Many altcoins may not recover this fall.
Many altcoins may not recover this fall.
Normally with the fall of bitcoin price towards $50k in the recent days all altcoins took the downtrend falling in reciprocation to bitcoin, and I see many people in a hurry to buy some altcoins and hold believing that when bitcoin rises up again they can make some significant profits.
just a quick reminder that one-third of the shitcoins that have fallen chances are that they may not be able to recover and pump along with bitcoin. It can be a gateway to a straight dump. Be careful the shitcoin you wanna rush in to sink your money this period of sharp instability in the market.
It will boil down to what coins we are talking about.
Many people do think that the alts (at least the big ones for sure, like ETH and the likes of it) will pump in the near future. And I don’t blame them.
I have been a victim of this in the past, a situation where I thought altcoins will move faster and give bigger profit than Bitcoin, hence I bought then instead of buying Bitcoin. Regrettably, some of them died in my wallet and ai never got the chance to sell at profits. Such experience is the reason I’m mostly Bitcoin now because I realised it is better to grow my investment gradually than to pursue quick profits and end up making mistakes that will cost me money.