Vlog #69: It's not bad to see alts in the red when Bitcoin trades at all time high.
Every morning when I wake up I check the crypto prices.
Steem is always the first I check and I compare it with BTC. It was down around 9%. O no!
I then checked the US dollar value of STEEM and realized it had not changed at all.
I know what that means....because it can only mean one thing. Bitcoin has gone up!
I was right. Bitcoin hit a new all time high of around $3200. WoW!
Most alt coins are in the red for this reason. (because they are compared to bitcoin).
I don't worry about these red days. They are fine. The only red days I dislike are the ones where Bitcoin goes down and all the alts aswell. Not the case now.
With a little bit of luck, the alts will follow the giant. Interesting times ahead.
Bitcoin cash
Bitcoin Cash is trading for less than 10% of Bitcoins value. Still too high for me to buy in and take a small gamble. I'm sticking to my plan of buying some between $30-50.
Follow Me 
A higher Bitcoin price will bring more interest to cryptos in general leading to more people discovering Steem and the other alts
Ledger X just got approval to open an options market in the US for Bitcoin and Etherium. This means institutional money will start to flow into the crypto market by the end of the year when this market is supposed to up and running. Institutional investors have been on the sideline since they need to hedge their accounts. No more. In one year the market cap will be 4X. I can wait!
I hope you're right buddy! Will they only be able to invest in BTC and ETH for the time being though?
That is correct. They start with BTC and ETH. Once successful, I think getting other coins added will be a procedure only. The market cap needs to be big enough and liquid enough for big money to be in it. By this time next year, with the fully functioning options market, a market cap significantly higher than today, I think the cryptocurrency mystery the vast majority of the public don't yet understand will start to bleed into commonplace conversation. Just like back in the mid 90s when websites were so new and most businesses thought giving access to employees was a way to ruin productivity, the applications for the blockchain will start filtering into regular businesses.
My $20K crypto account (my cost) I'm confident will one day be $1M +. It's already $95K since march with one position yesterday up 5500%! I'm only thinking about adding to positions and have absolutely no worry about corrections. I see them as opportunities. You can't stop this train.
I've had similar thoughts as too waiting for a good entry point with BCH but I'm starting to rethink my position on this. The BTC price thrown me for loop as I expected that the HF worries were over and that was already priced into the market, but I didn't take into account the consolidation that is happening with BTC in regards to people selling BCH and alts for BTC. The Alts and Steem I know will usually piggy back off the BTC rise and I'll be looking to see if BTC can hold the 3k price. If it does I think we'll definitely see some new highs and might test 4k. I'm leaning more towards adding to my Steem or EOS positions rather than BCH. I hadn't thought Steem or EOS were buys above $1 but if BTC keeps marching higher I'll have to rethink that. Have a great weekend brother.
BCH would just be a small gamble for me. But it needs to reach my target price first. That could be a while (or never). STEEM is still my favorite crypto.
I mentioned this in your last post but it does make me happy to see that the total market cap has increased so much and intern most people have put their money into Bitcoin increasing its dominance. I was blown away from seeing bitcoins new all time high.
Despite the fact this may act as a squeeze on altcoins I think as time goes on people will start investing in other coins if they move their profit and investment from bitcoin to altcoins. All that newly invested money will soon start trickling down to other tokens.
This is just a great way to get morale high and get more people confident in cryptocurrencies and as you said, in the end, it will start dragging the altcoins up. Steem has been having a difficult time but let's hope it can benefit from the exchanges unfreezing their wallets and the price of bitcoin going up.
I feel bad for people who had FOMO and bought Bitcoin Cash at $700+.
I'll probably get a few BCH when it is low enough but at the moment it is still way too high haha
Great to see that you are sticking to your diet @exyle. I guess 1 glass of wine is not that bad. It must have tasted way better after trying to repress your craving for wine haha
I also think BCH is too high atm. (at least for me to buy). Yesterday I kinda went sideways on my diet. But I'm back on track now :)
I wouldn't worry too much about the alts. Typically, I noticed when BTC goes up, the alts especially 2nd tier ones will go a few days after. I am somewhat confident that alts will also rise in price.
Looking forward to that!
Yes, definitely. Me too.
So you think it is realistic to see BCH in the $ 30-50 range?? very optimistic, very optimistic. I'm getting ready to accumulate some more BCH once it goes below $99. Which probably never happens anyway.
And hodling my present coins for so long, that i can not even have enough imaginaton to name, for how much long.
I may even leave this trouble of selling - to my grand kids. Which (none) still are even born yet.
Could be optimistic. But I don't really want them for a higher price. So if they never hit that range I'm fine with that. I still have bitcoin cash because I have bitcoin.
@exyle - As always - a succinct take on the Altcoin scenario. In my short time in the crypto world, I have observed that whenever BTC hits a high. Alts go red - perhaps because a lot of people decide to sell Alts and buy BTC since they think it is surging. Typically, it would be the time to buy Alts I guess.
I am not too worried about price of Steem in general. As I wrote in my blog yesterday, coincidentally, there is always a double rainbow after every Steemit Storm.
Thanks for this informative vlog. I always enjoy them. Cheers. Upvoted.
The whole market cap has grown about 7 bilions over last couple of days. All seems to be going well after August 1. !
"Steem on @exyle!" I hear ya buddy! I'll have to do one of your endings in one of my vids now! Ha ha! :)
What is your comment on BCC seenin it's crashing now?
It makes sense now that trading is opened up. It still needs to go lower before I will buy.
Don't want to sound like a broken record but like Clif High said
I've been looking long at this but that and other remarks convinced me. $13.000/btc next February.
I just hope I can make some extra money to invest! Just written about ways to track and thus monetize your content, it should be pretty spectacular when it takes off.