Market Dips (but the fundamentals haven't changed) - Correlation between Altcoins and Bitcoin
The crypto market is down a bit today, between 5-15% across the board for many cryptoassets, but I'm not stressing. Why? Because there is fundamentally nothing different than yesterday. Yup, nothing. Let's talk about Bitcoin's correlation with the altcoins and why even if you're 100% in alts, you want Bitcoin to performing modestly well.
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This is just a drop in volume and we will get back on track as soon as bitcoin will break out of the triangle it is forming and we will see a boost in volume.
Market Updates for these cryptocurrencies
1.Dash 2. Sia coin 3. Loopring 4. Bitcoin 5. Civic 6. Verge 7.Steem 8. Nem 9. Stellar Lumens 10. Ripple
11.Eos 12. Bitshares
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Over the last few years there were periodes that Bitcoin and alts were positive correlated and periods that they were negative correlated. I see most alts as in a bubble and BTC undervalued. I think because of this the correlation will break again soon.
I am not sure BTC is undervalued until it starts to scale. Once LN is up and fees are back down to <5$ I would say it is undervalued. In reality, it is more or less unusable currently.
Yeah I agree, most of the alts are way too overvalued, however, think that this alt mania will continue for a couple months.
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Bitcoin Gold (BTG) - Analysis (162% POTENTIAL PROFIT) https://steemit.com/bitcoin/@benkalashnikov/bitcoin-gold-btg-analysis-176-potential-profit
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I'm scooping up Bitcoin on this dip.. I like quite a few alts, but I agree with your overall statement that alts are overvalued.
Down for everything except Neo and Gas <3
My mindset right now: BTFD !!
Yup, my mindset always.. Buy the dips hard.. Dollar Cost Average always
Thanks for the update. It's clear that there is a correlation between the growth/fall of Bitcoin and growth/fall of altcoins, depending on the rate of change of that growth.
Keep up the great posts, they're really helpful!
Thanks Luke, appreciate the kind words man!
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Stocks go up or down every day. Gas prices go up or down every day. Crypto is no different, maybe just another digit at the end of the percentage movement! Volatility for sure.
lol another digit at the end of the volatility, that made me laugh. So true though!
I look at it as a buy opportunity.
It's just the classic hurry up and wait... explosion coming soon haha buy at the dip is right and then hodl it out. Yuge profits coming soon
You are 99% correct.
And i gave you a vote.
My opinion is that the market is consolidating at the moment for BTC. There is definitely pressure on the down side as people who have got in higher are looking to get out as close as to breakeven as possible. Also, remember that a new tax year, people who held gains from 2017 are now taking profits to defer taxes until 2019. Lastly, there still may be some more pressure coming as people may need to sell to pay for taxes from their hefty 2017 gains.
People sell their alts in anticipation of a bitcoin Bullrun, But since bitcoin costs about 3X the price a few months ago then it also requires 3X the volume to achieve the bull run. Better to hold your Bags for now.