Topic: Alt-chains starting to track BTC? (Read 607 times)
i noticed this also. i wonder if the litecoin creators are just forking the same chain from the bitcoin to make money off LTC miners. Or if litecoin was created by darknets to get more miners to attack the bitcoin blockchain.
PPC didn't change much as BTC crashed
Which means they are worth less $ when converted to bitcoins
If 1 LTC is 0,001 bitcoin
and 1 bitcoin is going from 200 to 50 bucks.
then 1 LTC is going from 0,260$ to 0,1$ l
PPC didn't change much as BTC crashed
I'd be inclined to think that FRC would appreciate now, because we show exchanges rates for it drop when BTC appreciated with some users explicitly saying they lowered their offers to try to keep the offer more constant in USD. Thus the valuation in USD actually remained some what stable at around 2 cents. The FRC exchanges is very small and slow so it's going to take some time to re-discover the new exchange (not to mention its being exchanged for LTC). I think most people were happy with the price and see no reason that it should drop with BTC.
Everyone seems to think ALT coin prices follow BTC prices. So, if a huge sell off in BTC happens, they sell off their ALTs too. Why do people think like this? I have no clue. Well.. maybe I have some inclination:
I guess people don't think ALTs can survive without Bitcoin. Which is somewhat partially slightly true to an extent. But, I think ALTs can survive on their own without Bitcoin. The infrastructure is still in its infancy though, this will get better over time, possibly making ALT values not coincide with BTC value.
I guess people don't think ALTs can survive without Bitcoin. Which is somewhat partially slightly true to an extent. But, I think ALTs can survive on their own without Bitcoin. The infrastructure is still in its infancy though, this will get better over time, possibly making ALT values not coincide with BTC value.
Maybe someone has invested in all these alternate currencies simultaneously and decided to pull out?
Edit: Alternatively, someone sold a lot of Bitcoin, and holders of alt-chain currencies decided to sell their and repurchase bitcoin.
Edit: Alternatively, someone sold a lot of Bitcoin, and holders of alt-chain currencies decided to sell their and repurchase bitcoin.
I noticed something interesting during the latest BTC crash, looking at charts on btc-e. Major alts such as LTC, TRC, etc. seem to be replicating the crash almost exactly (i.e. their exchange rates versus BTC are basically flat, indicating that they are crashing in precise unison.) Only NVC shows a hint of independent behavior. I have no information about minor alts such as FRC, BQC, or XRP; perhaps those graphs (if they exist) would tell a fuller tale. Yet these various currencies tout themselves as being different than BTC (one hopes in positive ways.) Have they succeeded in being perceived as any different, given what we have witnessed? Do they really have any independent existence in the present environment?
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