Bitcoin Rebounds Altcoins Follow – Bitcoin and Many Other Cryptocoins On The Rise
What better news could anyone wake up to than to see that Bitcoin rebounds altcoins follow in the wake. This is a common pattern which clearly establishes Bitcoin – yet again – as the king of cryptocoin. In as much as Bitcoin rose some 25% off its low yesterday I was astonished my portfolio of altcoins (LEND, DGB and DRGN) was up some 50%! “I love the smell of good news in the morning.”
When Bitcoin rebound altcoins follow should be an established fact for any cryptocoin investor, even the novices. Look at almost any chart and overlay the digital currency of your choice alongside Bitcoin and you will see an unmistakable pattern; Bitcoin always leads the way. Fellow staff writer Nat Roth, a veteran of various financial markets, agrees with me. Look at a pairing chart of Ripple’s XRP and BTC and you’ll see this to be true yet again…
So when we say when Bitcoin rebounds altcoins follow along we speak from experience with the facts to back it up. Cryptocoin investors, in my opinion, should always keep some BTC in their portfolio as a barometer measuring the overall cryptocoin market. Whenever you see a Bitcoin price swing – in either direction – you’ll have advanced warning of what’s to come next in any given coin,
The takeaway from the events of the past twelve hours is to HODL. Anyone who sold off yesterday is probably kicking themselves today. Investing in digital currencies is never for the faint of heart but you can always be sure of one canary in the coal mine; Bitcoin. With every cryptocoin investing decision you make – whether to buy or to sell – never forget that when Bitcoin rebounds altcoins follow. From everything I’ve seen it may as well be as much a natural law as the law of gravity.