Technical Analysis: Bitcoin Pops Again, Hits $6400 as Altcoins Go Nowhere

[Thecoinsignals]

Bitcoin is still all the rage in the crypto segment as the largest coin’s market continues to be the most active by far, with altcoins mostly hovering in tight ranges...
http://thecoinsignals.com/technical-analysis-bitcoin-pops-again-hits-6400-as-altcoins-go-nowhere-d252.html

[Kyraishi]

Bitcoin is still all the rage in the crypto segment as the largest coin’s market continues to be the most active by far, with altcoins mostly hovering in tight ranges...
http://thecoinsignals.com/technical-analysis-bitcoin-pops-again-hits-6400-as-altcoins-go-nowhere-d252.html

I wouldn't say that altcoins are going nowhere. They have definitely not moved much though, compared to previous times where bitcoin got pumped. EOS and Bitshares have moved around 10-30% upwards and other altcoins have lost some value too.

I think that $7k is going to be in sight very soon.

But for now, price si probably going to calm down and we'll have to wait a week or two before seeing that barrier being broken.

[shinratensei_]

Bitcoin is still all the rage in the crypto segment as the largest coin’s market continues to be the most active by far, with altcoins mostly hovering in tight ranges...
http://thecoinsignals.com/technical-analysis-bitcoin-pops-again-hits-6400-as-altcoins-go-nowhere-d252.html

https://www.coindesk.com/understanding-segwit2x-bitcoins-next-fork-might-different/
Bitcoin already touched the new ath again, i think that article might give an effect to the speculators about the next fork of the bitcoin doesn't mean free money just like bitcoin gold.
I predict the price of bitcoin goes down later, another correction will be appearing soon. More people are hype in free money.

[gentlemand]

https://www.coindesk.com/understanding-segwit2x-bitcoins-next-fork-might-different/
Bitcoin already touched the new ath again, i think that article might give an effect to the speculators about the next fork of the bitcoin doesn't mean free money just like bitcoin gold.
I predict the price of bitcoin goes down later, another correction will be appearing soon. More people are hype in free money.

And from that article.

"Competitors are gaining because of bitcoin's inaction. They believe protocols other than bitcoin have continued to gain traction because they're useful for payments; those protocols are currently capturing value that otherwise would have been bitcoin's.
Existing upgrades aren't enough. They say the addition of code to the blockchain in August hasn't brought about the capacity increases promised."

Isn't it interesting that Bitpay, one of the loudest S2X fans, hasn't bothered to do the slightest thing with Segwit first before going all in on a potentially ruinous hard fork?

And Bitcoin is wiping the floor with those oh so threatening alts at the moment.

[LeGaulois]

You can't expect to see altcoins to have the same performance that Bitcoin gets. So I agree with other posters Altcoins are not going nowhere.
While it's true a lot of them are in red when you check coinmarketcap there are still some doing good. And in the crypto world, everything can change in some hours. Don't make assumptions about altcoins based on bitcoin because it is not relevant.

[alyssa85]

https://www.coindesk.com/understanding-segwit2x-bitcoins-next-fork-might-different/
Bitcoin already touched the new ath again, i think that article might give an effect to the speculators about the next fork of the bitcoin doesn't mean free money just like bitcoin gold.
I predict the price of bitcoin goes down later, another correction will be appearing soon. More people are hype in free money.

And from that article.

"Competitors are gaining because of bitcoin's inaction. They believe protocols other than bitcoin have continued to gain traction because they're useful for payments; those protocols are currently capturing value that otherwise would have been bitcoin's.
Existing upgrades aren't enough. They say the addition of code to the blockchain in August hasn't brought about the capacity increases promised."

Isn't it interesting that Bitpay, one of the loudest S2X fans, hasn't bothered to do the slightest thing with Segwit first before going all in on a potentially ruinous hard fork?

And Bitcoin is wiping the floor with those oh so threatening alts at the moment.

Bitpay has indicated that it might enable functionality for bitcoincash and other alts if segwit2x doesn't materialise. So they will cope with the backlogs and fees by allowing users to bypass bitcoin and enable alts.

Interestingly, Overstock earlier this year enabled payment by alts as well, but had to go through shapeshift to do it as bitpay didn't have an alt option. That seems to have given bitpay a kick up the backside into considering alts at last. Because otherwise the business just goes through someone else.

