What is going on?
Bitcoin at an all time highs (~$2,700) , with a daily (24h) increase of +12%
A little perspective...
To put this into perspective, at an average daily increase of +10%, will mean that the price of Bitcoin will double in less than 10 days, or one and a half weeks.
Is it possible Bitcoin can sustain these levels?
If it is, that would mean that Bitcoin would be looking at +$5,000 over the month of June. Still for many of us, we are just holding our breath to wait and see what really happens. There will certainly be a correction, but if recent history is any indication these record highs will continue.
What's up with the AltCoins?
Looking even further down the chart, while bitcoin is up, most all altcoins are down.
Interestingly, a few altcoins have managed to survive the downtrend, both of which are Ethereum and Ethereum Classic. The recent boost and support for Ethereum is weathering this market fluctuation very nicely.
What just happened??
Why the huge spike in Bitcoin price?
In the News...
Today's gains have come right after a Bitcoin scaling agreement that was reached by the Digital Currency Group in New York saying:
"We agree to immediately support the following parallel upgrades to the bitcoin protocol, which will be deployed . simultaneously and based on the original Segwit2Mb proposal.."
- Activate Segregated Witness at an 80% threshold, signaling at bit 4
- Activate a 2 MB hard fork within six months"
This is a good sign that many of the issues Bitcoin is currently facing will be addressed within the short-term and as a result investor confidence is back up to all time highs.
Take Advantage of these market swings
With this major recent shift, there are many opportunities which have opened up.
Investors are moving large amounts of funds from Altcoins to Bitcoin, which can be shown in bitcoin market capitalization increasing to 49.5% - Up almost 3% in the last 24 hours. This amount also includes external investment direct into BTC.
The Opportunities...
With the bitcoin price at record highs and altcoins suffering losses across the board, now is an excellent time to leverage this difference and excellent timing to get into Altcoins - if you are into contrarian investing strategies.
Aside from picking up many Altcoins at deeply depreciated values (against BTC), it's also a good time to take a closer look at those altcoins which have weathered this storm well - in particular Ethereum and Ethereum classic.
While there is a current FOMO market shift and the masses are buying BTC not to lose out, don't forget the opportunities this storm has brought in. So if you were ever considering getting into Altcoins, now is a good time.
Don't take my word for it.
Do your own research and come to your own conclusions. This is not investment advice. Simply my personal interpretation and analysis of recent events.
When there is a shakeup in the market, it's always good to take a look around to see who's still standing and weathering the change well. If there are any insights or trends these recent events have uncovered, I'd love to hear your thoughts.
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Charts courtesy of coinmarketcap.com