It's no news that the news of the "restructuring" ongoing for bitcoin and the uncertainty that lies with this process have caused a dip in the value of bitcoin in most recent days. While this is ongoing, investors and traders have been suggesting ways of staying aloof and not being affected by the current situation and one lf the suggestion placed from some quarters is to convert to altcoins (they add d caveat as "some whose value are increasing despite the current downturn)
Btc 1day chart
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Btc 1 hour chart
Well, i disagree to that being a perfect strategy out of this uncertain future. We all (those whose are familiar with bitcoin and altcoins) know about the huge dominance bitcoin have over altcoins in which no matter the direction it moves, alts are bowing. Okay, let's say therr is an alt that is not bowing. But let me ask you "how do you get value for your altcoin if not by converting back to btc (whose value is dipping). So, if you're trading and getting happy for a alt that is rising at this time, i advice you look back to what the value of btc is saying.
It's clearly obvious we need independence for the altcoins to be free of the hold the btc has on them. This can be achieved by creating real reasons why these alts should be a store of value themselves. This is the kind of thing i am seeing with steem. In few years,when the platform is made popular enough, it could get to that extent that steem itself, would dictate her pace. There are other altcoins with such potential but before then, we have no choice but to endure the btc dominance.
What do you feel about this position? Let's debate it below in the comments section.