Many altcoins are just Bitcoin clones
Many other such clones exist such as Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, and dozens more. While each one tries to become a better version of Bitcoin, most of the time, they just follow its lead.
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all altcoins follow Bitcoin?
Historical data suggests that during periods of extreme market turbulence, most altcoins tend to follow Bitcoin's price movements closely.
Topic: Are all altcoins dependent on Bitcoin? - page 3. (Read 3909 times)
After all, Bitcoin is still the benchmark for altcoins. When the price of Bitcoin goes up, the price of many altcoins mostly goes up as Bitcoin price fluctuations affect investors' confidence in the cryptocurrency market. Rising Bitcoin prices increase investor interest in investing in altcoins and vice versa
Yes, and that sort of thing has happened time and time again, because in the past that was the case so it's not surprising that last April when Bitcoin hit $60K in one unit, Ethereum was at $4K more in one unit. 
it's because most alts have biggest liquidity on their pairs with BTC, meaning their dollar value is closely affected by btc's dollar value. That's why.
In certain countries, there is a restriction on fiat to cryptocurrency trade (and vice versa). Some of the users depend on stablecoins to avoid this complexity, but most of them restrict their trade to BTC and altcoins. Also, whenever someone converts his fiat to crypto (or crypto to fiat), it needs to be reported to the tax authorities (regulations and tax rules may vary from country to country). So a lot of people prefer to purchase altcoins with BTC. And finally, it is a big headache nowadays to deposit or withdraw fiat in the mainstream cryptocurrency exchanges (especially of you are living in a third world nation such as India).
Bitcoin has effects that can be felt across the entire cryptocurrency market, however bitcoin doesn't have direct impact on all altcoins
This is because Bitcoin has the largest market cap of all cryptocurrencies and a bullish BTC run make people more open to investing in other altcoins. This however doesn't guarantee a bullish run for altcoins.
But if BTC is in a bearish season, then almost all altcoins also becomes bearish
yes, that is the right thing. indirectly, bitcoin does not affect the bull market for altcoins, because when the price of bitcoin rises as it is today, not all altcoins increase in price. it takes time for investors to choose which altcoin they will choose, thus causing the price of the altcoin to rise. however, when the price of bitcoin falls, it will affect the price of altcoins to fall because of panic. This is because Bitcoin has the largest market cap of all cryptocurrencies and a bullish BTC run make people more open to investing in other altcoins. This however doesn't guarantee a bullish run for altcoins.
But if BTC is in a bearish season, then almost all altcoins also becomes bearish
it's because most alts have biggest liquidity on their pairs with BTC, meaning their dollar value is closely affected by btc's dollar value. That's why.
In general this is the case because between dollar pairs and BTC pairs are always the same and also very much in all exchanges so the influence of BTC is always there because BTC was the first cryptocurrency coin that was able to lead the others.
it's because most alts have biggest liquidity on their pairs with BTC, meaning their dollar value is closely affected by btc's dollar value. That's why.
I hear this saying almost daily from people, that BTC is built on choice in the future, so they should be the solution to every problem that is caused, but in general I can't understand the saying.
You'll understand it when a similar thing happens to you and your asset market, because every down and up in the market has something to do with Bitcoin, regardless of the amount of demand and supply. Bitcoin has effects that can be felt across the entire cryptocurrency market, however bitcoin doesn't have direct impact on all altcoins
This is because Bitcoin has the largest market cap of all cryptocurrencies and a bullish BTC run make people more open to investing in other altcoins. This however doesn't guarantee a bullish run for altcoins.
But if BTC is in a bearish season, then almost all altcoins also becomes bearish
Generally it is, but when BTC starts to be bullish again within a few percent, then Altcoins are also bullish for a few percent because most Altcoins will recover when BTC starts to bull again because of the large demand and supply in the market.This is because Bitcoin has the largest market cap of all cryptocurrencies and a bullish BTC run make people more open to investing in other altcoins. This however doesn't guarantee a bullish run for altcoins.
But if BTC is in a bearish season, then almost all altcoins also becomes bearish
From what I observed in the past most of the time all other coins move a little bit more harsh than Bitcoin. Not always, but quite often that is the case. When Bitcoin moves 5% to 7% up or down, it is not unusual for other coins to move about 10% up or down. Bitcoin is very volatile, but in volatile times it is actually less volatile than the rest of the market.
I want to understand if all altcoins are built upon the foundation of BTC. This is because when there is severe crash of BTC, all other coins, I mean all, also crash.
Is there no independence in the cryptocurrency world?
Thank you!
Is there no independence in the cryptocurrency world?
Thank you!
I hear this saying almost daily from people, that BTC is built on choice in the future, so they should be the solution to every problem that is caused, but in general I can't understand the saying.
