Alt Coin Race Part 2
Bitcoin price has risen to about 1220$ in the last few days. With the Alt-coin race still going strong, I anticipate the Bitcoin price to drop to 1140$ in the next day or so.
Ethereum has been struggling to gain momentum since the spike a few weeks ago. Prices for Eth were still a buy at 0.038 but has kept plunging to lows of 0.033 btc per Eth.
This dip in price could continue due to the rising popularity of certain Ethereum tokens and competitors. For example, golem, a decentralized super computer based crypto is just another form of smart contracts. It looks attractive and may offer a unique structure but does not have the consensus of the crypto community as being the one smart contract crypto that we can all agree on. It may have value, but in my opinion is something to trade and utilize, not a store of wealth.
If one considers Eth at 45$ and looks at the ETH/GNT charts (Trading golem for Ethereum), one can see that having bought cheap golem could yield some nice profits against Ethereum.
Until BTC/USD falls, most of the alt-coins will keep plunging. There is no way to know which one will pump, because they all offer a unique attribute of value.
Gridcoin: the Science Coin. Before the Dash pump, one could expect to buy GRC at 450 Satoshi and sell them at 650. A fairly stable coin due to it’s early entry as supporting scientific endeavors.
GRC charts look fairly stable around 900 Satoshi but struggles with having the volume for large purchases. People trading with less than a few Bitcoin might find good profits in trading this currency.
Peercoin: A Minting Coin, it introduced / popularized the Proof of Stake method.
PPC traded at around 30 cents and was seeing a decrease in value against the BTC.
PPC’s Minting/Staking nature means that one can expect less market volume and bigger swings in price due to people holding and dumping after having accumulating.
Currently, PPC is hitting a floor at around 0.00062 and could easily rebound to 0.00071 before changing direction. I expect a decline in its floor price before seeing another spike worthy of more trade profits.
Always do your own research. Markets are volatile and timing is often the key. Interpreting pump or dump signals can give you the sharp edge when trading.