Alt coin dump update!
Most alt coins are still dropping at an alarming rate.
Here are some interesting facts about the current drop:
- the coins that are dropping are following the same or very similar patterns indicating a mass dump across multiple coins.
- most coins are dropping within the -20% to -25% range.
- this pattern is seen in almost only the coins listed on bittrex and has not really affected any other coins not listed on the platform... im not sure what to make of this.
- the largest drop so far is -68% within 1hr on SpreadCoin (SPR)
These are just the facts and my best guess would be that someone or a group of people with large amounts of various alt coins executed a mass sell order across all their holdings.
Here is an update of the current situation:
Hopefully this drop does not affect your investments by too much and everything returns to normal soon. I will try my best to deliver the latest news as it is released.
I think that people are selling to get some Bitcoin for the forks. Greed is moving people to Bitcoin. I think this is a good time to buy Alt coins, because people will return when they get the "extra" coins from the Bitcoin forks.
true although this doesn't really account for all the strange behavior and it doesn't seem to shed any light as to why most if not all these drops are only affecting bittrex listed coins.
what is the bitcoin forks?
A Bitcoin fork is a change to the software of Bitcoin that creates two separate versions of the Blockchain
Get ready for alts to come back with a vengeance! All my holdings are down 4%-17%... I will be HODLing, as I have faith in the projects I'm invested in.
it seems to be best to hold right now as selling would be a huge loss, good luck to you!
You do not lose anything until you hit that sell button... Thanks!