If you look at the prices on coinmarketcap you will see that things are much different than usual, things are no longer moving together as one whole market, many bitcoin currencies like bitcoin dark are doing great and shooting up, while Altcoins like dash are failing and collapsing, even Ethereum is currently under 200 dollars. Today I want to analyze and explain why this is and speculate about what will happen in the week and coming days.
The reason for this massive decline in Altcoins could be a number of things, but most likely its that people are putting as much money into bitcoin as possible, with the coming activation of SegWit, there is anticipation and people believe this will draw new investors into the market. Another possible reason for this Altcoin crash is that most Altcoins truly play almost no role in this market except to be faster than Bitcoin, however, with SegWit this is changing, meaning that coins like Ethereum, which while showing promise, is mainly being used for faster transactions which means that people who do this are beginning to believe in Bitcoin again.
What will most likely happen in the coming days is that you will see this decline continue until after the activation of SegWit, after this decline many altcoins will probably lose a lot of hold in the market and many may even become obsolete. However, this new age may also bring projects forward whose goal is more than to be a testnet for Bitcoin. Coins that have project goals may be recognized, like Maidsafecoin or Siacoin.
So if you are holding any Altcoins right now you may want to HODL for now, or atleast until the activation of SegWit, secure your funds and make sure you have some Bitcoin, thanks for reading, don't forget to upvote.
