Bitcoin: $11,331.70
Market Cap: $459,527,049,767
With Bitcoin preparing its thrusters I’ve spent the last few days thinking about the following stage and trying to plan my alt strategy as BTC (hopefully) increases in price this month.
I’ve started by working out how much I’m likely to have to spend on alts as BTC rises, which is likely to be around $70-90k. in an ideal world I would wait until BTC was at its peak and alts at their lowest to get the ideal leverage, but the liquidity probably won’t be there for what I want to achieve, so it’s going to be a case of buying up stacks of each with every $2000 BTC goes up, allowing me to scale in appropriately and achieve my numbers.
With this in mind, I’ve tried to iron out my targets. I don’t want to end up like I was recently with about 15-20 alt coins to manage, and my decision making has been affected by some comments made from one of the admins in my BB group stating that crypto is so much more heavily manipulated than we think, that there are several huge groups who essentially decide what will pump and when (see XRP last year), regardless of the quality of the project. This is conversely evident with VEN, whose price has remained stupidly low for what it is, but that concerns me a little seeing as I have hedged a certain percentage of my hopes on VEN succeeding. As long as it can reach a point where I’m insulated from huge price drops I should be ok.
If I choose to believe this narrative it does make a difference to my plans a little, in that it’s pointless to play the game against these guys, so I’m going to have to do a lot more mid-term trading rather than holding to make the most of what pumps and when, although I do want to keep a core of coins that have potential regardless of manipulation, which is why I’ll be looking at SPHTX, ICX and TRAC in the main, although I did also buy some OCN this morning given some positive noises coming from my BB group, which I’m going to have to rely on more from now on seeing as they have something of an inside track.
The overall effect of this news is that I’m a little more concerned that I previously was about my position in the space, given that it’s out of my hands more than I had previously thought – I knew there was manipulation, but not to this extent. I always thought that doing research and buying into quality projects put you ahead of the pile, but if the whole thing is rigged, as was suggested, then you kind of think ‘what’s the point?’ and I’ll just follow the pumps as they happened for the next few years. Quite a depressing state of affairs, but I do think there will be a place for quality projects in the long term, so I’ll still hold some quality bags regardless.