Pretty crazy drops again yesterday and overnight. Third time this has happened within the last month.
The interesting thing is when you look at the Bitcoin and Ethereum price charts next to each other, they correlate quite closely.
One term in the crypto community which often pops up is to "buy the dip". Usually something I ignore. Having cashed out a bunch of coins this week, I have bought a small amount of the dip this morning. I increased my position on two coins:
- Litecoin - I believe this will be used by many Bitcoin holders to hedge against the August 1st UASF.
- Ethereum - I believe another rally will start tomorrow, a rally which will ultimately drive Ethereum's market cap past Bitcoin.
Expect more volatility over the coming days, the markets are mad. Rumours on Reddit, looking at the BTC and ETH charts are that this has been a controlled market price drop.
Any questions, please give me a shout. More than ever, do not invest anything you can't afford to lose. These moves are gut feel which I can afford using profits.