Bitcoin Bounce Leads Cryptocoin Recovery as Pricing Chaos Persists
For most of last week, particularly the end of last week, the digital currency world was dizzy in trying to understand why nearly every single cryptocoin was crashing. Now the cryptocurrency community is struggling to understand the sudden rebound whereby a bitcoin bounce lead cryptocoin recovery from Friday into Saturday — followed by yet another price dip last night into this morning. Although the latest price dip in the past few hours is not nearly as dramatic as it was 48 hours ago, there is a lot of head scratching going on.
John McAfee has offered a very plausible explanationwhich makes perfect sense. His prescription makes sense too; buy more cryptocoin now. Ergo we see the bitcoin bounce leads cryptocurrency recovery postulate as being probable.
Indeed, the price of Bitcoin has gone up nearly $500 since I started writing this article. Practically every cryptocoin is up and recovering very nicely from the latest price dip. Clearly, the Bitcoin bounce leads recovery of cryptocoin across the board. The prevailing view of seasoned cryptocoin investors was to hold on (indeed HODL!) and not panic. Newcomers to cryptocurrency were flooding message boards with questions pertaining to sell now, too late to sell, buy now, etc. which experienced investors found amusing. The words “noob” and “newbie” were flying all over the Internet in the cryptocoin sector mixed in with solid advice; hold on to what you have and buy more if possible.
With history as our guide, every Bitcoin bounce leads cryptocoin recovery in general. Bitcoin remains the king of cryptocoin and in as much as there is talk of a new altcoin dethroning Bitcoin in 2018 we see that as highly unlikely as more and more mainstream establishments adopt and embrace Bitcoin across the board. We see Bitcoin hitting all new highs in 2018.