The Bitcoin Suck is on.
Starting late yesterday, bitcoin started breaking resistance levels to the upside...
Normally, this would be a good thing for the entire crypto market...
Except this time it was not.
We are seeing the phenomenon affectionately known as the "Bitcoin Suck".
What is the Bitcoin Suck?
That is where bitcoin pulls value from all the altcoins as it goes higher. Not much new money enters the space.
The result is a surging bitcoin price and a tanking altcoin market.
Which is exactly what we are seeing today.
Steem is not being spared from the carnage, currently down roughly 8% from yesterday, sitting around $.39.
How long will this last?
That is a great question.
We saw this happen a few times in 2016 and 2017 where bitcoin pulled value from the rest of the crypto market and it often got much worse than we are seeing currently.
Something like 20%-30% drops in a single day type of things.
If bitcoin keeps going up, I would not be surprised to see the altcoin carnage get even worse.
Not a good day to be holding altcoins, that's for sure!
Stay informed my friends.
-Doc