Bitcoins/Litecoins/Virtual Currencies
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I'm With HER ♀
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Mist
Eeyore Enthusiast
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I sold the ETHE that I bought on the Black Friday dip and near perfectly timed the high on Wednesday, and then I bought back in near the close on Friday, because ETHE was dropping much faster than actual ETH was all day on Friday, but it would certainly be a few points lower still now.
Arden
Blackwing Lair Raider
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Don't know if it's still going to be around by Sunday night, much less Monday. But who knows
I was going to buy more matic but it's already creeping back up to the $2 mark. Will probably buy more anyway.
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Mist
Eeyore Enthusiast
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Of course this is what is happening. It's not the first time it's happened. It's even not the first time in recent memory that it's happened.
Edaw
Parody
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Crypto Exchange BitMart Hacked With Losses Estimated at $196M
Bitmart’s CEO has confirmed what the company is calling a “security breach.”
Caliane
Avatar of War Slayer
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dip, crash, bear.. I have no idea.
BTC and Eth aren't behaving the same though. Thats something..
btc down like 30% from an ATH of 68k on 11/7.
Eth is only down 12% from its ATH of 4800 on 11/7. Eth is still over 4k. Eths 200 day is like 3150. we arent even close to that.
Eth is at 53% of Btc's marketcap. Btc and eth usually are tighter paired. So, idk, is eth going to collapse as well soon, or is Eth going to pull BTC out of its decline. (or definitely the start of the flippening.)
Option A or B there seems most likely.. so if you have liquid Eth, might be a good idea to move it into BTC. As Eth is either likely to drop, or BTC is likely to rally, imho. And thus moving to bTC should advance your position.
BTC and Eth aren't behaving the same though. Thats something..
btc down like 30% from an ATH of 68k on 11/7.
Eth is only down 12% from its ATH of 4800 on 11/7. Eth is still over 4k. Eths 200 day is like 3150. we arent even close to that.
Eth is at 53% of Btc's marketcap. Btc and eth usually are tighter paired. So, idk, is eth going to collapse as well soon, or is Eth going to pull BTC out of its decline. (or definitely the start of the flippening.)
Option A or B there seems most likely.. so if you have liquid Eth, might be a good idea to move it into BTC. As Eth is either likely to drop, or BTC is likely to rally, imho. And thus moving to bTC should advance your position.
Mist
Eeyore Enthusiast
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Greyscale Ethereum Trust shares.Mist you always talk about ETHE. Can you give a tldr about what that is/how it differs from normal ETH? Why do you dabble in ETHE vs. ETH?
You can buy them and sell them with extremely small transaction fees through your brokerage, in my case, Fidelity.
I have been using this to swing-trade Ethereum, buying dips, selling spikes, rinse and repeating. Up to 43k in short term capital gains so far. Gonna be a nice tax bill, but also free money...
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Arden
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If you're going to swing Ethereum that doesn't seem like a bad way to do it. I have ETHE in my retirement account (because you can't buy actual Ethereum with an IRA yet).
Because ETHE is subject to stock market hours, it ends up being a good deal less volatile than ETH. This means you could actually make more money actually swinging ETH on an exchange like RH that doesn't have transaction fees. That said, Fidelity is a lot more trustworthy than RH.
Edit: Also interesting to me- I follow GBTC, Grayscale's Bitcoin trust, and for the first time I can remember, ETHE and GBTC are about equal in price; both are hovering around $38. GBTC has traditionally outpaced ETHE by a good margin.
Because ETHE is subject to stock market hours, it ends up being a good deal less volatile than ETH. This means you could actually make more money actually swinging ETH on an exchange like RH that doesn't have transaction fees. That said, Fidelity is a lot more trustworthy than RH.
Edit: Also interesting to me- I follow GBTC, Grayscale's Bitcoin trust, and for the first time I can remember, ETHE and GBTC are about equal in price; both are hovering around $38. GBTC has traditionally outpaced ETHE by a good margin.
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Mist
Eeyore Enthusiast
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Sort of?
In the morning hours after a bad night or bad weekend, it can dramatically overcorrect downwards, which it did today, hence the post.
Any time ETHE is significantly more than 2 dollars a share lower than ETH/100, it should correct itself within a few hours. Today ETHE hit <$36 when ETH was still above 4k, which was a strong buy signal, and you could have gotten a 6% return within just a few hours.
Arden
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Not saying you don't get good swings on ETHE, especially in situations like you mention. But I've got ETH and ETHE next to each other on my watch list and ETH swings more, percentage wise.
For example, ETH often bottoms out (or sometimes tops out) in the middle of the night in the US, thanks to the Asian market. But by the time US markets open it's already moved several percentage points back towards the middle. Because of this ETHE never dips quite as low or rises quite as high as ETH.
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