The Bitcoin Gold fork happened sooner than expected which has caused a slight sell off in BTC and a near instant rise in alt coins. What does this mean for the market in the next 24 hours or less?

Well, let’s look at where the money flowing into alts is coming from. It’s coming from people who were holding BTC in order to get the free Gold, even though most people acknowledged that Gold was nearly a fraud, they still wanted to gamble and get their free coins. Those are same people who are now buying alts at low prices. So they are highly speculative investors, and most likely going to take a profit as soon as it presents itself in their alt coin holdings.

What does this mean for you? If you are long term on alts, then you can do nothing if you wish. However, if you wish to maximize your profits, or get some additional coins with house money, you should be looking to take some profits along the way as your alt coins rise. There is a strong possibility there will be some profit taking with such a fast run up. In fact, we are already seeing it in a few coins that have pulled back slightly such as Vertcoin.

So don’t be afraid to take a little profit with this new alt coin run if bought in low. Others are most likely going to do the same, so locking in profits now is a good way to add to your position when the price dips again.

As always, this is just my personal opinion and not financial advice so please do your own due diligence when making investment decisions.