Bitcoin has been rallying pretty strongly over the last several days on positive developments in the space.
In fact, Bitcoin is inching back up near $4650 as I type.
That would put its all time highs of roughly $5,000 back in sight.
However, this rally seems to be at the expense of just about everyone else.
What do I mean by that?
Take a look at the altcoin space to get an idea...
Yesterday the altcoin space was seeing red while Bitcoin was rallying significantly.
Today looks like more of the same with only 2 of the top 30 coins on Polo seeing green.
What is going on?
There is potentially another fork coming for Bitcoin, possibly two actually.
This is exactly what was stated by myself and many others with the "success" of the Bitcoincash fork. New money was basically printed out of thin air and gifted to all Bitcoin holders.
The allure of that happening again is much too strong for anyone to pass up.
So, while they may state that the forks are related to the technology and the underlying issues Bitcoin currently has, at the end of the day it most likely is all about the free money.
Or should I say, the potential for free money.
So, because of this, altcoins sell off. Steem feeling plenty of the pain:
Why is this impacting the altcoin markets?
Money is leaving just about all other coins and finding its way into Bitcoin.
This is happening because the more Bitcoin that each person owns, the more Bitcoingold they will be "gifted" when the fork goes through.
There is no guarantee that there will enough backing to support Bitcoingold, but the fact that roughly $7 Billion was created out of thin air with Bitcoincash gives people a strong incentive to hold as much Bitcoin as they possibly can when the fork happens.
For that reason, the play currently is to sell all other coins and load up on Bitcoin.
Today is day 2 of the wave of selling.
We will see how long it lasts...
Stay informed my friends.
Image Sources:
https://www.coinbase.com/dashboard
https://poloniex.com/exchange#btc_steem
