Thursday, November 2, 2017

My Current Thoughts on the Alt-mageddon

BTC is breaking new all time highs.

Again.

Honestly, it's really chugging along as expected. BTC at $10,000 or even $20,000 really isn't mind blowing for me. I'm just a bit surprised that it is reaching these levels a lot quicker than I anticipated, and also not dragging up the rest of the alt-coin market with it.

Alt-coins are getting thrashed right now. I think it is generally the newbie FOMO of BTC going up with the fork, and everyone is trying to get their "free" forked coins.

Which is silly, since people were selling BTG (the last fork) for 2% gains, while booking 10-30% losses on alts to get that.

The market is really divided into big and small players now. The big players unfortunately can only buy BTC, and perhaps maybe some of the other top market cap coins, but I think for the most part, they have been deploying more and more money into BTC, hence the meteoric recent rise.

While this itself shouldn't cause the alts to crash, it is because of the smaller traders going for the free forked coins narrative.

I personally view this as alt-coins being extremely well-priced now, as people are just fire-selling their alts to get more BTC going into the fork. No big money can get into alts easily - the market volume is thin, and frankly, most of them barely can grasp BTC, they are going to have a hard time analysing the alt markets.

Am I going to chase BTC? No, I won't. I am going to continue buying cheap and depressed alts, especially the ones that I have very high confidence of recovering in the medium term (3-6 months) when they release major fundamental news regarding their projects.

While BTC can easily blow past $7,000 and hit maybe 8k or even 10k while alts bleed, my concern is not my daily average profit. My concern is the profit on the day I cash out, which will be years ahead in the future.

I strongly believe in the technology, community and therefore, long term fundamentals and price of Ethereum moving forward. I also know that Proof of Stake is going to be MASSIVE for Ethereum. My regret in the future will be not hoarding enough ETH when proof of stake goes live.

I have 1 last alt bag to fill up, then I'm gunning for just accummulating ETH, regardless of whatever other opportunities appear. I've been a bit distracted by alts lately, but the opportunities have really been so tasty and hard to ignore. Although I might kick myself for going into alts instead of holding ETH now in the short run, I think it is far more likely that my bets on alts at these prices are going to pay off very handsomely in a few months, and those profits are going to help me get even more ETH!

Anyway, this is just some rambling on my thoughts about the current BTC-alt markets. As with all my investments, I buy low to sell high. Alts are cheap and low now, and I'm buying into them.

As always, if you don't know crypto, it's better to watch and learn, than to play and get burned.

5 comments:

  1. Which platform do u use to buy Eth? Have u ever tried withdrawing the cash to see if it can be taken out?

    ReplyDelete
  2. how about a altcoin named electroneum ETN? it should be a good buy as it just launched on 1 Nov.

    ReplyDelete
    Replies
    1. Electroneum is extremely likely to be a scam pnd coin.

      It has no real technology and afaik it is a huge copy paste of Monero source code.

      People who have bought it may be up in profits, but so are many other scam / ponzi coins and projects. I personally stay away from all these, but of course you are free to explore and gamble with your own money as you see fit.

      Delete
  3. Yeah you're right, brought alot of stratis and close my eye for 3month.

    ReplyDelete

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