https://cdn.pixabay.com/photo/2017/09/08/21/20/bitcoin-2730220_1280.jpg

After hitting highs over $7600 per coin, bitcoin has been sliding ever since.

Currently it is dipping down to $6900, the lowest level seen in the last 5 days or so.

What is causing the slide it not as clear but likely has to do with the upcoming bitcoin fork.

There is a lot of uncertainty surrounding it and the fact that bitcoin is up so much going into it likely means the profits are too good to pass up for some traders.

Bitcoin's slide brings me to my main question...

What does bitcoin's slide mean for altcoins?

Currently they aren't doing much, appreciating slightly against bitcoin but also mostly losing value against the dollar as well. Though not nearly at the pace that bitcoin is.

A lot of money has been leaving altcoins and flowing into bitcoin over the last couple of months.

Anyone holding altcoins over that time period likely has the scars to prove it.

This was likely due to the fact that bitcoin cash turned out to basically be a free airdrop of new coins for bitcoin holders. Many people bought into bitcoin hoping the next two forks were more of the same.

Bitcoin gold turned out to be more of the same, but this next fork is possibly the most unpredictable of the bunch.

https://cdn.pixabay.com/photo/2015/07/10/17/27/forking-road-839830_1280.jpg

Uncertainty around the corner?

As mentioned above, this next fork in just over a week is the one that is bringing about the most uncertainty.

For that reason many users who were buying bitcoin to get the free airdropped coin likely saw enough of a profit already to not risk that money if something unexpected happens with this next fork.

Free coins or locking in 40% gains?

That is the question many traders are faced with currently.

Not unexpectedly, we are seeing many of them ring the register currently.

Could money finally come back to steem?

https://cdn.pixabay.com/photo/2017/10/26/17/40/dollar-2891817_1280.jpg

The hope is that after we get passed this latest fork money will start to diversify again and make it's way back into the most promising altcoin projects.

That is my hope with steem.

The development, smts, and marketing can't come fast enough with this thing as we probably have a nice window coming up over the next several months here where altcoins will finally see some bids again.

However, this time I don't think we will see all altcoins rise together. I think the very best as well as the heaviest marketed will be picked out and those will get support.

Likely at the expense of everyone else.

Here's to hoping steem is one of those getting some attention!

Stay informed my friends.

*Images courtesy of pixabay.com

Follow me: @jrcornel