Say and believe what you want, but Bitcoin continues to lead the way
Another month, another all time high for Bitcoin as it peaked around $65,000 a few hours ago. After finally breaking it's 2017 all time high just before Christmas, it has now set a new high in five consecutive months. While it hasn't been the parabolic move we've seen in the past, the fact remains that it keeps pushing higher, month after month, with no real end in sight. At least for the short-term. And while there continues to be talk about how Ethereum and Binance and other chains are eating into it's market dominance, the fact remains that Bitcoin is still worth more than the rest of the entire cryptosphere, combined.
Meanwhile, it keeps breaking down barriers and paving the way for the rest of the cryptosphere to grow as well. Bitcoin finally became part of an ETF launched in Canada a few weeks ago. It was also the first crypto to be put in the Grayscale Trust and traded on the OTC. There are now eight companies in line to start their own ETFs according to a Bloomberg article published earlier today. It is still the "base" currency by which every other crypto is measured and it will continue to hold that position for a long time, in my opinion.
Bitcoin is why there are institutions flocking into the crypto markets. It is why there are now daily crypto mentions on mainstream news outlets. It is the currency athletes and stars want to get paid in. It's the reason they just gave #COIN an opening valuation of $86 Billion. It is why thousands of other cryptocurrency tokens have been launched. They may be created on the Ethereum chain, or Binance, or one of a handful of others, but they all have Bitcoin to thank. Where do you think all of this money came from? Bitcoin created it.
I am not a "maximalist", as I've said before. I firmly believe that there are many, many other cryptocurrencies that will thrive in the years ahead. But none of them are Bitcoin. There will be many 10x's and 100x's and even 1000x's that will be made in other places. But to me, there is only one "King", and I expect it to continue to rule the cryptoverse for many years to come.
There is still time. While you are out there trying to make triple-digit returns on alt coins, don't forget to add to the one that got us here. In my opinion, there is still a 20x plus ahead of us in the months and years ahead on the only real "blue chip" crypto in existence.
Stack those sats!
Thanks for reading. If you appreciate the content, please consider a comment and an upvote. I will happily reciprocate.
As always, I am NOT a financial advisor and this is NOT financial advice. Cryptocurrencies can and do go up and down and you could lose of your money. Do your own research.
Posted Using LeoFinance Beta
0
0
0.000
Well personally I think BTC is definitely similar to how the SPY is for the US stock market. The correlation isn't as high but if BTC crashed 30% then I fully expect the rest of the cryptos to be red as well. So I think it is a good indicator to see how stable the crypto market is doing.
Posted Using LeoFinance Beta
That is true but it is rapidly changing. The ebb and flow of the market might reverse the recent trend so it is worth watching.
But a few months back, the BTC make up of the total was near 80%. Now it is just above 50%. Sure it might be simply the alt coin run and that could reverse.
Or perhaps it could mean that projects are starting to gain some traction. It is hard to argue with the success of BNB of late. Hopefully we see more of that type of stuff.
Personally I see BTC as the percentage of overall market cap settling in the 10%-15% range long term.
Posted Using LeoFinance Beta
A lot of it depends on whether or not we have a major bear market. If we do, then I think bitcoin dominance will go back up to the 70% range. If we don't, or if it is a long, slow one, then it's dominance could continue shrinking somewhat. Unless you're talking 10-15 years from now as far as "long term" I don't see it getting close to 10-15%. Maybe 30% again. But, like I said, I think bitcoin has a 20x minimum in the next 5 years and quite possibly could be 50x or more. It WILL run away from the rest of the market again at some point. Just my opinion.
Posted Using LeoFinance Beta
This is all very exciting! I am pretty pumped about where all of this is heading. I think it is going to be a really great run in the next couple of months! I am really excited about seeing some of the alts start to make some bigger moves than they have been already.
Posted Using LeoFinance Beta
The higher bitcoin goes, the more money trickles down to the alts. The fact that bitcoin has basically 20x'ed since it's low a year ago means there is a LOT of money floating around in this space. Defi will allow people to HODL their more established coins/tokens while still participating in the alts. The best of both worlds. Could be a helluva run on all fronts over the summer.
Posted Using LeoFinance Beta
I am really loving the alta right now. WAX has been very good to me and I still think it has a ways to go.
I used to fight BTC - and finally had to admit I finally get it 4 years too late.
I actually wrote an article on why I am mostly moving towards more of a BTC maximalist. Plus, seeing how much big money is trying to get into BTC - it is going to move. Alts may boom and may bust, but I want to hold what the big money is chasing before they get in.
Posted Using LeoFinance Beta
Yeah, I don't think there's any question you can make much bigger returns with alts. BUT, what do you do with it after you make it? At this point, there is still really only one crypto you can trust to make a higher high after a bear market, and that's bitcoin. I'm sure it will get chopped down like the rest of the crypto market when the bear market hits, but I just think that it will also be the first to come back and, like I said, make new all time highs, whereas the rest is really an educated guess.
Although, personally, I think Chainlink is getting to that stage as well. But that's just my opinion.
Posted Using LeoFinance Beta