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? Steemit Post: https://steemit.com/bitcoin/@cryptovestor/what-to-do-as-bitcoin-falls-and-returns-to-crypto-throne 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: 1) Ethereum (still think lower levels are likely) 2) Monero (waiting for 2m Sat) 3) Cardano (made a mistake buying this at 2.6k Sat – should have waited til 1.2k Sat or not bought at all) 4) 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. ================
If you like my content, you can support me through using ANY of the affiliate links below (I receive small compensation). The beauty of affiliate links is that I can pick and choose what I like rather than have companies approach me – everything I linked below (with the exception of Trezor since I like Ledger), I use myself frequently.
================ My Recommended Hardware Wallets: If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously – look it up and you'll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline): Ledger Nano S: http://amzn.to/2hZPj0q
Ledger Blue (expensive): http://amzn.to/2hk7xst I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn't matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
================ My Favorite Book for Investing in Crypto: Cryptoassets: http://amzn.to/2zKDdCF This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn't bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest. It's a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
================ My Recommended Exchanges: Coinbase / GDAX / Bittrex https://www.coinbase.com/join/5a08b12e305a1401d79d10e0 If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
================ Legal Stuff: I am a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by linking to Amazon.com and affiliated sites. None of what I provide in my videos is investment advice. Please do your own due diligence.
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What to Do as Bitcoin Falls and Returns to Crypto Throne