Are we excited yet?

As mentioned, people will take their BTC profits and put into alts, speculative but can be rewarding as higher profits can be obtained.

Bitcoin, if it ever reaches 130k would take a long time, that’s 100% profit if you buy today. Whereas some alts could do 100% in a much shorter time, so people tend to take their profits made from bitcoin and gamble on alts.

100% probably isn’t a great example as much less % profits are of course acceptable.

When I say people, I don’t mean like you and I, these are traders, and sometimes they are algorithms on a box. Their only sole purpose is to identify trends and make money, they don’t care what they are trading, if they identify a trend in the market they make a trade with a goal of getting in and out with a profit.

Most, if not all of us on here simply buy what we believe is a decent crypto, hold for a while and sell for hopefully a profit. I’m not aware if anyone is actually a trader on here, some might do market analysis and trade based on that, but it is a tough job and not easy to make money.

But even for you and I the information, such as BTC dominance and other trends is very useful to us, I hold alts as well and will be attempting to exit somewhere near the top, so all info can hold great value.

Also, in a tax scenario, if you make 100 profit from BTC you owe the taxman 33. Now if you were to put that 100 into an alt and make more profit you owe more tax but have more profit. If you lose 40 then you only owe the taxman on the 60 profit if in the same fiscal year, so there is a small incentive to use some the taxman’s money to speculate.

Open to correction here, haven’t done the math but seems to make logical sense to me.

The ETF’s are tied to bitcoin, you might get an alt rally but trading the limited BTC for anything is very risky. You could also get people trying to front run the eth and Sol etf’s. You know retail are already here when the sh*t coins pump.

Bitcoin wicked at 69k, some amount of sell pressure there

Fitting for crypto to have a lot of 69 action...

this is the gist of it, and is how it's played out before, it's just traders working through the opportunities of profit as they see it;

of course the ETF's are a big factor this time, so it's hard to see as much money making it's way downstream as shown in this chart

but like GrumpyPants says, this'll be offset somewhat by new users coming in, seeing something like Cardano (hopefully 😉) at less than a dollar, and saying "wow, maybe it'll be 70k some day too". how much it'll be offset by, time will tell...

Coinbase fucked up and had BTC/EUR down 20%

Decent size correction today, was coming I suppose.

30K

Yea, I just hit the unstake now, what makes you think it will rise? I only bought a good while back because back then the community seemed to become active and wanted to revive it, it’s one of my smaller gambles that I wrote off already, would be happy with just 50% down as I thought it was dead.

Yea you could say we got screwed today, will probably take another couple of weeks before we have a shot at ath again.

Rte radio actually mentioned bitcoin earlier, that’s one of the things about ath, it reaches a lot of mainstream media, it’s like free advertisement.

I think it will be on the back of the US entering recession. Aggressive pullback, but short lived.

The rising tide theory. It's not a small community and with increasing volume results in increasing burns from Bianance, driving hype etc. There's also NFTs and a few other things on that chain so there's a certain level of utility, regardless of how useless. More than what a lot of other meme coins have. $0.01 would be about a 60BN market cap on a coin like that, I don't think that's too crazy in a bull market.

Like I said, I'll be skimming on the way up, I'll set targets to pull out when I feel it might be hitting a top. I'm sitting on about 75 million Lunc now after staking for ages. I've already sold off to cover my initial so I'm happy to ride the wave. It's not my only bag but as is typical with some of the alt coins there's potential for parabolic runs.

What I do find interesting is how it behaves, it pumped before BTC in December, doesn't pump when BTC does. It could easily just dump and crash but with Binance holding such a large bag I don't see it happening.

The price is irrelevant to me for the moment as I won’t be selling, however, if BTC reaches 30k again this side of the cycle ill buy both you and merix a bitcoin each.