Quote from: cellard on August 16, 2018, 02:03:16 PM

Quote from: jseverson on August 14, 2018, 08:29:10 AM

Quote from: cryptoasr on August 14, 2018, 06:43:34 AM

I think people are turning their alts into bitcoin in the hope of ETF approval and bitcoin will rise and buy back their alts in much less satoshi than now.

That's pretty dead at the moment. I'm not sure where the optimism comes from.

If people have been dumping their alts (enough for this sea of red anyway) for Bitcoin, Bitcoin price should be surging. Instead, the $6000 support was broken for the first time in I don't even know how long. From those tidbits, one can probably conclude that money is leaving the market that and every coin is doing horribly, with Bitcoin much less so than alts.

The ETH will not get decided until well entered 2019, so there is still some hope in the mind of speculators adn noobs that it will get passed. I mean don't get me wrong, CBOE and SEC have a good relationship, but it actually passing is anotehr different story.

If I had to bet, I would bet that the ETF will not pass anytime soon, it will take years. The good news is, we don't even need an ETF or anything like that to go to the so called moon, it just speeds up the process.

I would like to think people have given up on altcoins, but I think the altcoin bubble will grow to trillions before it crashes and then BTC goes to a couple $million per coin.

That may also be a reason, but I think that people do investment in altcoin for time being and when they realize and feel about the bullish trend of bitcoin they try to sell altcoin and buy bitcoin again. They still too much sure about bitcoin profit. They still believe that bitcoin can give them a very good profit.