In addition, you mentioned that when BTC crashes, other coins crash too, whether other coins rely heavily on bitcoin, or even those who have a role behind other coin crashes. This is something strange for us to know, there is not even room for us to find out.
If this assumption is correct, then it is certain that other coins are very dependent on bitcoin, both in determining the buy and sell prices as well as the top level in market capitalization. Considering what you said about the lack of independence in the cryptocurrency world, I can't understand this openly.
Bitcoin has effects that can be felt across the entire cryptocurrency market, however bitcoin doesn't have direct impact on all altcoins
This is because Bitcoin has the largest market cap of all cryptocurrencies and a bullish BTC run make people more open to investing in other altcoins. This however doesn't guarantee a bullish run for altcoins.
But if BTC is in a bearish season, then almost all altcoins also becomes bearish
This is because Bitcoin has the largest market cap of all cryptocurrencies and a bullish BTC run make people more open to investing in other altcoins. This however doesn't guarantee a bullish run for altcoins.
But if BTC is in a bearish season, then almost all altcoins also becomes bearish
True. Bitcoin market cap is the highest among all crypto currencies that is why it is dominant currency in crypto space. There is index to measure BTC dominance which is called Bitcoin Dominance index that indicates how much money is flowing into BTC compared to rest of Market. When Dominance index is going up/down alts will move down, Alts will only perform when dominance index is stable.
https://www.tradingview.com/chart/BTC.D/ExuzgcfX-Bitcoin-Dominance-Breakout-it-seems/
Bitcoin has effects that can be felt across the entire cryptocurrency market, however bitcoin doesn't have direct impact on all altcoins
This is because Bitcoin has the largest market cap of all cryptocurrencies and a bullish BTC run make people more open to investing in other altcoins. This however doesn't guarantee a bullish run for altcoins.
But if BTC is in a bearish season, then almost all altcoins also becomes bearish
This is because Bitcoin has the largest market cap of all cryptocurrencies and a bullish BTC run make people more open to investing in other altcoins. This however doesn't guarantee a bullish run for altcoins.
But if BTC is in a bearish season, then almost all altcoins also becomes bearish
I want to understand if all altcoins are built upon the foundation of BTC. This is because when there is severe crash of BTC, all other coins, I mean all, also crash.
Is there no independence in the cryptocurrency world?
Thank you!
Is there no independence in the cryptocurrency world?
Thank you!
Not sure but mostly depend on bitcoin but not all. Some of alts have there own way through their function and own blockchain. But even if we say some alts have own movement, still the impack of btc is there in up and downs in cryptocurrency.
NFT hasn't that much to do with Bitcoin and yet they will tank if Bitcoin tanks. The reason being that Bitcoin just represents the new digital asset class which NFTs also pertain to. This may change however when NFTs for art manage to decouple their pricing from Bitcoin and build an asset class of their own. This may take a while, probably years but I can imagine that will be the case in the future.
I want to understand if all altcoins are built upon the foundation of BTC. This is because when there is severe crash of BTC, all other coins, I mean all, also crash.
Is there no independence in the cryptocurrency world?
Thank you!
Is there no independence in the cryptocurrency world?
Thank you!
Not sure but mostly depend on bitcoin but not all. Some of alts have there own way through their function and own blockchain. But even if we say some alts have own movement, still the impack of btc is there in up and downs in cryptocurrency.
I want to understand if all altcoins are built upon the foundation of BTC. This is because when there is severe crash of BTC, all other coins, I mean all, also crash.
Is there no independence in the cryptocurrency world?
Thank you!
Is there no independence in the cryptocurrency world?
Thank you!
Not sure but mostly depend on bitcoin but not all. Some of alts have there own way through their function and own blockchain. But even if we say some alts have own movement, still the impack of btc is there in up and downs in cryptocurrency.
Almost all altcoins will at some point present independent movement from bitcoin, the question is if they can maintain this kind of movement and for the most part the answer to that is no, even ethereum which is the second coin in the market has huge problems doing that and if ethereum cannot do it then there is no altcoin that can do it, this means that people that want to earn money need to time the moment they enter in altcoins, as doing it at the wrong time can cost them a fortune.
We could say that EVERY altcoin is dependent on Bitcoin one way or another. That's because Bitcoin is the one cryptocurrency that started it all. Without Bitcoin, none of this would've been possible today. It's the reason why every crypto exchange lists an altcoin with Bitcoin as the main trading pair. Being the reserve cryptocurrency itself, gives it a huge advantage over its competitors. Unless a new cryptocurrency with a new technology superior to Blockchain comes out, I don't see any altcoin becoming independent from Bitcoin anytime soon. Just my thoughts
Yes and that is where most guys in the industry agree upon already. As Bitcoin is so similar to gold it will probably forever remain a kind of reserve currency for all other cryptocurrencies that might be launched in the future. But I would say that crashes in Ethereum could also lead to other coins getting dumped. Ethereum also has a bit of a reserve currency characteristic.
