Bitcoin has fallen substantially as the current market tone becomes more and more bearish. Interest in cryptocurrencies is lower than it has been in months and altcoins are getting slaughtered as Bitcoin dominance rises due to a perceived flight to safety. What can one do in such a market?
Well as mentioned previously, it appears we are full swing in a Bitcoin cycle as dominance has rose to around 44% at the time of writing this. I still remain set on my target of 50% dominance, meaning there is still some serious risk in holding any significant position in altcoins currently (at least in my opinion).
In this video, we discuss why Bitcoin is perceived as a "safer" asset than other cryptocurrencies (namely due to its track record and the history of these cycles) along with some altcoins that I'm watching including:
Ethereum (still think lower levels are likely)
Monero (waiting for 2m Sat)
Cardano (made a mistake buying this at 2.6k Sat - should have waited til 1.2k Sat or not bought at all)
Steem (not buying yet despite it reaching target of 20 - 22k Sat - think there is more downside to alts as a whole so am cautious of picking up here, will def pick up at 10 - 13k if it goes that low and potentially higher if we see Bitcoin lose steam)
We also discuss my overall approach to the market right now, which is to generally favor Bitcoin but to keep a close eye on altcoins that suffer significantly against Bitcoin, especially those that I have a favorable long-term outlook on.
What are your thoughts on this market? What actions are you taking, if any? Let me know in the comments below - thank you for watching / reading.