The money honey badger bitcoin does it again! New all time highs are getting crushed right now. This comes weeks after lots of FUD over china banning exchanges and ICOS. It doesn’t matter what a government tries to do to bitcoin, it can’t stop something that the people want to use as a medium of exchange on the blockchain. What a time to be alive.
It’s amazing just weeks ago there were people saying bitcoin is dead or fraud and that China will cause a domino effect. Well these are the same ones asking if it’s safe to buy into btc now that it’s at an all time high. When bitcoin goes on these runs, the coinbase numbers skyrocket, people trying to open accounts and buy bitcoin, then by the time it drops a few hundred from ATH and loose 10% and say it’s a scam and the revolving door keeps going.
I’m still relatively new to cryptolandia coming up on a year. But even I know from one of the first videos I ever watched which said “buy low sell high”, shout out to Chris Dunn. If you’re looking to hold long term, your best bet is to do average cost method. Basically buy in multiple transactions over a certain time span rather than buy all your investing today.
As Bitcoin continues this uptrend, most altcoins are takin hits across the board. We’re seeing a lot of bottoms setting in on these alts that ran up way too fast this summer and needed a correction. The total market cap of cryptocurrency is sitting at $163 billion with btc dominance at 54%. Definitely different trends than we have been seeing this year. I remember earlier this year when bitcoin ran up so did alts then it changed to when btc ran up alts took a back seat and then the trend changed again. Now alts are back to taking hits as bitcoin reaches new ATH. I believe that bitcoin will probably slow down around $5500 and investors will begin to take profits and there should be a nice pump in alts. If the price of bitcoin breaks through $5500 I think it will continue to $6000 while alts continue watching from he sidelines. The markets have been extremely volatile after some stagnant weeks, and definitely time to keep your eyes on the market as big breakouts are expected. Like always this is by no means investment advice just my personal opinions and viewpoints.
