For the last few days, I tried to buy more Ethereum but my Coinbase account capped me on the weekly purchase. So I decided to open couple more accounts with other exchanges. I already have a Bitfinex account with some bitcoins and litecoins in it but they no longer do money transfers. So I opened an account on Bittrex , Poloniex and Kraken. After I opened the accounts, I realized only Kraken takes money transfers. Both Bittrex and Poloniex only take BTC. So now I have do tier 3 verification on Karken so I can transfer more money in to my account to buy bitcoins and then transfer them to Bittrex and Poloniex to trade Ripple & ETH and other coins.
Is this happening to anyone else? This whole process made me speculate many people might have to do the same in order to trade Altcoins. Also, Bitcoin price increases are significantly lagging comparing to most cryptos, especially weaker when comparing to Ethereum & Ripple in the last couple weeks. Looking at the trading volume daily, Bitcoin is doing about $1.4 billion while Ethereum is doing almost $800 million with less than half of the Bitcoins' market cap! So could it be all the demands for bitcoins, all the daily volumes are just a bridge to get other coins? Will this eventually come to an end and most of everyone will dump BTC once Ethereum or Ripple takes over as the biggest cryptocurrency in the market?
New updates of this story,
read here>>>>>>>https://steemit.com/bitcoin/@dragonsteem/are-people-buying-bitcoin-so-they-can-transfer-them-to-exchanges-for-ethereum-and-ripple-part-ii
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