Altcoiner - What Do These Charts Have in Common?

If you thought the summer dips were over then today must be a big surprise, what the heck is going on?!

A couple of days ago I posted about the idea that alt coins could be liquidated ahead of the hardfork by those who want to maximize their payout of BCC come Aug 1st.

Altcoiner - BTC / BCC - Are Alts Being Liquidated Ahead of the Fork?

It looks like today may be the start of that process, as almost all altcoins are down across the board.

Bloody Bittrex Board

and sorted by greatest percentage change:

Speculation

As always, nothing in this post should be construed as professional investment advice.

Like I thought before, the popular move seems to be the liquidation of alt coins in anticipation of the birth of the newest altcoin BCC. My gut feeling is that all the action we're seeing today is because of August 1st and the BCC sharedrop.

This could be a fantastic opportunity to buy and it seems that once the dust settles after August 1st, people will be looking to diversify back out into the alt coin positions they previously held.

However, based on the performance of the coins I'm holding, there may be people (like me) who are already buying up choice coins at a steal. Maybe like me they don't have enough BTC in the game to warrant moving everything into a private wallet for the drop, but they have enough BTC to buy up this sale in anticipation for the flow back into alts.

For example, if you had been watching GAME credits and wanted to buy back in June you would have paid nearly 5$ USD per token. But today you would be able to get that same token for 2.03$ USD... a more than 50% discount on a solid project that a lot of people enjoy. It isn't hard to imagine that, when the ecosystem stabilizes post-fork, coins like GAME will reestablish itself in the market.

Even as I watched all the coins in my portfolio dive (except for BTC), I saw signs of recovery everywhere.

The Charts I Woke up To

Keep in mind that I did not panic this morning. Quite the contrary, I saw all the red on the Bittrex charts and immediately began strategizing on how I could position myself correctly while everyone else is busy liquidating so they can store as much BTC as possible and get a matching batch of BCC.

Bitshares started its decline on the same day that I speculated on the alt coin liquidation trend that would probably happen. However, since this is such a solid project that receives constant attention from devs and a strong community, it's again a no-brainer that tokens like BTS will likely recover with the rising tides.

XRP is usually able to weather the BTC/altcoin market volatility better than others, mostly because it is a bridge token that has institutional clients and functions in the cryptocurrency space in a unique fashion.

This time, however, it was not spared the strong downward trend.

PIVX has been a workhorse, and the recent price activity reflects the hard work that their community is putting into the effort to popularize the privacy-centric project.

But again, there were sell offs that brought the price down noticeably.

WAVES has been making WAVES this year though it seems kind of silently. There are interesting things happening on this platform, and while it took a hit this morning like everything else, it's also showing strong resiliency in regaining ground on price.

Basic Attention Token - BAT is still nascent but is solidly backed by the father of Javascript Programmning and a team of highly dedicated professionals. I've spoken with their Ad Ops person and he is most definitely working hard to further the vision of Brave Browser with BAT.

Because of the status of their project, I don't look at their price decline as anything but the normal market cycle of attention for a project's that made a splash and is now working behind the scenes to bring the vision to life. Still, their chart looks familiar to the others in my portfolio.

What Do These Charts Have in Common?

If you haven't noticed by now, most of these charts are eerily similar. There is a sharp downturn in price with moderate to strong signs of recovery. Perhaps we'll see another step down across the board, but I as of 11:30 NYC time, it looks like things are starting to rebound.

The similarity between these charts is what makes me think that this is a BTC/BCC effect that's causing the prices of alts to rubberband with the rising speculative price of BTC.

I'm not worried though, I caught a number of these right at the bottom and loaded up ;)