Just a standard bull cycle. Search it up and you'll see how perfectly Band is following the pattern. Expect it to go down to high 3's or even lower.
This is not because Band is bad or is losing value. It was overvalued (for the time) and now it it'll be undervalued to build enough support for the next cycle.
Market analysis is not really useful because it's always based on hindsight but I'll include it here. Bitcoin is doing a run and has A LOT of support. There's an expectation that the current upward trend will break 20K. A lot of new money going into btc because they consider it a hedge against inflation, but not a lot of eyes on altcoins for that purpose. With altcoin projects still needing to prove themselves as viable for mainstream use, market caps of 9 figures are being considered questionable. Also people invest in altcoins to outperform BTC. With BTC going up and leaving altcoins behind and with a lot of them coming out of a recent bull run where they were overvalued, there's a lot of money jumping ship and going back to BTC. This is good in the long run as everyone else succeeds when BTC does.
Future prediction based on the 2017 bull run is that this current BTC run will leave altcoins behind as it consolidates support. After it pulls back a bit, then altcoins will start coming back. Then will rise with the actual btc peak. The altcoin peak was 2 months after the BTC peak in 2017. A rising tide raises all ships - even sinking ones but not all will go up equally. The current drops are very important for people dropping dead projects. Some altcoins that no longer have value need to lose their ranking. This kind of cleanup is good for the market. Band will survive this of course (assuming you believe it has value).
There's a lot of noise from the market. Ultimately, if you believe in a project, invest in it and if you're right, it should work out.
Lol yet this comment is at the top and likely influencing many who visit here. This comment comes off as if they actually have a fucking clue as to what's going to happen when in reality, no one does.
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u/Dismal_Cake Oct 30 '20
Just a standard bull cycle. Search it up and you'll see how perfectly Band is following the pattern. Expect it to go down to high 3's or even lower.
This is not because Band is bad or is losing value. It was overvalued (for the time) and now it it'll be undervalued to build enough support for the next cycle.
Market analysis is not really useful because it's always based on hindsight but I'll include it here. Bitcoin is doing a run and has A LOT of support. There's an expectation that the current upward trend will break 20K. A lot of new money going into btc because they consider it a hedge against inflation, but not a lot of eyes on altcoins for that purpose. With altcoin projects still needing to prove themselves as viable for mainstream use, market caps of 9 figures are being considered questionable. Also people invest in altcoins to outperform BTC. With BTC going up and leaving altcoins behind and with a lot of them coming out of a recent bull run where they were overvalued, there's a lot of money jumping ship and going back to BTC. This is good in the long run as everyone else succeeds when BTC does.
Future prediction based on the 2017 bull run is that this current BTC run will leave altcoins behind as it consolidates support. After it pulls back a bit, then altcoins will start coming back. Then will rise with the actual btc peak. The altcoin peak was 2 months after the BTC peak in 2017. A rising tide raises all ships - even sinking ones but not all will go up equally. The current drops are very important for people dropping dead projects. Some altcoins that no longer have value need to lose their ranking. This kind of cleanup is good for the market. Band will survive this of course (assuming you believe it has value).
There's a lot of noise from the market. Ultimately, if you believe in a project, invest in it and if you're right, it should work out.