Bitcoin Stays Above USD 13,000, Altcoins Take Hit

[justdimin]

The elections are not that further away and people already have one way or another idea of whats going to happen, they know whats going to happen if Trump wins and they know whats going to happen if Biden wins and they know the possibility of each candidate winning as well so basically there is not that much questions left at all.

I understand that just because one thing happened everyone wants a reaction but I doubt there will be a reaction, doesn't seem like possible to me. Like if trump loses, trump supporters will sell? Why? Doubt that. Or if Biden wins suddenly Biden supporters will start buying? Doubt that too. Nothing will change in few days, sure there could be some erratic movement that could be attributed to elections on the day, but that will be like few hours at most and nothing solid.

[Spaffin]

The elections are not that further away and people already have one way or another idea of whats going to happen, they know whats going to happen if Trump wins and they know whats going to happen if Biden wins and they know the possibility of each candidate winning as well so basically there is not that much questions left at all.

I understand that just because one thing happened everyone wants a reaction but I doubt there will be a reaction, doesn't seem like possible to me. Like if trump loses, trump supporters will sell? Why? Doubt that. Or if Biden wins suddenly Biden supporters will start buying? Doubt that too. Nothing will change in few days, sure there could be some erratic movement that could be attributed to elections on the day, but that will be like few hours at most and nothing solid.

I would look at the situation with the US presidential elections from the other side and at the real impact of this event on the cryptocurrency market. We are not talking about the fact that after the victory of one or another candidate, their supporters will start buying cryptocurrency, because we are talking primarily about further policy regarding cryptocurrency and the cryptocurrency market of Trump or Biden. At least Until today, we have very often heard Trump's negative statements regarding Bitcoin and other cryptocurrencies, which negatively affected the cryptocurrency market.

[slapper]

Resistance is doing a great job in keeping the price of bitcoin below $14000. But I think it is hard to continue to stop the momentum. It has been more than 15 months since the last time we witnessed bitcoin at $14000. And according to my knowledge, 15-months is a fair amount of time for any big investors try to accumulate bitcoin in order to find a ticket for the next bullish run

About altcoins, don't know what to say but if bitcoin reaches $20000 or more, altcoins can not stay the same place forever, especially those coins in the top 20. And sooner or later, there will be FOMO which lures many many people to join this bull. Damn, can't even imagine how big this event will be. Consider covid-19 as an economic crisis, things will increase rapidly in the next 2 year

[carter34]

About altcoins, don't know what to say but if bitcoin reaches $20000 or more, altcoins can not stay the same place forever, especially those coins in the top 20. And sooner or later, there will be FOMO which lures many many people to join this bull. Damn, can't even imagine how big this event will be. Consider covid-19 as an economic crisis, things will increase rapidly in the next 2 year

This year was a year of crypto bull because of the halving but the covid-19 is a big draw back and maybe if not for halving, perhaps bitcoin may stay down somewhere. I also believe that with the improvement in price so far, two years into the halving of bitcoin this year, the bull will fully come and including altcoins.

[beerlover]

It has been more than 15 months since the last time we witnessed bitcoin at $14000. And according to my knowledge, 15-months is a fair amount of time for any big investors try to accumulate bitcoin in order to find a ticket for the next bullish run

By the times of May/June of 2019, bitcoin prices peaked only up to $13,800 and never got power to test $14k levels. So, the last time we had seen prices around $14k was when the prices were falling from ATH by the first quarter of 2018. It has been more than two and half years since bitcoin markets traded above $14k price levels.

I also believe that with the improvement in price so far, two years into the halving of bitcoin this year, the bull will fully come and including altcoins.

What is two years and halving? The next halving may happen by May month of 2024 or earlier to that also possible. Bitcoin market is slowly gaining momentum and it last up to end of next years (as per the four year cycle of BTC markets) and only after that you may see most altcoins may test their new ATHes.