[crazycatwoman03]

You can't expect to see altcoins to have the same performance that Bitcoin gets. So I agree with other posters Altcoins are not going nowhere.
While it's true a lot of them are in red when you check coinmarketcap there are still some doing good. And in the crypto world, everything can change in some hours. Don't make assumptions about altcoins based on bitcoin because it is not relevant.

Right, we can't expect that the market price of the altcoins will soar up high too like bitcoin. In crypto world, the changes in the value of the altcoins are not directly proportional to the price of bitcoin. Altcoin maybe on dump now but who knows what will happen after few days. Crypto coins are volatile and even if bitcoin is high now it doesn't mean that it will have the same value tomorrow, it can fluctuate down immediately.

[martinholly167]

You can't expect to see altcoins to have the same performance that Bitcoin gets. So I agree with other posters Altcoins are not going nowhere.
While it's true a lot of them are in red when you check coinmarketcap there are still some doing good. And in the crypto world, everything can change in some hours. Don't make assumptions about altcoins based on bitcoin because it is not relevant.

Right, we can't expect that the market price of the altcoins will soar up high too like bitcoin. In crypto world, the changes in the value of the altcoins are not directly proportional to the price of bitcoin. Altcoin maybe on dump now but who knows what will happen after few days. Crypto coins are volatile and even if bitcoin is high now it doesn't mean that it will have the same value tomorrow, it can fluctuate down immediately.

Well, BTC dominance is about 59.6 % right now according to coinmarketcap, while it was only about 48% on October 1st, 2017.

[gentlemand]

Bitpay has indicated that it might enable functionality for bitcoincash and other alts if segwit2x doesn't materialise. So they will cope with the backlogs and fees by allowing users to bypass bitcoin and enable alts.

Yet Segwit is sitting there waiting to be utilised. It doesn't require any disruption, financing, complaining, manoeuvring. It's ready. More capacity, lower fees. They've indicated nothing about integrating it. That says plenty about their position, or rather daddy Bitmain's.

[candy27]

I wouldn't say alts are going nowhere - I think the seeds have been sown where alts are the future of cryptocurrency.

See the following article for problems with bitcoin:

http://www.cbc.ca/news/business/bitcoin-currency-pricing-speculation-1.4380026

You'd have to be crazy to spend $82 million for two pizzas.

But according to bitcoin lore, on May 22, 2010, Laszlo Hanyecz became the first person to buy real physical goods with the sparkling new cryptocurrency when he paid 10,000 bitcoins for two Domino's pizzas.

When Hanyecz bought his pizzas, a bitcoin was worth a fraction of a cent. As bitcoin crashes through new highs this week — a single bitcoin is worth just over $8,200 Cdn — that would make the pizzas cost $82 million.

If you're like most people, right now you're probably thinking about how rich you would be if only you had bought a few pizzas' worth of bitcoins a mere seven years ago and held onto them.

But while the cryptocurrency may seem like a success, that crazy multiplication in the value of the bitcoin has almost completely derailed its initial purpose. For all intents and purposes, a bitcoin has become the currency that's hard to spend.

In a wage economy, the purpose and value of money is twofold. One is as a store of value. In other words, if you do a day's work today you want to be able to save up the value of that work and spend it on weekend beer, a winter holiday or keep it for when you're old.

As a store of value, so far, bitcoins have fulfilled their currency-like function in spades.

But the other essential value of money is as a measure of pricing and exchange. This is where the bitcoin has fallen down.

The bitcoin and its virtual wallet was intended to replace currencies, but no one wants to be modern day Laszlo Hanyecz. Even more important, trying to price your goods or services in bitcoins is a fool's errand.

The only way to do it would be to have a parallel running tally of the value of bitcoin in "fiat money" so despised by bitcoin enthusiasts.

Some argue that cryptocurrencies are too fiat money, but the big advantage of loonies, or U.S. dollars or even gold is that they remain relatively stable compared to other prices in the economy.

If you have to convert from bitcoins to U.S. dollars to pizzas to know how much your money is worth, it is the U.S. dollar, not the bitcoin that is the measure of exchange. The bitcoins are merely a speculative investment