Everyone cheers up with a bitcoin pump, right? Especially when you are purchased.
But the questions that remain are: was it better to be at BTC or altcoin? abandon the boat or keep a few more days?
In less than two hours, the market went from $ 4,170 to $ 5,080 (+ 21.8%), although it balanced around 4,750 (+ 13.8%) thereafter.
We had reached the highest since November 18, 2018, the day that marked the beginning of the so-called “crypt winter”.
Who were the biggest beneficiaries? Over the next two days, out of the 20 largest cryptocurrencies, only four of them performed above Bitcoin:
Bitcoin Cash (BCH + 60%), Litecoin (LTC + 27%), Cardano (ADA + 13%) and NEO (NEO + 7%). That is, only 20% of the main altcoins.
Did you make it out in the middle of the pump? No. You could have quietly sold between $ 5,100 and $ 5,200 for the next two days. In addition, the altcoins took more than two hours to keep up.
June 26, the ‘kiss of death’
We were up 22% on June 26, peaking at $ 13,880. The cumulative gain of 75% in 2 weeks was exaggerated, yielding 25% the next day.
It is easy to analyze looking back, but at the moment of euphoria is complicated.
Who were the biggest beneficiaries? The only cryptocurrencies that made gains that day were Ontology (ONT + 7%) and NEM (XEM + 8%). However, both returned everything within hours.
In short, you would have a 10% chance of performing better than BTC by choosing an altcoin while still knowing the right time to leave.
Did you make it out in the middle of the pump? In the case of Bitcoin, for sure. I don’t know how the person would have detected the maxim before it happened, but definitely the hangover the next day was not cool.
Either way, the person had the next eight hours to sell over $ 12,500, which was still positive ground from the day before.
October 25th, the Chinese Pump
China’s President Xi Jinping gave a favorable statement to the cryptoactive and blockchain causing 39% rise in 12h.
Among the 16 largest cryptocurrencies was only defeat, drops of up to 15% in the price on BTC. The only ones that managed to beat the BTC, and yet starting the movement more than 24 hours later, were NEO (NEO + 30%) and Ontology (ONT + 20%).
That is, 10% chances of you benefiting from altcoins.
Did you make it out in the middle of the pump? Yes. Who sold in the first eight hours did well, both BTC and altcoins. This was because as soon as the people realized that they could not break the $ 10,000, they began selling altcoins.
About the author
Marcel Pechman served as a trader for 18 years at UBS, Deutsche and Safra. Since May 2017, he has been conducting arbitration and trading in cryptocurrencies and co-founding the RadarBTC cryptographic analysis site.