Bitcoin Tradebot reverses course on the Altcoins, market surges, but don't be lulled into safety.

in #bitcoin7 years ago

The last week and a half of crypto trading has been completely hijacked by a very clever piece of software, that's been swinging buy/sell orders between Bitcoin and the Altcoins every couple of hours.

The end game was to get everyone to buy into the Bitcoin mania, so that they can use the value of Bitcoin to buy up the entire Altcoin market (which is actually comprised of many well-funded businesses and software far superior to Bitcoin).

Bitcoin itself can be discredited and discarded after the fact. The blockchain is currently incapable of keeping up with current demand, sitting at over 100% capacity for a week. And if demand is escalating exponentially?

The Tradebot has now been switched into buy mode... all the Altcoins are seeing upward movement right now, and will probably continue to do so to lull investors back into safety. Buying in when the market is booming will only hurt later when the trend is reversed.

coinmarketcap_altcoins_buyup.png

You see, the problem is that this whole scheme won't work if they piss off too many people and get themselves discovered or banned too early. For example, Steem, a popular gaming platform, which used to accept Bitcoin for game purchases has announced it will no longer be doing so. Other big players in the market are also having second thoughts about Bitcoin in it's current state too.

This is why we're seeing the waters settle, at least for a short while. There will be some corrections over the next 24 hours, but you should continue to see the Altcoins regain their dollar value. After we get comfortable with the Altcoin market again, the Tradebot will resume its massacre, so watch out.

I am going to wait patiently to see the next move. Personally, I try to keep all my Altcoins on wallets where I own the private key, so as to avoid issues with exchanges getting hacked or shut down by authorities.

Disclaimer: None of the above constitutes as financial or trading advice. Please do your own research and make your own conclusions.

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