Bitcoin analysis of a month.
If you ask from me, i loss my trust on bitcoin. I don't trust it anymore.
Now, alt coins are good choice for me to invest in. I have invested in namecoin and bitcoin-plus.
See so much fluctuation in a month.
Share your Experience.
It's actually part of a typical cycle with bitcoin consolidating and alts waiting to rise. Ive been through this cycle many times over the years. Don't lose trust in bitcoin. It will rise when everyone least expects it.
I agree with you 100%
Even with central bank manipulation + FUD from Asia?
Thanks for the information of Cryptocurrency I appreciate your post because it's a topic of Bitcoin and some other information you're really kind and helpful man to help Steemit Friends I also friendship for you can you make me friend @aonraza
For me, it is very risky to invest in bitcoin. It is like you're gambling when you invest on it because you don't know what tomorrow could bring...It is better to stay active is steemit inorder to earn rewards from our hardwork...keep steeming guys!
no risk no profit :)
This is a tricky thing to debate. I hold about 20 to 30 different cryptos at any given time. And, in my experience (just over a year now), when Bitcoin goes down, so do the majority of other coins. And, when Bitcoin rises, again, so do the majority of other coins. Until another coin becomes the dominant coin, or until any coin/s can surpass Bitcoin in popularity, price, or marketcap, that will continue to be the case. However, as long as this is the case, it's tough to trust any coin because they all, typically, follow the trend of Bitcoin. So, it's hard for any one person to say that there are coins that are more "trustworthy" than others, because in my opinion, nobody can really say that for certain. And, there are several reasons for that: there are too many people entering and exiting the markets everyday, all with various amounts of money to spend. Nobody can determine that many factors, so nobody can be sure of anything in these markets.
That being said, there are certainly anomalies, and there is still randomness within these markets. For example, I believe there are several low valued cryptocurrencies with far more potential (to rise in value) than Bitcoin. And, this will continue to be the case because of odds (that one coin out of the many is bound to "go to the moon") and because of the psychological aspects (in that more individuals would rather buy a coin for sub $1.00, than buy .0000001 Bitcoin). So, if these factors (and others) continue to divide the investors within these markets, we can continue to decrease the likelihood that cryptocurrencies will fall when Bitcoin falls.
This is just my opinion, though.
You Explained very well. Thanks for sharing your opinion.
Thanks for the kind reply @aonraza!
It's not that I don't trust bitcoin. The price fluctuations are not a result of the coin itself but of people. With everything happening lately I feel that people are growing distrustful of bitcoin and cryptocurrencies as a whole. It's causing a lof of large fluctuations.
I know bitconnect shutting down had a huge hit on the market. Even though it was trading with it's bcc tokens it caused panic in people less knowledgeable about how it all works. As such they sold off all their crypto and caused the market to dip dramatically.
I would say bitcoin is the backing for the entire crypto market. The values are linked and everyone bases market values on bitcoins trading value. So seeing huge dips causes people to panic sell which makes the dips larger.
Just my 2¢
Altcoin is nothing as compare to bitcoin, have a faith in first crytocurrency :D @aonraza
Even I don't trust bitcoin anymore, I don't store anything in btc now. But the truth is most of the altcoins go down when Bitcoin crashes.
I believe that the situations that have been presented before and that will continue to appear are part of the dynamics presented by cryptocurrencies; I am a rookie in all this, but of all these situations we are learning to make our own decisions. Thank you for sharing your analysis and considerations. Very friendly. Greetings.
If you don't know how to trade, just HODL and check in every year.
thanks:) So... Bitcoin is just unpredictable :)