The price of Bitcoin fell from $13,000 to $10,064 before bouncing back up to $11,700. While finding support at the 10k mark is a positive sign, the downward move may not be over, as the price has once again dipped below 11k.
It isn't just Bitcoin that has taken a hit. Ninety-eight of the top 100 cryptocurrencies listed on CoinMarketCap.com have fallen in the past 24 hours. The cause of this downtrend is unclear, however, there are suggestions that speculation about possible crypto related government regulations in China and Korea has spooked investors.
Bitcoin's history is filled with significant falls in price, yet every time it has recovered and gone on to reach new highs. Keep this in mind if you're considering selling your Bitcoin. Think long term and never panic sell.
I personally, would not be surprised to see a further fall of 2k to 2.5k, which may be a good buying opportunity. Again, this is a volatile market, so whatever the situation, only invest what you can afford to lose.
My belief in the long term future of Bitcoin has not changed — Bitcoin to the Moon!
Considering that this time last year Bitcoin was trading at $830, it seems crazy talking about a $1,000 consolidation range for BTC. Well, that is exactly what is happening at the moment, with the price moving in a channel between $13,000 and $14,000.
No matter which time frame you look at, there is currently no clear indication from the charts whether the next big move in price will be up or down. This make it very difficult to trade at the moment, not to mention risky.
For those who buy and hold, which is what I recommend, it's a time to sit back, relax and look forward to an exciting year ahead. Think long term about your investment in Bitcoin. Doing so will help you to resist selling on impulse or in a state of panic when there is a sudden move in the market. Remember that those who sold this time last year are now wishing that they'd thought long term.
When investing in Bitcoin (BTC) there are various strategies that you can use. Two of the most common are Dollar Cost Averaging (DCA) and going all in. With DCA, you invest a set amount at regular intervals, while going all in sees everything you have to invest put into the market at once. There are advantages and disadvantages to each, so let's take a closer look these.
Going All In
Dollar Cost Averaging
In the current market it is difficult to judge which investment strategy will give you the best result. My personal choice at the moment would be DCA as I think there could be a further downward correction in the not too distant future, however, long term I'm bullish. No matter which strategy you choose, it is important to only invest money that you can afford to lose. This is a volatile market where the price can rise and fall quickly, so you need to be prepared for anything.
Happy New Year Bitcoiners! Welcome to 2018. This time last year we were completely unaware that the price of Bitcoin was about to go parabolic and thrust the cryptocurrency onto the world stage like never before. Very few people would have believed you if you'd said that Bitcoin would climb from less than $1,000 to nearly $20,000 a coin before the year was out. In fact, most would have laughed or mocked.
So what does Bitcoin have in store for 2018? Could we see a flood of Wall Street money push the price all the way to $100,000 per BTC? Will there be a major exchange hack or government regulations that spook investors, leading to a crash and extended bear market? Personally I'm on the positive side, looking for a significant move upwards, and I certainly wouldn't be surprised by 100k. This website is 'Bitcoin to the Moon' after all.
New Year optimism. There's nothing quite like it. I was reminded of this yesterday when doing my daily exercise. The place where I go for this was packed. Getting a park was almost impossible, as even the illegal parks were taken. People were everywhere. You could feel the 'get fit, lose weight, eat healthy' New Year's resolutions in the air. And that's great. I'm happy to see people wanting to improve their physical well being. After all, if you don't have your health, it doesn't matter how much Bitcoin you have.
The thing is, that at the start of the year, on a beautiful day, and a holiday at that, filled with optimism and surrounded by like minded people, motivation and a positive outlook come easily. This won't be the case as the days, weeks and months pass. Sooner or later the day will come when holidays are long gone, you're tired and stressed, the weather is lousy, the crowds have disappeared and those who shared a smile and an encouraging word have decided to stay at home. This is the true test of whether or not a resolution will become reality.
