Bitcoin dominance TA - Switch to BTC soon?

leea-1334

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Quote from: Swordsoffreedom on August 23, 2021, 02:43:16 PM

@leea-1334, For a low amount of investment, holding altcoin is ok. you can't make enough profit from bitcoin if your investment is not large. It will be difficult to survive in the bitcoin market with a low amount of investment.

I suppose that is true,,, but I was also a small investor starting out. Barely $100. And if I had kept it in Bitcoin before it got to $1000 I would have made now 50 x $100 = $5000! And this is only five years wait.

But I put it in many many alts that today even I will have a hard time trying to find an exchange that has enough volume to sell them for cents.

So I say this from experience.

el kaka22

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Quote from: cafucafucafu on August 23, 2021, 08:24:15 AM

I do think so.

Whenever the bitcoin market cycle peaks, there is a tendency for alts to overshoot their intrinsic value quite substantially.

We are seeing this already in markets like DeFi and NFTs where there is virtually no usage case at the moment, yet people are placing crazy valuations onto these tokens. BTC is a much more established store of value that people will appreciate once these side projects go bust.

That's what I believe will happen soon enough, altcoins are in a level where they will definitely overshoot their value for sure, it is not going to be today or right now but it is getting closer and closer. When bitcoin reaches its peak, then there won't be any big increases left there, what do you think could happen, 100k+ for bitcoin? That's going to be a bit hard and that's why it is obvious that we will not be ending up happening anytime right now, it is going to happen in the future probably but not right now.

This is why I think it is quite good possibility that altcoins will be going up in the near future, it is going to be a lot more possible, ethereum at 5k+ is quite possible, bnb getting to even 1k levels is possible those are a lot more possible than 100k+ for bitcoin. Which is why I think it is quite possible for altcoins time to shine these days.

Swordsoffreedom

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Quote from: leea-1334 on August 23, 2021, 07:27:03 AM

Quote from: WePiggy on August 21, 2021, 06:39:37 PM

September could see Bitcoin dominance creeping out of the alt season zone.
Is it time to switch to BTC soon or wait for a bit more of an altcoin pump?

It is always time to switch to BTC:) But yes,,, there is going to be a rally + altcoin pump,,, so it depends on what you want. Do you want more stability and hodl? Then switch to BTC. Do you want to risk losing a little of the profits and hope alt vs BTC becomes hot? Then you stay in alts. But let me remind you, most people think they can do the alt option but always get caught by the crash.

@leea-1334, For a low amount of investment, holding altcoin is ok. you can't make enough profit from bitcoin if your investment is not large. It will be difficult to survive in the bitcoin market with a low amount of investment.

@WePiggy, Hi, do you think without any significant correction we can able to stay above $50K? At 50K I just fixed my profit and now waiting for a correction, maybe $42k or $36k is the new buying opportunity for me before making a new ATH.

rhomelmabini

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Check some tools you can use here: https://www.blockchaincenter.net/

I guessed it's best to do the Dollar cost averaging strategy and staying on Bitcoin for the longer term. Most altcoins do tend to follow the trajectory of Bitcoin whenever it comes down and that's somehow alts been doing every now and then. Know where the smart money comes.

cafucafucafu

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I do think so.

Whenever the bitcoin market cycle peaks, there is a tendency for alts to overshoot their intrinsic value quite substantially.

We are seeing this already in markets like DeFi and NFTs where there is virtually no usage case at the moment, yet people are placing crazy valuations onto these tokens. BTC is a much more established store of value that people will appreciate once these side projects go bust.

leea-1334

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Quote from: WePiggy on August 21, 2021, 06:39:37 PM

September could see Bitcoin dominance creeping out of the alt season zone.
Is it time to switch to BTC soon or wait for a bit more of an altcoin pump?

It is always time to switch to BTC:) But yes,,, there is going to be a rally + altcoin pump,,, so it depends on what you want. Do you want more stability and hodl? Then switch to BTC. Do you want to risk losing a little of the profits and hope alt vs BTC becomes hot? Then you stay in alts. But let me remind you, most people think they can do the alt option but always get caught by the crash.

NeuroticFish

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Quote from: WePiggy on August 21, 2021, 06:39:37 PM

Is it time to switch to BTC soon or wait for a bit more of an altcoin pump?

More altcoin pump? The big picture shows that altcoins didn't even fully recover to their former "good" values (not even thinking about ATH). Of course, this as price in bitcoin.
So no. Whatever you say, altcoins are not good for investing for long time and normally one should have not invested at all into them.
Wait? Most probably not. Most probably you'd be thanking yourself if you'll be selling to bitcoin all the altcoins and just hold bitcoin.

Of course, please decide for yourself what you'll do with your money...

pooya87

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No offense but that is a dumb question.
The fact that you should only buy bitcoin as a long term investment and that has nothing to do with some arbitrary ratio of bitcoins market cap against thousands of shitcoin's supplies that are in the trillions.
On top of that the altcoin pumps don't depend on this arbitrary ratio either. When the pumping teams decide to pick a shitcoin to pump they don't care about that ratio, they just pump it and then after they are satisfied with their profit they dump it again not caring about that ratio. Which is why altcoins are never good for long term investment, since their dumps are guaranteed.

darkangelosme

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Quote from: WePiggy on August 21, 2021, 06:39:37 PM

September could see Bitcoin dominance creeping out of the alt season zone.
Is it time to switch to BTC soon or wait for a bit more of an altcoin pump?

