Hi, I was thinking of trading between BTC, ETH and maybe a few others such as DOT and ADA but the fact that most traders trade between BTC / USDT or ETH / USDT etc suggests that it's probably a dumb idea that will cost me money. The fact that I need to ask this question probably suggests I shouldn't try it but it seems to me that they go up and down in spurts.
For example ETH has just had a bit of a pump whilst Bitcoin is has been up and down so I've traded some ETH for BTC hoping that I can catch a raise from BTC whilst avoiding any potential correction on ETH. I was wondering if this kind of strategy is something that many people have tried and had much success with or had any bad experiences with?
See if you are looking for alternative for btc and Ethereum and don't want to get into deeper research than I would suggest you invest In stablecoins as demand for them is risng day by day.When other cryptos are struggling to rise the stablecoins have been surging since the market downturn in mid-March and tether (USDT) is capturing more than 70% of BTC trades today.Market valuation of eight different stablecoins combined is well over $7 billion. For example ETH has just had a bit of a pump whilst Bitcoin is has been up and down so I've traded some ETH for BTC hoping that I can catch a raise from BTC whilst avoiding any potential correction on ETH. I was wondering if this kind of strategy is something that many people have tried and had much success with or had any bad experiences with?
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They provide more liquidity in the market and are easy to sell and its good alternative if you want to shift to some good and potential coins in case but stay focused more on btc and ETH as prices will tend to rise shortly and profits will land in your bucket at that time.