Hi guys,
I believe we all saw or rather, have seen bitcoin's performance in the crypto market this few days, it's price have risen from around $51,000 to a little about $64,000 before it dropped a bit a little above $60,000 where it currently is at the time of writing this post, all this happened In matter of (I think) 2 days or 3.
And while bitcoin is rising, it's market dominance also rose from around 50.1 to 53.13, which simply means that bitcoin marketcap is rising along side it's price, while many altcoins are seriously lagging behind.
So, I have a simple question 🙋.
How do you feel being balls deep in altcoin investment, when bitcoin alone is rising?
Do you feel like selling your alts and fomoing into bitcoin, or do you just hold, patiently waiting, believing that alt time to rise will come?
Let's discuss...
There are no chain reactions from the majority of the altcoins in proportion to the Bitcoin recent market increase that almost broke the last all-time high, and this is why some times, the Bitcoin market differs from the remaining altcoins except for the few that never get left behind when bitcoin rise in price such as Ethereum and BNB with a couple of other popular coins in the market.
Although the coins that have not risen well in this recent bull are those coins that have their own hypes and whose market never depends on the traditional crypto chain market, this is why you noticed their own particular form of market movement some sometimes pump, and dump movement since there is no real ecosystem that supports their market such as users usage.
That is the reason why many altcoins are only good for short-term speculations and not suitable for long-term investments.