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Bitcoin pumps... but is your Altcoin losing value? by nanzo-scoop

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· @nanzo-scoop ·
$15.64
Bitcoin pumps... but is your Altcoin losing value?
**There is no denying that Bitcoin has been on a tear in the past few weeks. Since the beginning of April, the value of one Bitcoin has risen over 60% from around $4100 to over $6700.**

<center>
![moon-4034399_640.jpg](https://cdn.steemitimages.com/DQmTaYiTabzVQrhEtACBNARVyyDAqKCQufNe96eB6sZF9sx/moon-4034399_640.jpg)
</center>

# Contrarian Crypto 

This moonshot in the Bitcoin price has surpassed the expectation of most 'Crypto fortunetellers'. 

Most price analysts (both bullish and bearish ones) have seen their predictions of Bitcoin getting rejected at various 'resistance levels' debunked as the price keeps moving up.

Crypto continues to do what people least expect in dramatic fashion; which is why, personally, [I give up trying to predict the price](https://steemit.com/football/@nanzo-scoop/english-clubs-complete-full-house-of-european-finals).

# Decoupled Alts

Over the same period since April, there appears to have been (at least temporarily) a decoupling in price between Bitcoin and the other Cryptocurrencies (for the sake of convenience I'll call them 'Altcoins' in this post). 

While Bitcoin goes up in USD terms Altcoins have, not matched its rise.

Depending on the lense through which you look at Altcoins, they have either lost value in BTC or maintained their USD value.

# It's all good, isn't it?

Some people are content that they're Altcoins have not lost their USD value.

For me, all I see is my altcoin holdings taking a pounding in this period!

I don't care what the USD value says; they are worth far less in Satoshi terms now then they were in April. That's what counts to me. 

The base currency for altcoin is (and has always been up until now) Bitcoin. Looking at the USD price of Altcoins is a bit of a fiction as that will be predominately dictated by Bitcoin.

Whenever I purchase an Altcoin, if I'm not buying it for its utility, I'm making a judgment on how it will perform against BTC. Nothing more. So since April, Alts have been wrecked by Bitcoin!

# Glass half full

But I see the other perspective. A lot of people I know in the space, primarily look at the dollar price for Altcoins.

They see, for example, STEEM at 30 cents and wonder what all the fuss was about.  STEEM was 20 cents not too long ago and its all time USD low was 7 cents.

I see today prices  of 4500 sats as being STEEM's all-time low.

I was around when STEEM was 7 cents, its satoshi value was around 5500 sats.

However because I understand that there is a disconnect between my view on how to value STEEM and how others may value you, I appreciate that the price can go lower still. Squeaky bum time!

# Slingshot 

However, it is not all necessarily doom and gloom. In the past, we have seen altcoins slingshot off the back of a bitcoin pump. Altcoins tend to dump initially, as some of their holders dump their bags to get onto the BTC train.  Then speculation starts on the Altcoins often with spectacular results to the upside. 

However as Crypto is a contrarian, therefore, I never take for granted that it will behave in the same way as it has in the past; especially if everyone is expecting it.

Ultimately, we'll just have to wait and see. 

In the meantime, I'll enjoy this impressive Bitcoin run, there is never a dull day in Crypto.

<sub>Image by <a href="https://pixabay.com/users/bitcoin-schweiz-10709629/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=4034399">bitcoin-schweiz</a> from <a href="https://pixabay.com/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=4034399">Pixabay</a></sub>
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vote details (1000)
@ahmanik ·
Hi @nanzo-scoop boss i know you are so cordial person.. Thats for please always support me.. Please follow me steemauto.com. Please

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@arcange ·
Congratulations @nanzo-scoop!
Your post was mentioned in the [Steem Hit Parade](/hit-parade/@arcange/daily-hit-parade-20190511) in the following category:

