[2018-01-05] Bitcoin Hits Multi-Week Highs Despite Continuing Altcoin Surge

[cybersofts]

Bitcoin Hits Multi-Week Highs Despite Continuing Altcoin Surge



Bitcoin climbed 11 percent into Friday to post its highest price since mid-December: one coin was worth $16,920, cross-exchange data shows.

Exchanges tracked by Coinmarketcap recorded an average trade price maximum of just under $17,000 earlier Friday before a slight correction saw Bitcoin head back towards $16,000.

The performance is encouraging for holders who have watched profits ebb as altcoin markets continue to surge. The trend marks a pause after several weeks of bearish action for BTC, which did not immediately correct following its dip from $20,000 to around $13,000 last month.

On social media, casual traders were eyeing Bitcoin’s reversal to continue, noting its impact on altcoin markets.

    alts bounce because of this.... BTC is a reversal pattern pic.twitter.com/yTOlD8JRih
    — Crypto_Ed_NL (@Crypto_Ed_NL) January 5, 2018

 

    Lots of questions flying in right now about #BTC.

    1. I don't know when/IF it will keep rising. But, I think it will personally.
    2. I am waiting patiently. Need patience in this game. I will be buying in when it is even lower. I believe another drop is coming.

    🚀
    — GODFATHER OF CRYPTO (@CryptoGodFatha) January 5, 2018

Optimism from well-known figures has remained unshaken meanwhile, despite newfound investor and mainstream interest in Ripple and continuing publicity maneuvers from Bitcoin Cash proponents.

An alleged compromise Thursday saw the @Bitcoin Twitter account begin publishing pro-Bitcoin Cash content, listing a graphic from major proponent Roger Ver comparing the altcoin’s and Bitcoin’s perceived advantages.

Flagging the event, online commentator WhalePanda also gave kudos to a theory circulating on Reddit regarding current price movements in both Bitcoin and altcoin markets.

    This is actually a very interesting theory on the #Bitcoin and current altcoin manipulation. TLDR; Big players can't accumulate Bitcoin without moving the price too much, so they pump and dump "cheap" alts to accumulate Bitcoin. https://t.co/oA0eW2KLE9
    — WhalePanda (@WhalePanda) January 4, 2018

“Big players can't accumulate Bitcoin without moving the price too much, so they pump and dump ‘cheap’ alts to accumulate Bitcoin,” he summarized the idea originally published on Reddit.


Source: https://cointelegraph.com/news/bitcoin-hits-multi-week-highs-despite-continuing-altcoin-surge

[darkangel11]

This is great. It means that more money is coming to the cryptocurrency market. Not long ago we could see money flowing out of BTC and into altcoins, now the former BTC investors who went into the altcoin market are staying there and new ones are investing in BTC. IMO this is the beginning of another big BTC pump. Just wait until those who went into some new promising altcoins channel their profits back to the king.

[senin]

Now it is very important that bitcoin grows in price. This shows its survivability despite very large problems with its transactions. Recently, the credibility of bitcoin has been greatly shaken and it seemed to many that it could withdraw from the arena of the crypto-currency. If there were still a lightning network in it or a promised SegWit that could eliminate its shortcomings, it would be generally wonderful.

[Kemarit]

This is great. It means that more money is coming to the cryptocurrency market. Not long ago we could see money flowing out of BTC and into altcoins, now the former BTC investors who went into the altcoin market are staying there and new ones are investing in BTC. IMO this is the beginning of another big BTC pump. Just wait until those who went into some new promising altcoins channel their profits back to the king.

Exactly, This is a new phenomena that we are seeing. Before when bitcoin goes up, altcoins bleed. But now its different, both has enjoy a price increase without the the other ecosystem tanking. Which lead me to believed that there are new faces coming to the market willing to pour their cash in it. And then there's the case of investors just shifting funds around. Maybe we can see some Ripple investors dumping it and moving where the real money is, bitcoin ecosystem. Bitcoin just above $17,000 however, I'm sensing a renewed interested. Everyone needs money now after the long holiday spending. And the most logical choice to make money its on bitcoin market. Its just the end of the week and I'm sure that when everyone started to flock into bitcoin, $20,000 would be like a breeze.

[kueyen]

This is great. It means that more money is coming to the cryptocurrency market. Not long ago we could see money flowing out of BTC and into altcoins, now the former BTC investors who went into the altcoin market are staying there and new ones are investing in BTC. IMO this is the beginning of another big BTC pump. Just wait until those who went into some new promising altcoins channel their profits back to the king.

Exactly, This is a new phenomena that we are seeing. Before when bitcoin goes up, altcoins bleed. But now its different, both has enjoy a price increase without the the other ecosystem tanking. Which lead me to believed that there are new faces coming to the market willing to pour their cash in it. And then there's the case of investors just shifting funds around. Maybe we can see some Ripple investors dumping it and moving where the real money is, bitcoin ecosystem. Bitcoin just above $17,000 however, I'm sensing a renewed interested. Everyone needs money now after the long holiday spending. And the most logical choice to make money its on bitcoin market. Its just the end of the week and I'm sure that when everyone started to flock into bitcoin, $20,000 would be like a breeze.

I'm sure whales won't dump Ripple at this price. My feeling is that they would definitely pump it up to around the 10$ mark before dumping, since the price of Ripple is easily controllable as well, due to its centralized nature. The hype around the coin is too big at the moment to dump at this price.

[hatshepsut93]

Exactly, This is a new phenomena that we are seeing. Before when bitcoin goes up, altcoins bleed. But now its different, both has enjoy a price increase without the the other ecosystem tanking. Which lead me to believed that there are new faces coming to the market willing to pour their cash in it. And then there's the case of investors just shifting funds around. Maybe we can see some Ripple investors dumping it and moving where the real money is, bitcoin ecosystem. Bitcoin just above $17,000 however, I'm sensing a renewed interested. Everyone needs money now after the long holiday spending. And the most logical choice to make money its on bitcoin market. Its just the end of the week and I'm sure that when everyone started to flock into bitcoin, $20,000 would be like a breeze.

Well, when BTC goes up, alts bleed in their BTC price, but their USD price usually stayed the same or maybe dropped a bit as people wanted to jump into BTC train, and I think this is what we are seeing now, as many alts demonstrated simultaneous downside movement when BTC breached $16k again recently. But they will probably keep rebounding after such corrections caused by BTC spikes, because situation seems very similar to what we've seen last year - a big rally on all altcoin markets when investors are buying everything that hasn't been pumped yet. It will probably end just like it ended last time - with a painful crash and bear market while Bitcoin will keep rising more and more.