Lets checkout the two screenshots above. Like many people, when I'm on the go I like to quickly track my trades using the Blockfolio app. This is a position I'm currently holding in Litecoin, and we can see from the first screenshot my gains in dollars. 10%.. great! But hold on... if we toggle to display gains in Bitcoin.. we see only a 2% gain... still good, but not as great as a 10% gain would be. Why is this?
When we check the Bitcoin charts, we find our answer. It seems that overnight, Bitcoin had a spike in value. Because an altcoins dollar value is tied directly to the value of the Bitcoin you used to purchase it with... if Bitcoin raises in value, then so does your inital trade. This is great for seeing what everything is worth if you were to cash out today.. but that's not our goal.
The goal here is to accumulate as much Bitcoin as possible. We know that Bitcoin is the king of cryptocurrency and will keep growing in value exponentially.. so you want to make sure you're holding as many Bitcoins as possible in the future. This is why we track gains in BTC value and not USD.
You can see from our previous blog post that we called a good entry point for Litecoin, and are already seeing some gains. The best is yet to come however.. stay tuned.