If you entered the Bitcoin market in 2017, well done. You have seen the price go up and up, while the corrections have rebounded quickly to achieve further all time highs. Not only that, but many others have joined you on the journey. People from all walks of life, some of whom had never even heard of Bitcoin before, have piled in to get themselves some BTC. Exchanges haven't been able to cope with processing the number of requests for new accounts. It's been one big Bitcoin bull run party. Until now.
The recent fall from nearly 20k to under 11k did rebound, but it is still significantly below the all time high. The market is moving sideways, looking for a breakout to the upside or possibly even the downside. Now I think it will move up, however, it may not. Some are selling their Bitcoin and getting out, while others are exchanging their BTC for the latest fad altcoin where the price is pumping. These are the most testing times we have faced since the start of the 2017 bull run. What should you do now? What will you do if the price falls?
What will I do? Learn from the past. In 2011, Bitcoin fell in price by more than 90% from $32 to $2. The amount in dollar terms seems small now, however, those who bought large quantities at $32 faced a tough situation after the crash. It's easy in hindsight, but it wouldn't have been easy at the time. Next, towards the end of 2013, Bitcoin's price spiraled downwards from a high of $1,100 into a long term bear market that went as low as $200. Again, testing times for people who bought in near the peak.
Those who have believed in the technological innovation of Bitcoin and its potential for changing the future of finance, have in most instances, held during the market downturns. This decision has paid off handsomely, as they have eventually seen their Bitcoin rise in value way beyond previous highs and in some cases beyond their wildest dreams. This is the kind of motivation that can help you to stay strong when everyone around you has given up.
Speaking of up, one way or another, I believe that's where Bitcoin is going.
Bitcoin to the moon in 2018!
First came Bitcoin Cash, then Bitcoin Gold, followed by announcements of Bitcoin Diamond, Super Bitcoin, Bitcoin Platinum, Lightning Bitcoin and now a plethora of Bitcoin blockchain hard forks and airdrops are flooding onto the scene. Some are fake, while others are jokes or even scams, however, many will turn out to be legitimate and this is good news for Bitcoin holders.
If you hold Bitcoin and control your own private key, then you are entitled to free amounts of these fork created cryptocurrencies as they become available. The number of free coins is usually equivalent to the quantity of Bitcoin you own at the time of the fork, although there are some cases where the ratio is as high as ten to one.
Here are some tips for keeping your Bitcoin safe and getting the most out of all of these potential cryptocurrency dividends.
Just five days after almost reaching $20,000 the price of Bitcoin fell to less than $11,000. This caused panic selling from many investors who are new to Bitcoin. Those who have been in the space for a number of years have seen this all before, although the amounts of money we are dealing with are much higher.
If you are new to this market and have held on to your Bitcoin despite the drop, well done. When all you have experienced so far is a bull market, it can be a scary thing to see the price falling so rapidly, especially if you bought in at the peak. Staying calm, thinking long term and learning from the past can all help you in continuing to resist the temptation to panic sell.
Percentage wise, Bitcoin has seen far greater falls in the past, yet has always recovered to reach new all time highs. In 2011, the price peaked at $32 before crashing and entering an extended bear market that took it all the way down to $2. That's a correction of more than 90%. Next, in 2013, the Bitcoin price climbed from $13 to $1,100 before crashing and once again entering an extended bear market. This saw the price retrace to a low just above $200 — an 80% drop.
Those who have held their Bitcoin throughout these seemingly catastrophic crashes have been richly rewarded. Panic selling, on the other hand, has led many to regret their decisions.
Stay calm, remember why you invested in Bitcoin, and for further tips on surviving the ups and downs of the market, read How to Handle Bitcoin Price Volatility and Lessons Learned from the Bitcoin Crash of 2013.
With Bitcoin constantly in the news because of the astronomical increases in price, more and more people are looking to invest in it. Typically, when someone decides to buy Bitcoin, they sign up for an account at a cryptocurrency exchange. Upon doing so, they are confronted with other cryptocurrency options that the particular exchange offers.
