Why did BCC/BCH's price triple this week to $900?
There's solid reasons for BCC's value to climb -- its fees are 99% less than BTC's, it's nearly instantaneous, miner's profits are climbing every day leading to increasing hash rates, and its usage is up 1,000% in 3 weeks -- but IMHO, none of those things justify a $15 billion market cap for a coin nobody had ever heard of until a month ago.
Here's the weirdness: almost 60% of the buy side pressure this week has come out of one country: South Korea. Nobody knows why. True, their biggest exchange just opened a couple branch offices, but for that kind of jump in demand, my guess is it's a few small institutional buyers, probably hedge funds, amassing huge positions. In crypto, price climbs driven by a few big buyers tend to have a sell-off component starting after the buyers turn off the money faucet.
Buy, Sell or Hold? (Bearing in mind all the usual warnings: I'm wrong almost as often as I'm right / Crypto makes fools of us all, etc., etc.):
1. If you sold your BCC/BCH right after the fork: I'd be patient, don't chase BCC at these levels. If you want a two chain presence -- a solid idea, IMHO -- my guess is a better entry point will come along. Don't let FOMO lead you into an overpriced buy.
2. If you kept exactly the same amount of BCC as your BTC (and might self identify as a HODLer): well done, you. I'd stick with where you are. You've got both chains covered, so you never have to care which way the collective BTC / BCC value gets pulled on any given day/week/month.
3. If you were a post hard fork buyer of BCC: Well, it's just one person's opinion, but I'm selling BCC today. FWIW, my sells are in at $898 / $949 / $998. If it really does break $1k, I'll be looking to sell some more.
GL to all!
There's solid reasons for BCC's value to climb -- its fees are 99% less than BTC's, it's nearly instantaneous, miner's profits are climbing every day leading to increasing hash rates, and its usage is up 1,000% in 3 weeks -- but IMHO, none of those things justify a $15 billion market cap for a coin nobody had ever heard of until a month ago.
Here's the weirdness: almost 60% of the buy side pressure this week has come out of one country: South Korea. Nobody knows why. True, their biggest exchange just opened a couple branch offices, but for that kind of jump in demand, my guess is it's a few small institutional buyers, probably hedge funds, amassing huge positions. In crypto, price climbs driven by a few big buyers tend to have a sell-off component starting after the buyers turn off the money faucet.
Buy, Sell or Hold? (Bearing in mind all the usual warnings: I'm wrong almost as often as I'm right / Crypto makes fools of us all, etc., etc.):
1. If you sold your BCC/BCH right after the fork: I'd be patient, don't chase BCC at these levels. If you want a two chain presence -- a solid idea, IMHO -- my guess is a better entry point will come along. Don't let FOMO lead you into an overpriced buy.
2. If you kept exactly the same amount of BCC as your BTC (and might self identify as a HODLer): well done, you. I'd stick with where you are. You've got both chains covered, so you never have to care which way the collective BTC / BCC value gets pulled on any given day/week/month.
3. If you were a post hard fork buyer of BCC: Well, it's just one person's opinion, but I'm selling BCC today. FWIW, my sells are in at $898 / $949 / $998. If it really does break $1k, I'll be looking to sell some more.
GL to all!
