Nothing should be considered investment or financial advice. Enjoy the ride.
The past 24 hours was a rough spell for Bitcoin and the entire market. Most coins suffered 15% – 20% retracements due to the lack of upward pressure. Specifically, the altcoin market has failed to provide supporting gains to Bitcoins recent insane bull run. Without the altcoins upwards pressure of buy orders. market euphoria seems to be falling off just as quickly as it came. Just to be clear, this is a healthy correction. Although, there are some reasons for concern.
Crypto Market Perspective
In the coming few weeks if the altcoins to not provide sufficient support, we could see a substantial drop across the market of even further losses. Ironically, since the altcoins are already so low and Bitcoin dominance is way above normal, we could even see new all time lows if this has been one big bull trap. Highly unlikely, but the opportunity could arise to once again stuff your bags at levels not seen for years.
Likely, Bitcoin will bleed out another 10% – 20% as the market calms down and then will start to gradually pump again with altcoins posting higher gains supporting the new levels. What this recent surge served to do was re-establish investor sentiment and show Bitcoin once again, did not die.
Netflix Pumping Altcoins
A cool development is the upcoming documentary on cryptocurrency. In particular, Netflix is hosting a show which will discuss not the king of the market, Bitcoin, but all of the other knights of the round table.
Not to anyone’s surprise, but most people still do not know very much about cryptocurrency. In general, the average person can recognize the name Bitcoin and quickly associate it with drug trafficking, money laundering, and a scams. The general population needs to be more educated on the subject matter, so they are not taken advantage of.
On the documentary there are plenty of very popular developers, founders and industry celebrates that will be shown. Each person getting interviewed will get to share their opinion on the market and different perspective as well. This will be great to have so many voices all representing the same movement. Some of the more noticeable individuals featured will be:
- Vitalik Buterin (Ethereum Founder)
- Jihan Wu (Bitmain Founder)
- Justin Sun (Tron Founder)
- Yi He (Binance Founder)
- Charles Hoskinson (Cardano Founder)
- Sunny Lu (VeChain Founder)
- Jun Hasegawa (OmiseGo Founder)
- Da Hongfei (Neo Founder)
- Roger Ver (Bitcoin Cash Founder)”