If you can wait to any other altcoin to pump yes why not, but for me as an a small trader i only invested on some crypto including Bitcoin, i cannot wait for any altcoins to pump to gain some profits, i am already contented in 3% to 5% profits in my trades in Bitcoin and some altcoins. But i am planning also to invest the half of my funds to any other altcoins very soon for long time trading, and still i will continue my day trading.

adaseb

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Back in 2017 Bitcoin led most of the initial rallies then it was alts like ETH and XRP and then it all crashed together. What happened was people poured money into BTC and then sold that BTC not for fiat but for other alts like ETH and XRP. And then when the bubble popped they went back to fiat or tether.

This time it seems different. However the way it plays out might be as follows. Alts will lead for a while and then the money will go back into BTC and then the bubble will pop and it’ll come crashing down as people go for fiat and tether again.

ethereumhunter

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I suggest you convert your altcoin to bitcoin at a high price. If you can do that, you will have many bitcoins ready to sell at a high price or you can hold it for more. That is the only way for you to make a profit in bitcoin and have a chance to wait for the next bull run for bitcoin. But that will depend on your strategy because I am sure you will know what is right for you and not just listen to other people's suggestions. Research more to find out when you should take profit from the altcoin and bitcoin and you will make a lot of money.

hatshepsut93

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I don't care about Bitcoin dominance as long as Bitcoin's marketcap is not overtaken by a single coin. You can't use Bitcoin dominance to predict Bitcoin's price, so even if we could predict Bitcoin dominance, what would we do with that knowledge?

Bitcoin's dominance is 100% in terms of technology, network, decentralization, adoption, popularity.

Hippocrypto

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Quote from: WePiggy on August 21, 2021, 06:39:37 PM

September could see Bitcoin dominance creeping out of the alt season zone.
Is it time to switch to BTC soon or wait for a bit more of an altcoin pump?

~snip~

I'm not switching yet, because I wasn't able to hold Bitcoin for several years due to expensive price. With regards to altcoin pump I do hope that it would certainly happen in the future. Many times I've been having efforts to grow my few holdings but still, the price didn't pump good.
The best ways to deal on it now was long term hold until such time price increase at profitable figures.

livingfree

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Switch whenever you want.

But did you really just switched and not invested in both? if you're not, then you still need to take as much bitcoin as you can. You invest in both if you want just like me.

However, you don't forget of holding bitcoin.

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Quote from: Slow death on August 22, 2021, 02:18:26 PM

some altcoins are giving high quick returns and many other shitcoins are also giving high returns, of course there is always someone who loses money in the process

With most altcoins and shitcoins, it is not an occasional individual losing money, it's instead majority of investors losing out. The risks are greatly increased when one tries to get high ROI from slow capped altcoin within a very relatively short period of time as this is pretty much a wild gamble.

Don't go after fomo or quick profits; rather focus on the fundamentals and qualities of the project.

Slow death

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Quote from: thecodebear on August 22, 2021, 01:40:15 PM

Uh you should ALWAYS be in Bitcoin. It's not time to switch, because you should never not have Bitcoin.

this market is big and as much as we say bitcoin is king some altcoins are giving high quick returns and many other shitcoins are also giving high returns, of course there is always someone who loses money in the process

It's still too early to think about switching to established altcoins unless the person is day trading with altcoins, but for hodl of altcoins the best option would be to wait for the bitcoin price to stay stable above $51000

thecodebear

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Uh you should ALWAYS be in Bitcoin. It's not time to switch, because you should never not have Bitcoin.

Lucius

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Quote from: crzy on August 21, 2021, 07:58:37 PM

We are seeing a red market today both Bitcoin and Altcoins are down...

Market in the red because BTC lost less than 1% in 24 hours, but is still above $ 49 000? Well, that’s perfectly normal for the weekend, but overall we’re very close to the psychological $50 000 limit, which will surely encourage many to invest in BTC again. However, there are a lot of those who always want to profit from trading with altcoins, and the number of coins/tokens is growing unstoppably.

Since it is very easy to manipulate market capitalization, I don't think it's too important to look at that data - because long-term investment in altcoins is mostly unprofitable and results in financial loss. Bitcoin is basically dominant over all other cryptocurrencies, and the reason it currently has only 43.9% dominance is just because of the huge number of shitcoins.

Dave1

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Quote from: WePiggy on August 21, 2021, 06:39:37 PM

September could see Bitcoin dominance creeping out of the alt season zone.
Is it time to switch to BTC soon or wait for a bit more of an altcoin pump?

I'd say stick to bitcoin for long term, or at least put the majority of your investment into it. Unless you are willing to take a big risk on having most of your portfolio into altcoin and believed that altcoin can be pump during the last quarter of bitcoin's bull run.

But it's your final decision anyhow, but for me, I will go full BTC so that I can sleep well as a holder.

sheenshane

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Why do we always doubt Bitcoin?

If you feel that there's an altcoin that potential to hold then, extend your portfolio but never give up Bitcoin or switching it to altcoins.
Hold Bitcoin long as you can, Bitcoin price will always surprise us by having a strong dominance these days and I think there's no reason we doubt Bitcoin, besides, what altcoins do you planning to switch? It seems they are all swinging price the same as the Bitcoin price movement.

Anyway, I suggest you have your own research and don't rely upon other's opinions, that's your money to risk not them.

Topic: Bitcoin dominance TA - Switch to BTC soon? (Read 172 times)