Hello World,
It's has become a wide spread news that Altcoins are dropping, due to BTC rise. Never mind, the reason is not farfetched from the fact that BTC is long overdue for this bullish price action after all the FUD around BTC and BCC split, which eventually took place 1st of August, 2017. However, the rise in BTC is highly important, a good omen and healthy development for the Crypto global market capitalization as a whole. Like they use to say “If it doesn't kill you, it can only make you stronger" and BTC has proven to display strength and dominance as the pioneer cryptocurrency against all odds of the fork. Now that dust of BTC Hard fork has settled, the cryptocurrency game of throne just begin, LOL.
The Altcoins has a high prospect also, has the global market of Altcoins sits at $55.9 Billion as at today. The last global market peak of Altcoins was at $58.8 billion on August 2nd, 2017. A day after BCC split from BTC a very clear indication of how tired cryptocurrency traders are of holding on to trade immediately after the fork, now that the hard fork deed has been done. Altcoins rallied up and dip a bit again as we are currently experiencing now. The all-time high global market capitalization of Altcoins was on June 20, 2017, with the global market of $72.2 billion, yes! $72.2Billion I repeat, that shows that a lot of money went outside the Altcoins trading.
Now, let’s do some real quick analysis, from June 20, 2017, till date is 47 days apart; more than a month and two weeks, except for the short time frame range between July 17, 2017, to July 23, 2107, where there was a short surge of money to the Altcoins global market a total of $ 15.3 billion came into the market. The Altcoins had another short reversal pattern using technical analysis term from July 23, 2017, to July 30, 2017, and another petite pump of billions of dollars started flowing in trickles again in the value of $14.5 Billion from July 30, 2017 to August 2, 2017; which is less than a week. The dip we are experiencing now for Altcoins is healthy enough to take us back close or beyond the old ATH of $72.2 Billion.
If tens of billions of dollars keep coming within a short while like this, it is a signal to let all cryptocurrency researcher, enthusiast, investors, and traders to know that the best is yet to happen to this life changing technology.
So with all this facts and figures, we can only rest assured that we are all in the right place at the right time, the crux of the matter now is to do the right thing at this right time and place ‘ Cryptocurrency Trading” we have chosen. I know the question will be what is the right thing? Good! The right thing is to be PATIENT and get the best of knowledge of how things work in this business: Market Cycle, Trading Analysis, Fundamental Analysis which is events and news in the cryptocurrency ecosystem and, although you need not to know the inside and out of cars as long as you know how to drive, a little bit of the aforementioned things will be a cutting edge as for how far you can go on this journey.