[2016-08-14] Bitcoin Price Slumps While Altcoins Party

[Strongkored]

news.bitcoin.com-Bitcoin Price Slumps While Altcoins Party

It’s a far cry from just a two months ago, which saw cheers of “to the moon!” as the bitcoin price reached $772 on June 16. It crashed to $593 on June 22 before recovering back to $707 by July 2, and has been mostly in decline since.

It should be noted that the price is still higher than August 2, when it suddenly crashed to $535 upon news of the Bitfinex hack. The rebound from that low has been weak, succumbing once again to gravity.

You can always stay up to date on the latest Bitcoin price movements with Bitcoin.com’s price charts.

READ MORE >>> https://news.bitcoin.com/bitcoin-price-slumps-altcoins-party/

[Natulat]

Another factor in bitcoin’s broader price decline could be the amount of news coming from the world of altcoins as of late. Once a fringe sideshow that most outside the cryptocurrency world didn’t even know existed, altcoins have seen their own share of drama and price surges that may be sucking the oxygen (and money) out of bitcoin.

[Kaneki]

The bottom line is that altcoins can no longer be considered copycats or reinventions of the same cryptocurrency wheel. Many of them represent compelling use cases beyond just payments and – whether long-term feasible or not – are dead serious about chasing investment capital.

[Natulat]

The bottom line is that altcoins can no longer be considered copycats or reinventions of the same cryptocurrency wheel. Many of them represent compelling use cases beyond just payments and – whether long-term feasible or not – are dead serious about chasing investment capital.

That is true. There are many altcoins which are not just a clone of bitcoin directly. They offer many new funcation, for example, the Ethereum and Monero.

[TraderTimm]

If you are going to be a simpleton and just look at price percentages, you can make an argument that so-and-so alt-coin is ramping to the moon.

But most people who trade understand the terms "Notional Value" and "Open Interest". Especially how they relate to markets. It takes a lot less money to pump LTC than it does BTC. Same with the other single and double-digit coins.

I've seen an abuse of "Market Capitalization" on nearly every alt-coin article I can think of, without an explanation that the number of issued units is much higher than Bitcoin. Ethereum, the rolling trainwreck of turing-complete fame, has at least 80 million units alone, with the capacity to make more - while Bitcoin will stay at 21 million total, ever.

That makes direct price comparisons pretty idiotic and only used when some e-journalist needs an easy sound bite or clickbait title for their shitty article.

[European Central Bank]

bitcoin's price is almost all about speculation however you wanna cast it. alts are 100% about speculation. 90% or more of these pumped coins probably never ever leave the exchanges, they just switch owners for a little bit.

the people pumping them and buying them don't know what they are or what they're capable of and they don't care. they want more bitcoin.

if i was looking to make some money would i bother trading bitcoin any more? hell no. i'd be going straight to where the action is and staying there.  

[TraderTimm]

bitcoin's price is almost all about speculation however you wanna cast it. alts are 100% about speculation. 90% or more of these pumped coins probably never ever leave the exchanges, they just switch owners for a little bit.

the people pumping them and buying them don't know what they are or what they're capable of and they don't care. they want more bitcoin.

if i was looking to make some money would i bother trading bitcoin any more? hell no. i'd be going straight to where the action is and staying there.  

Right, so while you're busy picking up pennies in front of a steam roller, we'll be sitting here looking on with bemused interest.

Alts are no better than a penny stock, and most don't have any utility at all. Claiming that Bitcoin is ALL speculation is ridiculous, but then again, you're the one taking extreme risks by trading alts.

Best of luck, but juggling grenades isn't a safe occupation.

[European Central Bank]

i'm not an alt trader myself but someone who's hungry to be trading is barely gonna give bitcoin a look at the moment. when you throw in the exchange risk along with the quietness it ain't a very appetizing prospect. alt exchanges are worse of course but people want their instant gratification and everyone apart from the totally stupid knows they're good for nothing more than increasing their btc.

[philiveyjr]

The bottom line is that altcoins can no longer be considered copycats or reinventions of the same cryptocurrency wheel. Many of them represent compelling use cases beyond just payments and – whether long-term feasible or not – are dead serious about chasing investment capital.

They sure are, but none of the altcoins are going to be at the same good price over long term. Hardly anyone uses altcoins except for trading. Most just use bitcoin. Altcoin price hike is currently only temporary and probably has always been.