Wow, sector(crypto) rotation is finally happening

Pekelo said:
When I first learnt about cryptos as a new technology (not as a get rich quick scheme), I naively thought, may the best coin win, and the technologically most advanced coin would draw the most users, thus eventually the price. Boy, was I wrong.

For example I always liked Litecoin, because just with a little change of the original code, it made the transfer of value much quicker and cheaper. No need of such an incredible stupid invention as the Lightning Network. Hell, Bitcoin Cash was a huge improvement but couldn't come out of the shadow of BTC. Other coins came along with actual features what Bitcoin originally claimed (like true privacy, very cheap tx cost, etc) yet they didn't really get adopted and price-wise, they always just followed BTC, but seldom took over.

Looked like the first mover's advantage was just too big to overcome. This has been changing recently. Finally looks like there is a crypto rotation and coins with advanced features are recognized and relatively valued much better than the grand daddy of obsolence. The current raise of ETH is the best example, and I hope the trend continues and these coins leave the obsolete shit aka bitcoin in the dust.

This year's YTD returns:

BTC: 86%

ETH: 334%

Cardano: 294%

LTC: 134%

BCH: 172%

NEO: 587%

etc.etc. Oh yeah:

Doge: 11,210%

Why is a crypto rotation bad for Bitcoin? Obviously the incoming money is not going to BTC only, but pushing up other coins, thus leaving BTC with much less capital. The Doge example is a funny one, because Doge has no advanced features over BTC whatsoever (well, tx cost is still low) yet it outperformed it in the store of value race many times over....

"So we have reached the point where a coin gets its justification for existence and seriousness only by rising in value and being hyped. Or, to put it in other words, something that is extremely increasing in value loses its joke character just because of this fast increase. It doesn't matter what's behind it, whether it's useful or not. The only usefulness is the increase in value. More precisely, the only usefulness is that it is the pivotal element of a pyramid scheme."
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Shitcoins rise more in the late stages of every BTC bull market because plebs think they missed the BTC gains so they channel their FOMO into shitcoins that they think might be "the next bitcoin". Plus Elon Musk has been shilling for dogecoin constantly.

It's still super early though. Long term price target for bitcoin is at least 500k which would put it on parity with gold.
 
vanzandt said:
You guys are all silly.
I have never owned 1 crypto, not even a doggy-coin, but if ya'll think BTC is going away,
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Nobody said going away. But if it stucks between 30 and 40K for the next 3 years while ETH goes up 400%, that is a big sector rotation and finally for a coin that deserves it.

And who knows, there might even be a coin that can be used as a currency...
 
S2007S said:
Everyone is chasing these cryptocurrencies, Greater fool theory is hard at work. Wait till the sudden reversal and rapid collapse of over 50%.
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And there you have it folks.

Every fool buying crypto like the only way was up, 2 weeks later bitcoin is down $30,000 off its highs. $30,000 bucks and you fools think this is going to be the future of how we make transactions. Did you notice tesla has now retracted from taking payments in bitcoin. Hahahahahah
 
vanzandt said:
Lets see what it does around $37.75K.
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Next stop $46K. If it takes that out, it'll keep going. Its starting to behave more and more like a high (volatility) stock. If that is in fact the case, its gonna keep climbing.



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Edit... 42.7- 44.6 will definitely be a battleground road though
 
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It's so funny to see all the pessimists running their mouths when the market takes a 50% dump.

No, the markets aren't done yet. And it's a good thing your not in it with that attitude....
 
vanzandt said:
Next stop $46K. If it takes that out, it'll keep going. Its starting to behave more and more like a high (volatility) stock. If that is in fact the case, its gonna keep climbing.



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Edit... 42.7- 44.6 will definitely be a battleground road though
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46 to 47 was a good buy.
We may get one more dip, even a (very) brief spike to around 39, but I'd say if this thing drops below 42, go all in and don't look back. Doubtful it will, but it could do one last washout. Odds are it might see 43.8, but either way I'm pretty sure in a few months it will be much higher.
Buyers can hold off and cross their fingers for another dip, or just buy here and ignore the noise.
Jmho and I own zero. Strictly treating it like the price action of a halfway decent solid growth stock in an "on the fence" market environment based on a dozen similar type observations over the years. As I said in the other thread, the more time passes, the more this will act like a stock. Like CRM in March of 2019 if one must look. Give or take a little.
 
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