New to Busy?

Are we two weeks away from a massive bounce in the crypto markets?

12 comments

acesontop
65
9 months agoBusy3 min read

I kinda have forgotten since when we started this depressing and "painful" downtrend in the crypto markets and when I start to think more about it, it really doesn't matter, or is it?! However, not all cryptocurrencies suffer the same, of course, and one that is doing more than just fine is Dogecoin. That joke coin that nobody gave a chance and always made fun of it because...well, it's a joke coin.

Not only that it jumped in charts all the way to the 18th place in just about two weeks or less, but it's the only one on green in the top 50 at the moment of writing. It sells at $0.006315/0.00000101 BTC and it tripled its price since June. So, go Doge go! I am glad to see this coin doing good and I honestly regret that I haven't bought more when I had the inspiration to do that. I guess that's what it is and there's no room for regrets anymore. It would have been a good trade though...

The king, on the other hand, Bitcoin, is not doing bad either in comparison with other cryptocurrencies like ETH for example. Being sold at about $6,200-$6,300 I can't say that it is close to its ATHs, but when looking at its dominance against the alts we can see that it is at around 58% which is the highest from about December 10th last year. Honestly I don't know what exactly that means for the markets and what that could potentially trigger, but I think, as an amateur, that people feel more safe with keeping their money on BTC rather than others like ETH. So, yes, it's still the king and it seems to "age good" and gain trust more as a store of value.

Regarding my main investment, XRP, I can say that it holds pretty well comparing it with other cryptos, although its price is way lower than my buying one, but once again I realized that I have asked myself the wrong question months ago when I started buying it. I was asking myself multiple times when is it going up again towards these over $3 ATHs and even more rather than asking how low is it going to go before doing that and using this wrong position strategy I would have bought more those days.

With Steem, regarding its price, we can see that the situation isn't green at all and I had a similar mindset as with XRP. When it was at around $3 I thought that this is the low price from where it would bounce again to $7 before you know it and here it is, now, struggling at 66 cents while the supposed pegged SBD is still playing with the $1 mark, trading at 95 cents. What can I say, it's crypto and it's volatile and according to my fathers opinions on it it's good that it is this way. Otherwise you can't make any profit out of it.

Regarding profits and ATHs from the crypto markets I read today an interesting tweet of @galaxybtc who wrote that "the biggest decline in marketcap was in 2014 at -86% and it lasted for 266 days and then followed by a massive bounce". Today the alts are at -85% from their ATHs and they're on a down slope for 252 days, so the big question is:
Are we two weeks away from a massive bounce in the crypto markets?

hand-162127_1280.png
image source

Thanks for your attention

Comments

Sort byBest