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