* Upvotes - Ranked 5 with 1318 upvotes
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@blazing ·
alts just got rekt and many people will shook and sell their cryptos a great move by whales
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@costanza ·
$0.04
<blockquote>Ultimately, we'll just have to wait and see.</blockquote>

That's indeed what it comes down to. I'm itching to buy more Steem but I can't say I'm that confident it will do much better compared to Bitcoin or some other altcoins in the longer run. The biggest selling point as a Steem user is that it has been by far the most useful and enjoyable holding regardless of the price :-)

The entire crypto market feels like watching a soap opera with a lot of plot twists knowing it has a high probability to have an overall good ending.
👍  
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@cryptopie ·
It has been a long bear market but this pump I believe is a manipulation by Tether Folks @nanzo-scoop and not everyone is excited while others says that it is the start of  the bull market.
But I am keeping my vigilance so that I will not left behind.
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@devkant79 ·
Your article is truly informative

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@diogosantos ·
It is weird, but I guess the alts are just gaining some traction to outrun BTC during the bull market...
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@donnadavisart ·
Well at least what goes down usually goes back up? I hope... :) @nanzo-scoop
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@empato365 ·
We are going above $10,000 this year
👍  
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@josediccus ·
$0.09
You're definitely right there is never a dull day in the crypto sphere. In my opinion I think the mentality that we have to rate how our favourite coin to me seems really diminishing. It's even amazing to know that bitcoin prices are not really tallying with the altcoin prices, it's a testament that maybe just maybe one day bitcoin may lose that dependence other coin has on it. The true value of steem for me will be dependent on other factor which may include community and blockchain. Well written there @nanzo-scoop
👍  ,
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@markkujantunen ·
It will take a long time until Steem,for instance, can achieve a meaningful USD value on its own merits.
$rewarding 50% 11 min

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👍  
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@resiliencia ·
Your vision of vitcoin in satoshi value scares me.
However if it still can reach further lows it is an opportunity for all of us to keep stacking more.
Have a nice day!
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@revisesociology ·
>Most price analysts (both bullish and bearish ones) have seen their predictions of Bitcoin getting rejected at various 'resistance levels' debunked as the price keeps moving up.

If these analysts were builders and you contracted them to build your house it would fall apart in 6 months. 

Never before in human history have there been so many amateurs in one space claiming expertise. Best thing to do would be a systematic debunking, failing that igoring the lot! 

I don't think BTC is going to be coupled with alts in the long term - there's so many projects on the go that will allow you to buy other currencies with fiat (with cryptovouchers you already can).

BTC has no utility IMO - all its ever done for me is sit proove painfully slow to move around!

I like to think all my alts have use value independent of BTC - which has no use value as far as I can see, so this pump is probably (almost certainly, maybe necessarily) speculation and nothing else.

ATM I judge when to buy alts via BTC price but not the long term value of those alts which I measure in $ (thinking of use value)


If you get my meaning?!?

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@steemitboard ·
Congratulations @nanzo-scoop! You received a personal award!

<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@nanzo-scoop/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>

<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@nanzo-scoop) and compare to others on the [Steem Ranking](http://steemitboard.com/ranking/index.php?name=nanzo-scoop)_</sub>


###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!
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@stevelivingston ·
It's notable that the market cap of crypto hasn't increased in line with the increase in btc, which suggests that people are selling their alts to buy btc and ride the wave. 

So I view this recent pump in btc with a degree of suspicion... What do you think?

Posted using [Partiko Android](https://partiko.app/referral/stevelivingston)
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@tts ·
To listen to the audio version of this article click on the play image.
[![](https://s18.postimg.org/51o0kpijd/play200x46.png)](http://ec2-52-72-169-104.compute-1.amazonaws.com/nanzo-scoop__bitcoin-pumps-but-is-your-altcoin-losing-value.mp3)
Brought to you by [@tts](https://steemit.com/tts/@tts/introduction). If you find it useful please consider upvoting this reply.
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