Bitcoin is on the prowl
Waking up to a red, red day. Truthfully I knew this was coming, this is the way it always seem to work and as much as we would like to believe that BTC is not the "safe haven" as King crypto, today's reality is quite clear. So, as the markets bleed, more and more people capitulate and jump ship.
I've been reading some comments on the possibility of BTC reaching 70% dominance in the near future. If you would have told me as such just a few months ago, I would have said those times were long gone. Some years ago, altcoins were obscure ideas that died often and rapidly, so nobody who calls themselves an OG was a heavy alt investor.
This of course changed in 2017, and it was that year that some BTC maximalists realize the tides had changed. We see today people like Richard Heart, saying that as much as he's always going to prefer BTC over any other token, he realizes that his maximalist ways cost him a lot of gains, and thus the point I'm trying to make is proven.
All this to say that we might be seeing the big dominance pullback, and it might just mark the end of the bear cycle for alts. In other words, their bleed out against BTC is going to kill a lot of them, I've seen quite a few projects be completely forsaked by their communities, but I'm sure the alt-genocide is not over yet.
What should you do?
In my opinion, because that's all it is, capitulating is the silliest thing one can be doing at the moment. It's literally the opposite of buy low, sell high. So, I'm going to stand still, not trade at all, and focus on accumulating as much as I can.
Personally I'm really short of funds, and can't put more fiat into cryptos, since I'm living with $20 a week, and I'm not exaggerating. I'm working on getting our home ready for sale and I'm not working for fiat at the moment, just repairing walls, roof, tiling, the whole nine yards as they say.
Since I'm on this tight budget I can't buy BTC, but cost averaging if anyone can, sounds like a solid plan at the moment. The fact is that the next big move, will probably be guided by BTC as it has so many times before, so the upside of buying even at these levels is still quite good.
As always, trade safely my friends and don't gamble.
MenO
A majority of alts are worth near nothing at the moment and could end up crushing even more coins out of commission. The alt coins have for sure shrunk but we do have litecoin halving and litecoin sponsoring coming up here just after the halving takes place.
If there is an altcoin rally its going to be centralized to a few alts and not all over the place like we saw in 2017.
If your going to be in cryptos then bitcoin is your "safest" best I believe.
greetings @meno
Thank you for your analysis and advice, regarding the market, as some say; "Dawn and we will see"Excellent review @meno and you are right, if you have money, then need to invest in Bitcoin at the moment!
Buying high and selling low is a sure way of losing money unless you are short-selling. Good advice, people should make investment decisions on more than just the price, when something goes down, it may be good to buy even more or there may be a reason why you should sell it all. If the project is going to be abandoned, it's better to get a few Satoshis than none at all.
At least I hope your home repair will help to sell the house. ;)
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Oh yes, that's the plan... ;)
Is all this dumping due to the tweet out of Trump? Seems like a bit of an exaggeration.
I hadn't realised btc was that dominant. I remember when it was under 50%.
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