Bitcoin Over $7500, Total Crypto Market Cap Over $200 Billions, And Only 11 Days Until November 16th
Another good, green day for Bitcoin and another red, bad day for alts.
The good news is that total market cap for cryptos is over $200 billions, but obviously, Bitcoin has more than 60% of it.
At the moment of writing this, Steem was trading at $0.88.
Since I see many altcoins in red, I dare to think that this appreciation is a rather speculative move, with value moved by experienced investors from alts to Bitcoin, in preparation for Segwit2x, on November 16th. As you probably know already, in 11 days, there must be some sort of a fork in the Bitcoin universe.
I will not emit any opinion on the fork itself (not even an educated guess) but I'd dare to say that, no matter what happens after November 16th, alts will start breathing again.
Of course, this may be just wishful thinking, but I'd still dare to think it.
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You keep your opinions very private :) I feel like we will see a masive price drop after the fork which will afect alts as well. Do you think it's likely this will happen?
It has the same chances to happen as its opposite. Or, to put it more clearly: every thing has 50% chances to happen: it will either happen or it will not.
I was referring more to the short term period (couple of days) after the fork. After that an alt recovery seems likely, as you pointed out.
To my knowledge, only one of btc or b2x will survive. Right now it seems to be btc which will survive. Rumors of corporate banking takeover behind the segwit coin etc.
Bitcoin(s) combined value of all forks and original chain is now over 10000usd.
If b2x drops from 1700usd futures trading prices to zero btc will gain that same amount and we'll see 8500-9000usd btc after the forkening.
Sure..bitcoin could retract but remember the long term incentives to hodl.
Some profit taking within the cryptospace could occur, but fiat will continually be converted into cryptocurrencies. Were riding a huge wave now. Surf it or get washed up on shore
Wow! I am literally kicking myself for not buying a few bitcoin last year when it was only at $850! Im pretty sure its only going to keep going up not down.
According to the laws of nature, that's impossible. The old thing about "what goes up must come down", you know.
But I like how you think and I respect your opinion :)
Personally I think you are spot on. BTC will garner the attention through mid November then I think you will see some of the alt coins come back into play.
People seem to believe there will be free money out there.
Steem, as a blockchain has a lot of wonderful stuff going on and I think, in 6 months time, we will be amazed at what will be accomplished. Sooner or later the price will reflect this activity.
The run up to the fork was to be expected, but I think there is more underlying interest from the traditional investors. With the recent mention of futures trading for bitcoin and Amazon's recent purchase of additional cryptocurrency domain names, I think we will indeed see volatility after the fork. BTC continues to rise until it encounters another major 25% retracement near 10k IMO. :)
That's an interesting point, but without significant money coming from outside the ecosystem, it would be difficult. As I said, the decrease in value of the alts indicates, at least to me, that value is still moving from one basket to another. Nothing significant comes from outside the baskets.
Yet.
By the beginning of next year, once the futures are trading and ETF approval is finally won, BTC goes beyond the moon where it currently resides :)
You get a bubble!
You get a bubble!
EVERYONE gets a bubble!!!!
Full approval. That's how I see it.
Volle Zustimmung. Ich sehe das genau so.
Resteemed.
suggestion for SteemSupply
why not add the Dead Follower functionality
to
hmm...something doesn't look right.
I have 2647 followers.....
do you suppose that they are all dead?
Nope, this is a known bug :) When it takes too long to retrieve the number of followers, it returns zero, and then the value is cached. So you may see the same thing for a few more hours, until the cache expires.
But the dead followers feature is really nifty. I'll look into it, thanks for the suggestion!
you're welcome.
Its very interesting to see the opinions of several traders, trying to figure out what will happen to the price after the fork. But is seems clear they all agree there will be a big retracement. Maybe it will be time to sell some bitcoin and purchase again when the market starts going up.
Tone Vays
https://twitter.com/ToneVays?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Fwww.libertylifetrail.com%2F
Yes, that's a great result!
But, how do you think about Steem going forward?
Steem is very cheap now, in my opinion.
But, in my opinion, Steem will grow in the next few months.
That's very likely to happen.