Is the Rest of the Cryptocurrency Market Going to Suck the Life Out of Bitcoin Now? - Forex News by FX Leaders

Is the Rest of the Cryptocurrency Market Going to Suck the Life Out of Bitcoin Now?

Posted Friday, November 10, 2017 by
Skerdian Meta • 2 min read

Bitcoin has been the first cryptocurrency to be presented to the public, and it has led the cryptocurrency market since. It has been climbing higher since its inception, but this year has been extraordinary as it has surged from $945 in January to $7,770 a couple of days ago.

The other altcoins have been enjoying some great times as well during this year. But, Bitcoin has been the outperformer, and it has stolen the show for cryptocurrencies. It also holds a share of more than 50% in the cryptocurrency market.

This is not the deepest dive, but I don’t think now it’s the right time to go long.

 

Although on Wednesday, a major event happened for Bitcoin, and the upside doesn’t look so easy anymore. Bitcoin surged from $5,000 to $7,770 in only a month, which made the big $10,000 level look not too far away.

But that’s not the case now. Now, that level looks like a world apart. Bitcoin canceled its SegWit2x on Wednesday. Some say it’s a good thing for Bitcoin while others argue the contrary.

Truth is, Bitcoin is having trouble climbing higher and it is lower on the week. The interesting thing is that the other digital currencies are having a great time now that Bitcoin is having trouble. Most of the major altcoins have gained between 10% and 20% during the last few days.

The question is whether the rest of the crypto market is stealing the thunder from Bitcoin. Probably, the money that was flowing into Bitcoin is now flowing into other altcoins.

Bitcoin still remains the main cryptocurrency, and it is being recognized as legal tender in many countries is introduced to foreign exchanges. So, I don’t think Bitcoin will fall to $1,000 anytime soon or ever. But, the upside won’t be that straightforward.

For this reason, I don’t think I will go long on Bitcoin anytime soon. I will wait for a decent retrace, probably to the $5,000 area and then reconsider going long around there. 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of