Rumble in the cryptosphere
Updated
Whilst a whole load of people are preoccupied with Bitcoin and Ethereum, there is something of a rumble happening in other parts of the cryptosphere.
A whole load of so-called altcoins have taken off on daily time frames. I show only a small handful that I follow but on big exchanges many 'unknowns' are moving well up north in daily trends.
I speculate that money has been moving into the altcoins because a pump north is seen as probable in the collectives minds of 'investors' and traders. Bitcoin is well known to influence price of the altcoins. I reckon that people are thinking that percentage gains on the altcoins are gonna be far better than with Bitcoin and Ethereum.
It also makes sense because the risk involved with the altcoins is broadly speaking much smaller than with Bitcoin for sure - as they are mostly so dirt cheap at the moment. This would also explain why many previously unknown altcoins have taken off ahead of any decisive move north by Bitcoin.
Of course, none of the above means that there will be a move north in Bitcoin. It could just mean that a bunch of people are willing to take the risk with the altcoins, as their potential losses are to be much lower.
Alternatively it could mean another bunch of people are looking for safe-haven assets to protect their worth if the US-Dollar takes a nose dive i.e. they'll pop out later and convert into whatever is better in the future. A weak US-Dollar also favours purchases of a wide range of crytpos across the world i.e. less to fork out in a currency external to the USA.
There are other ways of looking at all this. Unable to go into all. A 'dead-cat' bounce is certainly another possibility.
A whole load of so-called altcoins have taken off on daily time frames. I show only a small handful that I follow but on big exchanges many 'unknowns' are moving well up north in daily trends.
I speculate that money has been moving into the altcoins because a pump north is seen as probable in the collectives minds of 'investors' and traders. Bitcoin is well known to influence price of the altcoins. I reckon that people are thinking that percentage gains on the altcoins are gonna be far better than with Bitcoin and Ethereum.
It also makes sense because the risk involved with the altcoins is broadly speaking much smaller than with Bitcoin for sure - as they are mostly so dirt cheap at the moment. This would also explain why many previously unknown altcoins have taken off ahead of any decisive move north by Bitcoin.
Of course, none of the above means that there will be a move north in Bitcoin. It could just mean that a bunch of people are willing to take the risk with the altcoins, as their potential losses are to be much lower.
Alternatively it could mean another bunch of people are looking for safe-haven assets to protect their worth if the US-Dollar takes a nose dive i.e. they'll pop out later and convert into whatever is better in the future. A weak US-Dollar also favours purchases of a wide range of crytpos across the world i.e. less to fork out in a currency external to the USA.
There are other ways of looking at all this. Unable to go into all. A 'dead-cat' bounce is certainly another possibility.
Note
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