BTC Dumps! What about the Alt Coins?
To understand crypto currencies in general, think of them in 2 categories. Category 1 is BTC and Category 2 are all the other hundreds of Alt Coins.
Alt Coins are the 800 pound gorillas and BTC is King Kong. When King Kong moves all 800 pound gorillas tremble.
With BTC having a flash dump in the last 24 hrs of around $800 USD we did get the expected dump in the alt coins. As you can see in the screen capture we got a big wick down on the overall Alt Coin market cap, but, this could have been a whole lot worse and the fact that it wasnt is giving a lot of analysts hope.
At this stage it is too early to read the signs in the grass, the market has taken a hit and it will need to start moving in one direction or another before investers will be confident enough to re invest. This may only take a couple of days.
The bright side is that if you were a wise investor and had some $$$ on the side line either as FIAT or even USDT (Tether) , then this BTC flash dump was a great opportunity to pick up some cheap BTC, this dump may not be over and even cheaper BTC may be seen soon.
The reason this is good is that we all know that the price of BTC will go through the roof in the future , so HODLers will do well.
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