Wrapping my head around alt coin trading...
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Ok, so Burst can go up when news is good or for no reason at all. The price of Burst can also go up if the price of Bitcoin goes down. So if I see a spike in Burst (like right now to 150) I first need to check Bitcoin for major moves (none that I can see). And if Bitcoin didn't move then it is the Burst getting more valuable. And along the same logic if Bitcoin doubles in price Burst should halve in value (ignoring any upward movement in the Burst due to crypto currencies getting hotter because of the Bitcoin). Am I on the right track? I watch Poloniex but there Burst is only given in terms of BTC. Is there anywhere where Burst is quoted in terms of something less volatile such as the USD or Gold so I can see directly if the Burst I hold is going up or down in value?
Thanks!
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I suggest you create a spread sheet that uses your reference of either dollars or gold to see this yourself. It will give you more control over how you want to see the valuations. Hope This Helps.
-IceBurst
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It's a little more complicated, altcoins go as trading pairs usually paired to bitcoin, so if BTC doubles then the value of your coin doubles. BUT, when btc goes up usually poeple dump their altcoins which drives the price down
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Your approach is a nice way of getting a quick overview of the situation, before maybe comparing with other factors and analyzing the price action more closely. @IceBurst and @Focus have good points too.
Sometimes price action is totally out of context, and can simply be caused by a "pump and dump" group that targets a specific altcoin for quick profits and insane volatility. These events can be a lot of fun!
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@Propagandalf said in Wrapping my head around alt coin trading...:
These events can be a lot of fun!and can be a big heartache for some XD
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@jervis That is true! Timing is crucial in such an event, and gathering as much info as possible around the cause of a pump is important, in case it turns out to not be a pump but the point in time when Burst explodes!
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Buy and hold long term my friend :)
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:) millionaire or bust, no middle ground...
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@mcchurchmouse said in Wrapping my head around alt coin trading...:
millionaire or bust, no middle ground...
lol, that's kind of my philosophy as well... or more like bust a few times, and then become millionaire anyway!


