Bitcoin dominance is almost at 54% as analysts are now holding back in trades waiting for the Bitcoin to make its next move. Traders are postponing trades as they don’t want to expose too much of their capital in these volatile conditions. Whilst a booming BTC price is something we all envisage is a good thing, it causes a higher fluctuations in altcoin markets. It’s a good time for traders to hold back on any open trades at this minute and allow BTC to ride the wave. The initial stages of a bitcoin pump means altcoins will dump, but stability usually follows soon after.
Whilst it’s not a good idea to trade in these fluctuations, it’s certainly a perfect time to accumulate as many other altcoins as possible in relation to BTC. Users have explained the dump in markets as a huge “For Sale” sign in shop windows. So I guess it’s time to start laddering in the buys now.
Down to earth
We saw a nice drive up to approx. $5,600 over the past couple of days. But just this morning, the much anticipated bitcoin correction take place dropping it back down to $5,450. As long as it stays away from that $4,000 as much as possible we seem to making head way.
As for our predictions?
One of my colleagues is quite adamant that we can expect a slight correction before, as he likes to call it, Bitcoin will “Moon”. We can see some what of a dip before the crypto asset carries on with its upward trend.