RE: Bitcoin price soars above $5,000 to record high
The price is rising because everyone wants to hold BTC for the BTC-Gold hard fork (is it on Oct. 26th?). Money is moving out of Alt-Coins and into BTC. There's also an upcoming Ethereum hard-fork so.... Interesting times we live in.
Things always settle back down. I think that in general, going forward, crypto markets will settle down a bit. However, volatility will remain high in this space for quite some time to come. As the new money becomes more widely adopted, it should help to make things slightly more steady. For now, there are good deals on Alt-Coins out there. Things like Lite-Coin, BitShares, even Steemit are basically "on sale."
I expect to see BTC continue to hit higher highs, and higher lows. If the next low remains above $3500, that's a very bullish sign. I don't expect to see anything else.
Up voted and resteemed.
Agreed im taking advantage of the alt coin sale and snatching up as much as i can. IMO bitcoin gold will tank and wont be worth the effort when you could profit more from alt coin price rise after the hype.
I think you are right my friend. It's good you are looking at it from a different point of view. Most people on here and elsewhere are focusing on getting as much Bitcoin as poss.
Have a nice day :)
LTC up over 13% this morning, more than BTC. Probably not "on sale." I still fail to see what the purpose of Litecoin is these days; it used to have value as a definitive bitcoin testnet, but in Forklandia, can that even be said anymore? The whole "silver to bitcoin's gold" bit was always just marketing hype.
As for Bitcoin Gold, is anyone actually planning on HODLing it? Seems to me that, much like bcash, it's a clear dumping opportunity. After all, what is Equihash without zk-SNARKs? Back in my early days as an altcoin miner, I mined a coin called VERT. Its only selling point was ASIC resistance, and true to the developer's word, they switched the hashing algorithm from a modified version of Scrypt to LYRA2-Re once FPGAs were on the horizon. The coin was still a flop.
I like the concept of keeping BTC mining decentralized and would like to see it run on a non-NSA developed hashing algorithm (SHA2), but changing the hashing algorithm just to keep the facade of decentralized mining seems reckless. Moore's Law will eventually do that to SHA256 ASICs all by itself.
Understanding the ins-and-outs of all of the mining probably puts you a few steps ahead of the curve, as compared to the average cryptocurrency enthusiast. Most of us aren't into it that deep. Your deeper understanding of the usefulness of the different coins puts you in a different category of investor - probably with much better understanding of the long-term viability of various coins. As it is, many people are out there doing the same kinds of speculating on this stuff that's been done in the stock markets. As I said - LiteCoin WAS on sale - 13% profits to take in a day isn't doing bad at all.