[ardentvolcanoes]

About altcoins, don't know what to say but if bitcoin reaches $20000 or more, altcoins can not stay the same place forever, especially those coins in the top 20. And sooner or later, there will be FOMO which lures many many people to join this bull. Damn, can't even imagine how big this event will be. Consider covid-19 as an economic crisis, things will increase rapidly in the next 2 year

This year was a year of crypto bull because of the halving but the covid-19 is a big draw back and maybe if not for halving, perhaps bitcoin may stay down somewhere. I also believe that with the improvement in price so far, two years into the halving of bitcoin this year, the bull will fully come and including altcoins.

Halving bring good movement for bitcoin but with altcoin community there are lots of new created hypes, bringing it more harder to choose which one

will deliver decent benefits, there are many coins that being dumped even those who are well known project that follows bitcoin are still unable to create

big impact, hopefully with bitcoin continue to pumped more alts will follow and start their own run.

[plr]

I do own some altcoins although they are not performing well in the market I still thankful that Bitcoin is doing great in the market I have Bitcoin coming in my wallet monthly I am happy with Bitcoin performance now, there are a lot of good news coming, the impact of halving is now felt by in the market and we shall see Bitcoin at $15000 before the year end.

[1l1l11ll1l]

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I would look at the situation with the US presidential elections from the other side and at the real impact of this event on the cryptocurrency market. We are not talking about the fact that after the victory of one or another candidate, their supporters will start buying cryptocurrency, because we are talking primarily about further policy regarding cryptocurrency and the cryptocurrency market of Trump or Biden. At least Until today, we have very often heard Trump's negative statements regarding Bitcoin and other cryptocurrencies, which negatively affected the cryptocurrency market.

ahh, I understand. but I also feel that bitcoin still can't break the priority scale of the US government after the election, whether trump or biden wins, they still have a lot more things they have to do before entering into bitcoin regulation. Maybe there will be an effect later, but not in the near future, so I don't think there will be a strong influence from the election

[lixer]

It is not just about taking a hit, altcoins are acting strangely as well and they are really not making any sense at the moment with how high volatile it is. Bitcoin goes up and altcoins go down, bitcoin stays up and altcoins move up, bitcoin goes down and altcoins go down, there is really no correlation at this point and altcoins just do whatever they want.

Look at ethereum for example, it has seen as high as 405 dollars just a week or so ago, and moved all the way down to 375 dollars today, and not while this topic was started neither, it happened today, it reached 400 dollars literally just yesterday! So, as you can see everything is acting weirdly these days, it goes up and down like crazy, how did it reached 405 dollars down to 378 or so dollars, go above 402 dollars and reached back down to 375 dollars all inside just one week.

[snipie]

Looking at the chart at coinmarketcap, I noticed bitcoin big jump which wasn't followed by a similar jump in the rest of altcoins. It was kind of classic to see that!

[Smitty Werben Man Jensen]

I am sure all altcoin community and holders are waiting for altcoin season,
since 2017-2018 altcoins have decreased, yes, these 3 years, seeing the Bitcoin price above $ 13,000 I am very happy,
because there is still hope for Altcoins to rise again.

[BrewMaster]

because there is still hope for Altcoins to rise again.

historically incorrect.
each time we see an altcoin season with a ton of new shitcoins that get a lot of pumps, the next dumping season is increasingly longer. i wouldn't be surprised if altcoins continued dumping in 2021 too.

additionally with creation of so many shitcoins, they have to first die to open up room for new shitcoins to be created and pumped. again historically that has been the case. the old pumped coins are replaced with new un-pumped coins that will be pumped instead of the old ones.

[sunsilk]

Looking at the chart at coinmarketcap, I noticed bitcoin big jump which wasn't followed by a similar jump in the rest of altcoins. It was kind of classic to see that!

I was also waiting for the jump of altcoins but it seemed not to happen or not yet to happen. Jumped to $14,600 in an instant yet the altcoins which we have thought of going as the highways of bitcoin didn't do.

But if we'll acknowledge it, there were times before that the market was like this. Bitcoin's jump opposes the altcoins and vice versa and later, they will jump together.

