Altcoin Nosedive vs. Market Dominance?

clrpod

full member

Activity: 322

Merit: 114

Quote from: BTIsabella5 on December 25, 2018, 03:42:57 PM

Hey guys!

Ever since ETH started going up against the USD over the past week, most of my altcoins have been nosediving.

I've heard that sometimes this can happen because people want to exchange their altcoins for ETH, leaving the altcoins as 'collateral damage'.

Has anyone studied this negative correlation - i.e. ETH goes higher against USD, but altcoins drop against ETH?

How long does it usually last?

I've been actively trading only since March, so I haven't seen a lot of the price action that goes on. I've only seen altcoins rally along with ETH.

Lately, I've erred on the side of being too heavily positioned in altcoins, so I'm debating whether to HODL or to just take profits on the little profits I have left. LOL.

Is anyone else convinced altcoin dominance will go higher?

My feeling is BTC dominance has peaked and we ~~can~~ will see BTC dominance going lower towards 42% to 45%, which would mean that altcoins will rally against BTC - and hopefully ETH.

Thanks and Merry Christmas!!

A lot of alt-coins are competitors with ETH, those that aren't are often priced against ETH. If the price of one thing goes up then the price of something else relative to it has to decrease unless the other things own price increases.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: BTIsabella5 on December 25, 2018, 05:01:10 PM

Will the ETH Constantinople fork result in additional coins like what happened with the Bitcoin forks?

No. The Constantinople fork is an upgrade to Ethereum, which plans to implement 5 Ethereum Improvement Proposals (EIPs). There will be no new coins, and you do not need to do anything with the Ethereum you are currently holding. The hardfork will occur at block number 7,080,000, which is projected to be on 14th January. Very simply, the aim of it is to make several processes more efficient and therefore less expensive to run, as well as continuing to allow the progress towards moving from Proof of Work to Proof of Stake. You can read more about the 5 EIPs here: https://github.com/ethereum/pm/wiki/Constantinople-Progress-Tracker

BTIsabella5

newbie

Activity: 10

Merit: 0

Thanks, Xardasim!

Will the ETH Constantinople fork result in additional coins like what happened with the Bitcoin forks?

Thanks again!

Infinixhot1996

jr. member

Activity: 98

Merit: 2

Nursing the thought in your heart that the ethereum would rival the bitcoin in some ways would definitely turn out to be a futile thought
This alts need the bitcoin thrive,and they will follow suit,the bitcoin is falling higher both in price and volume
I think the very reason why ETH is doing far better that other alts is their team is doing a great job attracting more investors to themselves and coming up with more innovations

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: Xardasim on December 25, 2018, 04:04:47 PM

I think the reason for the ETH's price increase is due to the fork of next month. Also when we compared to the BCH, it was not bigger move and the only explanation is " it is crypto ".
The dominance of the ETH is dozens of times less than the dominance of BTC (even the ETH itself is depend on BTC). I do not know where you got the numbers but the dominance of BTC is 51.7% according to coinmarketcap for now.

Comparing ETH to BCH I would just stick out to ETH since we know on how this project would go ahead yet smart contract is indeed a great innovation.
About Market dominance it no doubt that BTC would always be on the top as we can see on CMC. ETH might able to close the gap but it isn't enough.

Xardasim

sr. member

Activity: 1624

Merit: 250

I think the reason for the ETH's price increase is due to the fork of next month. Also when we compared to the BCH, it was not bigger move and the only explanation is " it is crypto ".
The dominance of the ETH is dozens of times less than the dominance of BTC (even the ETH itself is depend on BTC). I do not know where you got the numbers but the dominance of BTC is 51.7% according to coinmarketcap for now.

BTIsabella5

newbie

Activity: 10

Merit: 0

Hey guys!

Ever since ETH started going up against the USD over the past week, most of my altcoins have been nosediving.

I've heard that sometimes this can happen because people want to exchange their altcoins for ETH, leaving the altcoins as 'collateral damage'.

Has anyone studied this negative correlation - i.e. ETH goes higher against USD, but altcoins drop against ETH?

How long does it usually last?

I've been actively trading only since March, so I haven't seen a lot of the price action that goes on. I've only seen altcoins rally along with ETH.

Lately, I've erred on the side of being too heavily positioned in altcoins, so I'm debating whether to HODL or to just take profits on the little profits I have left. LOL.

Is anyone else convinced altcoin dominance will go higher?

My feeling is BTC dominance has peaked and we ~~can~~ will see BTC dominance going lower towards 42% to 45%, which would mean that altcoins will rally against BTC - and hopefully ETH.

Thanks and Merry Christmas!!

Topic: Altcoin Nosedive vs. Market Dominance? (Read 162 times)