Bitcoin rise, fear of missing out?
These last days we are seeing a spectacular rise on Bitcoin price that is breaking all the records. Right now, with $71.3 M, has passed Paypal on market capitalization. Its price is 4300 dollars and keeps rising. Why is happening this rise right now? Is it too late to get in? Should I take profits before a possible fall or it will continue rising? Let’s answer these questions one by one.
Bitcoin market is getting out of a time of uncertainty that it suffered at beginning of August during the hard fork, where Bitcoin Cash was born. Segwit lock-in was produced on August 8th after reaching the threshold of miners that were signaling segwit activation giving their support. Right now we are living a period of grace before the activation, that may occur on August 21th. This period is for giving the miners time to update their software and making possible to make the transition at once.
What is the relation between these facts and the current Bitcoin rise? Bitcoin has a new competitor to worry about, Bitcoin Cash, that after the hard fork is standing still, that’s why the biggest investors of the plaforms, also known as “Big Whales”, holders that own huge amounts of bitcoins, are inflating the Bitcoin price to give it more presence in the media and attract new investors. Is a fight for the brand, to defend which one is the true heir of Satoshi Nakamoto’s idea of Bitcoin.
Meanwhile, alternative coins are starting to suffer loses because the investors are suffering from Fear of Missing Out (FOMO) and they are selling them to get more Bitcoins.
My opinion is that once the Segwit activation will occur, the big whales will move their assets from the market to take profits and this will provoke a big fall on Bitcoin market taking down with it all the new investors that didn’t want to miss the wave. Until next Segwit2x activation on November is possible that we might not see again the current price of Bitcoin.
My advice is that if you truly believe in a project, Ethereum, Pay, Neo, Iota, Steem…once you have made your own research before investing and have it clear that is the project that you don’t mind if its price goes up and down because you are sure that it will success over time, keep your invest. Do not be fooled by big headlines and new records that tend us to make decisions impulsively, continue with your plan and try to always think a step further.
IMPORTANT: Never invest money you can’t afford to lose. Always do your own research and due diligence before placing a trade.
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Originally published at cryptox.club on August 15, 2017.