[Kong Hey Pakboy]

Bitcoin definitely stays its price above $13,000 that it is now in a range of $14,900, so I think we are now getting closer for bitcoin to reach its ATH again. Sadly, as I thought altcoins would not follow bitcoin from its increase to its price, most of them are now dumping their prices because others are probably converting their altcoins into bitcoin to grab the opportunity.

[davinchi]

Looking at the top ten coins right now and they are all green in the recent 24 hours for example, like I always say do not think that bitcoin and altcoins are ever doing the same thing over and over again, they are volatile currencies that will always change up what they do, they are not really doing all that well right now staying in one place which is why I believe it is quite important that we focus on profits while going up and purchase while we have the chance.

If you wait around for them to keep going down because bitcoin goes up, you are going to be sad, bitcoin went up so much in 24 hours but look at top ten coins, they went up too, just recently bitcoin went up but the altcoins went down, as you can see they always act strangely so the best course of action is always accumulating.

[LUCKMCFLY]

I have always thought of something, when bitcoin enters an uptrend, altcoins initially fall in price, but then increase because investors seek to protect their money, this happens just when bitcoin makes its first correction, that's when they buy more Alts because they know that when bitcoin goes up again, altcoins go up.

This from my point of view of my little experience in the market.

[stompix]

because there is still hope for Altcoins to rise again.

Unfortunately yes, there is.

But looking at that site which lists all the altcoins and defi even if they are absolute scams:

The global crypto market cap is $438.95B, a  8.06% increase over the last day
Bitcoin  up 9.92% in the last 24h,  15.55% in the last 7 days
Bitcoin Cash down 6.39% in the last 7 days
The DeFi crypto market cap is $12.05B, a  -2.59% decrease over the last day.

Let see, bitcoin going up more than the average, the forked clone is turning into a true failure, the defi bubble is about to birth even though they are printing coins. Music to the years of any bitcoin maximalist.

additionally with creation of so many shitcoins, they have to first die to open up room for new shitcoins to be created and pumped. again historically that has been the case. the old pumped coins are replaced with new un-pumped coins that will be pumped instead of the old ones.

I wonder how long this trend can continue.
In the past and even right now it's pretty easy to turn a coin with a supply of a billion into a top50 coin by releasing only a bit of it on the market, manipulating the price, all the mumbo jumbo, but as the market grows and grows and if BTC hits the trillion level those coins will have a pretty hard time. Back in the time when BTC was at nearing 1000$ in late 2016, you needed just 3 mils of fake market cap to enter the top 50, now it's up to $275m, this can't go on like this forever. Or at least I hope!

[Tamim121]

A consistency exists all the time between Bitcoin and other cryptocurrencies.  When the price of Bitcoin continues to rise, everyone wants to sell their other cryptocurrencies and invest in Bitcoin.  This causes other coins to lose their value.

I appreciate with your opinion. Everyone want to make profit by investing their money. Every investor wants to make huge profit. For this reason when Bitcoin price pump then they sell their other crypto currency in some low price to buy Bitcoin. For this selling system other coin price going low.

[snipie]

A consistency exists all the time between Bitcoin and other cryptocurrencies.  When the price of Bitcoin continues to rise, everyone wants to sell their other cryptocurrencies and invest in Bitcoin.  This causes other coins to lose their value.

The wisest move imo is to hold your bitcoin, maybe buy and diversify your assets in non scammy altcoins since the difference in price is considerable between BTC and the other cryptocurrencies. Buying bitcoin at this point is risky in short term but of course in the long term it should be profitable.

[Fortify]

I think there will be further detachment between Bitcoin and Altcoins in the future. It's hard to think of a single other cryptocurrency that has penetrated into the mainstream like Bitcoin and people will naturally flock towards things that they have heard about. Unless Paypal starts offering a wider range of coins, which is very possible, then the Bitcoin price will continue to rise independently of what other coins are doing. I think if you are heavily invested in altcoins, it would make sense to move some of that money into Bitcoin before it gets any higher.