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.
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
