Some fool dumps 97K in MEC, price recovers with 5K of buys. Nice resilience.
need more dumpers to sell me their MEC.
need more dumpers to sell me their MEC.
One of my friends cashed in the majority of his scrypt coins (Megacoin and CGB), and bought a Bitcoin miner.
He cashed in the rest of his coins for Bitcoin. I have many years of investing experience, and I believe this was the worst possible time. In my opinion Bitcoin is near the high of a cycle, and the coins he sold were near the low of a cycle. There are a lot of short term thinkers in this game... I would bet it will be quite a while until Bitcoin doubles again. On the other hand, I'm confident we will see Megacoin at many times it's current value soon. The market landscape could look very different in a few short weeks. They have to anticipate price, not follow it..
Bitcoin is starting to look a "bit" precarious. I predicted on this run up it would surpass the old high. But I also believe it will have a big correction at some point in the near future. Price fluctuations are widening, and it just hit $299 on MtGox. When the sell off comes, I expect MEC to rally strong.
http://bitcoinity.org/markets/mtgox/USD