The next thing that becomes apparent to the new investor is that all of the other cryptocurrencies are much cheaper than Bitcoin. This can lead to the decision to buy one of the cheaper alternatives (altcoins). The logic being that they can buy more of it and maybe even get in on the ground floor of the 'next Bitcoin'.
In my opinion, this is a mistake. Remember, as I wrote yesterday, You Can Buy Part of a Bitcoin. Owning part of a Bitcoin is preferable to having a whole altcoin, or multiple altcoins for that matter. Altcoins will come and go, rise and fall, however, Bitcoin is here for the long term.
This is not a situation where Bitcoin could be the 'MySpace' waiting for a 'Facebook' to take over as the market leader. Bitcoin is better compared to the internet itself. It is the technology around which the future of cryptocurrency will be built. Bitcoin is a truly decentralized, limited supply, non-freezable, non-confiscatable store of value, that also enables permissionless transfer of value.
Bitcoin or Litecoin?
Bitcoin or Bitcoin Cash?
Bitcoin or Ethereum?
Bitcoin or Monero?
Bitcoin or Dash?
Bitcoin or ...?
For me, the answer is Bitcoin.
Bitcoin Cash spiked in price to nearly $4,000 today, after it was listed on major cryptocurrency exchange, Coinbase. In fact, the price started to move upwards prior to this, which has led to accusations of insider trading. The spike coincided with a drop in the price of Bitcoin and created much media interest. The coverage of the story has given a prominent platform to proponents of Bitcoin Cash.
One of the most vocal and influential promoters of Bitcoin Cash has gone as far as to say that Bitcoin Cash is the real Bitcoin. This type of statement has the ability to cause much financial harm when broadcast to potential Bitcoin investors. Those new to cryptocurrencies are often unfamiliar with the history and background of Bitcoin and Bitcoin Cash, and could unwittingly invest in the wrong one if they take what they've heard at face value.
Let me make it clear. Bitcoin Cash (BCH) is not Bitcoin (BTC). Bitcoin Cash is a separate cryptocurrency that was created by a hard fork of the Bitcoin blockchain. It is an altcoin, an alternative currency to Bitcoin.
There are many altcoins, but there is only one Bitcoin and it has the ticker BTC. So if you're looking to invest in Bitcoin, make sure you buy BTC. If you get BCH, you have Bitcoin Cash, not Bitcoin. If you get BTG, you have Bitcoin Gold, not Bitcoin.
Get BTC. It's the real Bitcoin.
Bitcoin mania is sweeping the planet and there are many people wanting to get their hands on the number one cryptocurrency. The problem is, that with the price of a single Bitcoin currently closing in on $20,000, this is simply out of reach for most would-be Bitcoiners. This, in turn, can lead them to walk away, thinking that they have missed out and that it is too late for them.
Many new investors coming into the Bitcoin space are attracted to it because of the phenomenal price increases seen this year. Often, however, they are yet to receive important knowledge and information about Bitcoin, and in some cases have received misinformation.
One of the most common pieces of misinformation is that you have to buy a whole Bitcoin. This is sometimes correlated to thinking of a Bitcoin like a share in a company which you purchase in single whole units. Bitcoin, though, is not a company divided into shares, but a currency and store of value.
The supply of Bitcoin (BTC), unlike regular currencies such as the US dollar, is capped at 21 million. There will never be more than this. On the other hand, like a currency can be divided into dollars and cents or pounds and pence etc, a single Bitcoin can be divided to eight decimal places. In other words, the smallest amount of a Bitcoin is 0.00000001 BTC, or one hundred millionth of a Bitcoin. This smallest unit is known as a Satoshi, named after the creator of Bitcoin, Satoshi Nakamoto.
So, if you want to invest in Bitcoin, but can't afford or don't want to risk buying a whole one, then choose an amount that you can afford or are comfortable with. That could be $1,000, $500, $100 or even $50 worth of Bitcoin. You get my drift. Think of it as a savings account that you can add to over time as your financial situation allows. If you only invest what you can afford to lose, then over time you can increase your Bitcoin holdings. You never know, eventually you may even join the 1 BTC club.
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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