[2018-04-21] Testing $10K? Bitcoin Price Hits 4-Week High As Altcoins Shine

[Eleven86]

Testing $10K? Bitcoin Price Hits 4-Week High As Altcoins Shine

https://www.coindesk.com/testing-10k-bitcoin-price-hits-4-week-high-altcoins-shine/

Bitcoin hit four-week highs in Asian hours but continues to underperform when compared to alternative cryptocurrencies (altcoins).

Having scaled a long-term bearish trendline, the world's largest cryptocurrency by market capitalization rose to $9,021 at 07:30 UTC - the highest level since March 22, according to CoinDesk's Bitcoin Price Index (BPI).

As of writing, bitcoin (BTC) is changing hands at $8,700 - up 34 percent from the April 1 lows below $6,450. The market capitalization hit a one-month high of $152 billion earlier today and was last seen at $148 billion, according to CoinMarketCap.

But BTC's rally, though impressive, looks flat when compared to the performance of the top 25 cryptocurrencies by market capitalization.

Where the value is moving towards?

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[sandor111]

Bitcoin finally broke 4 months long downtrend since before new year. If it breaks 11500 till end of May, we will see ATH in 2018

[Rahar02]

4 digits are just not enough, feels like a long time to see bitcoin recover to $10K.
Look at the cycle which always repeated whether it will be bitcoin or altcoins, people will buy and trade it.
BTC's underperformance could be an indication the cryptocurrency is fueling the rise in the altcoins. Moreover, most altcoins are traded against BTC. So, investors pouring money into crypto markets tend to buy BTC first and then rotate the money into altcoins.

Altcoins will always follow bitcoin's path to rise and fall. But in the end, bitcoin remains the first choice to divide the wealth, it's better than fiat currency in many ways, especially against inflation. Just believe in bitcoin.

[Betwrong]

It's interesting that in the Alternate cryptocurrencies section many people were predicting a good rise in the nearest future for Cardano, IOTA, NEM, TRON and NEO. And now looking at the diagram in the article we can see that they turned out to be right. Having said that, I'm not encouraging anyone to invest in altcoins unless they know exactly what hey are doing. Investing in Bitcoin may look not so profitable but it is definitely much less risky.

[Lieldoryn]

It's interesting that in the Alternate cryptocurrencies section many people were predicting a good rise in the nearest future for Cardano, IOTA, NEM, TRON and NEO. And now looking at the diagram in the article we can see that they turned out to be right. Having said that, I'm not encouraging anyone to invest in altcoins unless they know exactly what hey are doing. Investing in Bitcoin may look not so profitable but it is definitely much less risky.

It seems to me that now the price of altcoins has leveled off. Many coins have lowered the price more than bitcoin. Now the proportions have changed. Bitcoin will set the trend and its price will rise faster than all altcoins. When the growth of bitcoin stops you will have the opportunity to catch the tail of the snake and earn on the growth of altcoins.

[prehisto]

This local breakout definitely was and is interesting, also the performance of top Alticoins .
I for one was expecting much more stable behaviour and not start of a bull market for few months from now, i still think that we wont see major uptrend tough.

[richardsNY]

I for one was expecting much more stable behaviour and not start of a bull market for few months from now, i still think that we wont see major uptrend tough.

Nothing justifies a massive upward movement for now. I think as long as that applies, people should do everything they can to buy as many coins as possible below the $10,000 level -- this market doesn't wait for anyone, people shouldn't forget that, so buy while the opportunity is still present. I think that the next bull run will be related to new financial products tied to Bitcoin, where I am greatly looking forward to Coinbase's fund that currently needs regulatory approval. It will be the first ever fund based on actual coin supply, and with the future growth in mind, this fund will help to contribute towards even more on-market coin scarcity. Keep in mind that this is only one coin backed fund, where as time goes by, we'll be seeing many more of them in the coming years.

[vlad230]

It sure looks good to see the trend has finally changed

As I have been saying in a few other threads, this was expected to happen after the US tax day (April 17th). Fortunately, the change in trends was very fast this time around and I hope this bull trend will be continued throughout the year.

If nothing bad happens I think it will $10k by May 15th.

[BitHodler]

Investing in Bitcoin may look not so profitable but it is definitely much less risky.

People are spoiled with the returns they can generate in this market. If Bitcoin has gone up like 60% in a matter of months, some lunatics make fun of Bitcoin because certain altcoins have gone up like 400%.

They don't realize that most altcoins going up like that, don't allow people to cash out serious amounts at once. People are stuck holding coins that are increased in value, but can't sell for the highest price due to the lack of liquidity.

With Bitcoin people buy solidity and long term potential, while altcoins come and go on a very regular basis. People will eventually understand that Bitcoin is the only worthy long term investment.

Once Lightning Network takes off its beta jacket, I am sure that the majority of the altcoins will significantly drop in value.

[imsotiredofmoviereboots]

Bitcoin underperform with altcoins? I think they are both doing the same thing. Altcoins are still struggling even it did manage to gain a little. But I'm still hopeful that bitcoin will step up the next month.

[Betwrong]

Investing in Bitcoin may look not so profitable but it is definitely much less risky.

People are spoiled with the returns they can generate in this market. If Bitcoin has gone up like 60% in a matter of months, some lunatics make fun of Bitcoin because certain altcoins have gone up like 400%.

They don't realize that most altcoins going up like that, don't allow people to cash out serious amounts at once. People are stuck holding coins that are increased in value, but can't sell for the highest price due to the lack of liquidity.

With Bitcoin people buy solidity and long term potential, while altcoins come and go on a very regular basis. People will eventually understand that Bitcoin is the only worthy long term investment.

Once Lightning Network takes off its beta jacket, I am sure that the majority of the altcoins will significantly drop in value.

That was my point. Although theoretically you can make more by investing in some altcoins, in practice: firstly, it is very risky; secondly, yes, I agree with you, it's not always you can actually sell the coins when you see their price is high. Your selling order may be just hanging there until the price goes low again. No doubt Bitcoin is the best option for a long term investment.

[TrumpD]

Right up to now (seeing this thread) I always was of the strong opinion that altcoins success or should I said price growth are tied/react to that of BTC. However, now I am thinking that it could be the case that successful projects based on altcoins which drive the value up is the case, in the sense that when altcoins are successful, holders still want BTC because it is still the strongest at the moment, hence they convert their alts to BTC, now driving up the demand for BTC hence the price. I think this is a close thing worth paying attention to.