The Mindset of the People Matters – Bitcoin Rises and Everything Rises

By Steven Anderson March 7, 2019 Off

The Litecoin Foundation promotes LTC in many ways.  They have recently sponsored a K-pop festival where fans were allowed to purchase “Ultra-VIP” tickets.

The year 2019 has been perfect for LTC holders.  The next halving for this token is expected to take place in August. The block reward will be divided into half, and therefore the supply of newly mined LTC into the market will be reduced. The block reward will thus be reduced from 25 LTC to 12.5 LTC.  The halvings have been particularly bullish for LTC just as it did for BTC.

Attempts are being made to incorporate MimbleWimble blockchain protocol into Litecoin.  This attempt is being explored by the partnership between Litecoin Foundation and Beam.

For the third day in a row, the top ten coins continue to be in the green.  During the Asian trading session, the Altcoins continued to gain. BNC touched upon the high $15, thus flipping Tether that has a market cap of more than $2 billion.  This has happened for the first time on over a year.

Ethereum is seen to sustain its stand at $140; however, it did not make any further gains. The price of ETH is up by a couple of percentages. When compared to the rest of the coins Ripple remained weak over the past month.

Bitcoin touched upon an intraday high at $3.940.  This range was not sustained.  While BTC fell back a little, the Bitcoin has more than a percent, but the volume waned a little. Since it was not possible for the coin to break through the resistance level, it is likely to lead to a pullback. While there is strong resistance ahead, reality will unfold about how far the markets will be able to climb this time.

It is now well established that Bitcoin drives almost everything in the market.  The prices of the Altcoins will be heavily correlated to the cost of Bitcoin.

Competitive and experienced traders have to agree to the fact that the “correlation between Bitcoin (BTC) and Altcoin/BTC price is high.”

It has been a repeated trend that if Bitcoin is rising, then all other Altcoins are also increasing.

The Asian markets are being pressurized by the talks about trade between the US and China. Most of the South Asian markets have cracked. We need to see if the trend in the regular stock market has to influence how the cryptocurrency market performed.

It is the mindset of the people that matter.  Those who are looking at short term gains are not able to take to current trends; however, those with a focus on the long term trends can.