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Diversify They Said: Bitcoin’s Drop Sparks Double Pain For Altcoin Holders

· February 2, 2018 · 8:30 am

Bitcoin has proven its worth in a fresh market downturn as altcoin assets across the board dramatically overtake its losses.


Bitcoin Steadiest Top-50 Asset

A glance at Coinmarketcap’s top fifty cryptocurrency asset prices Friday reveals even Ether (ETH) to have lost around 7% more than Bitcoin’s 15.5% daily minuses.

Ripple shed 31%, Bitcoin Cash 20% and Cardano 37%, putting it just behind Ardor’s 39% as the top fifty’s biggest loser as of press time.

The only asset to buck the trend in the top one hundred assets is Digix DAO, which in an unlikely opportunistic growth spurt appreciated 90% in the last 24 hours.

As mainstream media once again raced to celebrate the popping of the Bitcoin ‘bubble,’ cryptocurrency industry insiders showed no signs of panic.

In what has become a common sequence of events for 2018, fresh downward corrections are being met by tips to “buy low” concerning Bitcoin, its lesser fall making it the ideal holding currency for purchasing even lower altcoins.

Meanwhile, investment platform BankToTheFuture creator Simon Dixon led forecasts of where Bitcoin’s price bottom would eventually appear, considering $7300 as the site of a future upward correction.

Korea Ditches ‘Kimchi Premium’ Arbitrage

Downward selling pressure had been mounting through last week for Bitcoin. Regulatory overhauls in South Korea, reiteration of government stance in India and the misrepresentation of both in the mainstream press led to an  infiltration of ‘fake news’ which appeared to frighten markets.

The flurry of media speculation produced fertile ground for naysayers, with popular monitoring site 99bitcoins now containing almost 250 Bitcoin ‘obituaries.’

At the same time, conditions in jurisdictions which contributed to negative sentiment are showing signs of marked improvement.

South Korea, which had previously been famous for mismatched crypto prices and associated arbitrage opportunities, has reinvented its landscape as new regulations deliver changes.

Data from Bloomberg and CryptoCompare shows the price of a bitcoin in the country now de facto matches global averages.

What do you think about crypto markets’ current performance? When will Bitcoin bottom out? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

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Dub 18

Bitcoin Price: Stagnant or Satisfactory?

Source: bitcoin

Finance bitcoin

The bitcoin price has remained steady over the last few months, hovering around the mid $400 USD range. Typically, one bitcoin has equaled anywhere between $420 and $430.

Also read: Blockchain Platform Waves Raises More Than $2M at the Start of the Crowdsale Campaign

Is the Recent Bitcoin Price Stability a Good or Bad Thing?

We’ve recently heard it said that the state of bitcoin has become “stagnant.” I suppose this is one way to look at it. The price hasn’t moved much. Bitcoin seems to have found a comfortable place on the financial ladder and is preferring to keep its ground for the time being. Instead of moving up, bitcoin is deciding to stay as it is.

A potential reason for bitcoin’s halt may be a “recent altcoin pump action.” Most posts in cryptocurrency chat forums have to do with rising altcoins while questions and publicity regarding bitcoin have died down. Magikarpeles from r/BitcoinMarkets explains:

“Serious amount of pumping going on in the alt-verse. I hope no one thinks it’s anything more than P&Ds because anyone that’s been around in crypto for a few years will tell you – if you put your money based on the hope your coin is ‘the next bitcoin,’ you’re going to have a bad time.”

Furthermore, the Federal Open Market Committee, a board holding power over our current monetary policy, saw to a rise in interest rates last December, yet left the rate unchanged the following month.

Suppose, however that there’s another way of looking at things. We likely all remember the tumult, stress, and hassle that bitcoin brought us in 2015. We received quite a scare in January when the price fell to below $200. Certainly, cryptocurrency investors felt a sharp pain in their chests as the price dropped, later receiving only marginal relief when bitcoin rose back up and temporarily made its home at around $230. It was a scary time for bitcoin lovers and financial analysts alike, and it took quite a while for the trouble to subside. It wasn’t until November when bitcoin began to rise through the ranks yet again, reaching $300, then $330, then $360 and finally $400, something we hadn’t witnessed since 2014.

So of course, the word “stagnant” could be used to describe the present scenario regarding bitcoin. It hasn’t risen in some time, and there isn’t much action to report, but it also hasn’t experienced a massive drop, and this is something we can all be grateful for. Bitcoin has found its “happy place,” and we can express joy and feel some much-needed reprieve knowing that such a place isn’t necessarily less that it ought to be. As we’ve witnessed in the past, the bitcoin price can rise again in the future. When that moment arrives, we’ll throw our hats in the air to celebrate our strengthened independence, but until that moment comes forward, we can lie back and rest beneath a sky that bears no signs of an oncoming financial storm.

Do you foresee a sudden bitcoin price rise in the near future? Post your thoughts below!


 

Images courtesy of The Slovenia Times, pokernews.com

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Bitcoin Price: Stagnant or Satisfactory?

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