading volume and positive sentiment) on Monday.
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Disclaimer: none of the above information is intended to be investment or financial advice. Please do your own research and make your own conclusions.
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It seems to me lately that bytecoin follows bitcoin alot so if bitcoin is going to 20k expect a rise out of bytecoin and probably monero they are part of the same cryptocurrency tree.
Personally don't see a lot of support or trade volume with Bytecoin. It's one of those coins that are slowly being forgotten tbh. Monero on the other hand, has plenty of upwards potential, as privacy is getting more and more valuable for holders and traders of crypto.
The only reason you havent seen upward movement in bytecoin's price is because in their infinite wisdom they made 184.5B coins. So, even though its market cap is in the top 35 of cryptos at $510 million its price is in the toilet because you have 184B coins. Meaning for the price to see $1 it needs a market cap of 184B...Bitcoin right now is at $250B...but Bytecoin doesn't have a big downside either its for those who want a safe low growth crypto...kinda like collecting interest in a bank