Bitcoin Has Held Incredibly Well This Week: The Rest Of The Markets Struggle by whatageek

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hive-167922 · @whatageek · Oct 31 '20

$1.33

Bitcoin Has Held Incredibly Well This Week: The Rest Of The Markets Struggle

![bitcoin5258032_640.jpg](https://images.hive.blog/DQmf7CqcK8YVkJKy7pzPLzaeXEvGrU5WYqJJZkCzEUyassG/bitcoin-5258032_640.jpg)

What a bad week it has been for the markets. There was the stock market which has taken a turn for the worst over the last 7 days and saw a big drop similar to the one we have several months ago. Then there was the alt coin market which is close to almost monthly lows for some coins. But then you have Bitcoin which has held up remarkably well. To be honest even I'm surprised how well it is holding. Over the last few months Bitcoin and crypto have tied to the market but now it looks like Bitcoin is standing on its own and as everyone panics Bitcoin chills. There have been hacks and arrests this year but it does not seem to phase Bitcoin. Can you imagine how well the price of the coin would be if the market was in better shape right now?

### Alt Market Sadness

Despite the Bitcoin rally alts have not really followed at all. Ethereum isn't in bad shape but it has a long way to go before it can talk about ATHs. In 2017 ethereum was at 12k so it would see to get closer to 700 to be where Bitcoin is which is almost double. I'm not too concerned as alts move fast and if the market does turn then you will see crazy days but it is not pretty on weeks like these and with no guarantees alts will have their season then we can only wait and watch.

### Bitcoin Is Super Bullish

On the other hand Bitcoin doesn't look like it is slowing down and is in a good position for the rest of the year if things start to turn. The markets will probably only bleed for so long and when they start to rally Bitcoin is already sitting close to 14k. I cannot say if this will continue but it is a good sign.

The market will probably be volatile for the next weeks with everything happening in the world but cryptocurrency us going nowhere so we will see what happens when things recover. It is has been a long year in so many ways but it is one that is coming to an end.

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@acesontop · Oct 31 '20

Isn't this trend familiar to 2017 when BTC lead the way? I think yes, and I also believe that the history after the halving will repeat. Hence we will se the real game starting sometime in spring of 2021.

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👍 whatageek

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@whatageek · Oct 31 '20

I think so too but until I see alts climb I'm not getting too excited. Too much heartbreak in crypto...

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👍 onealfa.leo, oakshieldholding

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@chekohler · Oct 31 '20

Looks like people are starting to shelter in BTC which is strange considering the DE-FI space is on the rise, I think that uncertainty of markets also makes people feel going further out the risk curve into alts is not a wise bet at the moment

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👍 whatageek

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@whatageek · Oct 31 '20

It makes sense with the state of the world, things should start to clear in the new years.

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👍 onealfa.leo, oakshieldholding

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@josediccus · Oct 31 '20

Well I feel a lot of people aren't quite invested in BTC as much as they're in the other altcoin and seems BTC is holding just it's own and this isn't really cheery. It's been bleeding for the ALTs for like 5 weeks now, hopefully it can be bullish soon. So painful to see the bleed

👍 whatageek

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@whatageek · Oct 31 '20

I feel you, it has not been pretty for alts. But we hold on and hope it makes a turn soon.

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👍 onealfa.leo, oakshieldholding

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@josediccus · Nov 1 '20

Yeah, a turn would be pretty good because it's like we're at ground zero lol

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