Bitcoin has seen its market dominance slide from a peak of 65.5% earlier this month all the way down to 44% as altcoins skyrocket. We don’t have a long history of Bitcoin below 50% dominance, but when it has gone below that level, it tends to bounce back over whenever the eyeballs shift back onto Bitcoin. Whether it is due to financial media, a new hard fork, political infighting, or whatever else, when Bitcoin has attention, altcoins tend to suffer.
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If you watched this channel a while, you know I have generally preferred altcoins over Bitcoin starting in October when Bitcoin had its huge bull run with few dips or corrections as a result of anticipation over Bitcoin Gold hard fork and SegWit2x hard fork.
I rooted for altcoins all the way up until SegWit2x was cancelled, at which point I acknowledged an opportunity for Bitcoin if it dipped. It subsequently did and I was able to pick some up for cheap while the threat of the Cashening reached its peak. Since then, Bitcoin bounced back substantially in market dominance and I moved a substantial % of that Bitcoin position into altcoins and cash once Bitcoin hit $10k.
The altcoins have finally started to recover and do well, although many are still below their highs just 2 – 3 months ago. I’ve chosen to convert some of my positions into Bitcoin as I suspect if we undergo a correction in Bitcoin, altcoins will likely follow as they always do and I believe at some point we should see a more substantial correction for Bitcoin down to around $11 – 12k where I’ll start buying.
For now, the cash position in my portfolio shall remain the same. But some of my altcoin holdings, especially the weaker ones (whether because of price or the project itself), I’ve started to convert into Bitcoin as I still want exposure to the market and I see Bitcoin as better exposure currently.
In the video, I also briefly discuss my feelings about Charlie Lee selling all his Litecoin and cryptocurrencies I’m holding despite seeing Bitcoin as a better opportunity than most currently. Thank you for watching / reading everyone.
If you like my content, you can support me through using ANY of the affiliate links below (I receive small compensation). The beauty of affiliate links is that I can pick and choose what I like rather than have companies approach me – everything I linked below (with the exception of Trezor since I like Ledger), I use myself frequently.
My Recommended Hardware Wallets:
If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously – look it up and you’ll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline):
Ledger Nano S:
Ledger Blue (expensive):
I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn’t matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
My Favorite Book for Investing in Crypto:
This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn’t bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.
It’s a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
My Recommended Exchanges: Coinbase / GDAX / Bittrex
If you sign up to Coinbase using link above, you and I will both receive $10 each after you buy your first $100 of Bitcoin using Coinbase. Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
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None of what I provide in my videos is investment advice. Please do your own due diligence.