Exactly, that is probably the most relevant point you brought up here. While Bitcoin kind of transmits signals to the whole market, for Ethereum it is more natural because if the underlying network nosedives, how could all tokens running on top of it possibly stay afloat?
Very true, they'll necessarily nosedive as well.
No altcoin is build on Bitcoin network till now. And I hope in future also there will be none. This is the fun fact of bitcoin.
There is no person or foundation who can control it or create it or destroy it. Fully anonymous. This feature attracts people to invest in bitcoin more than other coin as no one will be comfortable to put their funds into others custody. That's why big investors are in bitcoin and Bitcoin has the major Marketcap in Crypto.
Here is the noticeable thing, emotion rather sentiment play a huge role here. As bitcoin goes down it makes the market sentiment bearish. People starts taking out their money. That's why the altcoins also goes down. Here we can't apply the basic calculation logic.
There is no person or foundation who can control it or create it or destroy it. Fully anonymous. This feature attracts people to invest in bitcoin more than other coin as no one will be comfortable to put their funds into others custody. That's why big investors are in bitcoin and Bitcoin has the major Marketcap in Crypto.
Here is the noticeable thing, emotion rather sentiment play a huge role here. As bitcoin goes down it makes the market sentiment bearish. People starts taking out their money. That's why the altcoins also goes down. Here we can't apply the basic calculation logic.
Almost all altcoins will at some point present independent movement from bitcoin, the question is if they can maintain this kind of movement and for the most part the answer to that is no, even ethereum which is the second coin in the market has huge problems doing that and if ethereum cannot do it then there is no altcoin that can do it, this means that people that want to earn money need to time the moment they enter in altcoins, as doing it at the wrong time can cost them a fortune.
We could say that EVERY altcoin is dependent on Bitcoin one way or another. That's because Bitcoin is the one cryptocurrency that started it all. Without Bitcoin, none of this would've been possible today. It's the reason why every crypto exchange lists an altcoin with Bitcoin as the main trading pair. Being the reserve cryptocurrency itself, gives it a huge advantage over its competitors. Unless a new cryptocurrency with a new technology superior to Blockchain comes out, I don't see any altcoin becoming independent from Bitcoin anytime soon. Just my thoughts
Yes and that is where most guys in the industry agree upon already. As Bitcoin is so similar to gold it will probably forever remain a kind of reserve currency for all other cryptocurrencies that might be launched in the future. But I would say that crashes in Ethereum could also lead to other coins getting dumped. Ethereum also has a bit of a reserve currency characteristic.
Yes and that is where most guys in the industry agree upon already. As Bitcoin is so similar to gold it will probably forever remain a kind of reserve currency for all other cryptocurrencies that might be launched in the future. But I would say that crashes in Ethereum could also lead to other coins getting dumped. Ethereum also has a bit of a reserve currency characteristic.
All altcoins come from Bitcoin, whereas all ERC-20 and ERC-721 tokens come from Ethereum. This explains why Bitcoin acts as the reserve cryptocurrency of the market, while Ethereum acts as the reserve cryptocurrency of tokens. Without these big players (BTC and ETH) leading the way, other cryptocurrency projects will be doomed. As I've said many times before, Bitcoin is the original cryptocurrency which started it all. Without it, none of this would've been possible. Unless a new cryptocurrency with a new technology superior to Blockchain comes out, everything will remain most likely the same as it is right now.
Altcoins will come and go, but Bitcoin will become stronger than ever before. It doesn't matter if altcoins are dependent from Bitcoin or not. What matters is how useful the coin is for mainstream payments. As long as an altcoin has real use cases for the mainstream world, nothing else matters. Just my thoughts
While I mostly agree with your description, it ultimately leads to Bitcoin ruling them all, including Ethereum of course. When Bitcoin drops, everything drops including Ethereum. When Ethereum drops and Bitcoin doesn't, all tokens on the Ethereum network also drop. It has to do with Bitcoin also being the best and most important indicator we have. If Bitcoin moves significantly, there is definitely a reason involved that affects all cryptos anyway, like outright bans of cryptocurrency. That's why we need another Bitcoin bull run, and a Bitcoin bull run only to also see all other coins go up!
BTC is not the foundation of altcoins because altcoins have its own usage and market value. Bitcoin has the highest value altcoins thats why if its price drop or increase it will affect the other altcoins as BTC is the main crypto currency in the wolrd.
In theory, altcoins have their own unique usage. But in 90% of the cases, they are just used as a mode of payment, or as a store of value (especially with stablecoins). And with so much competition in the payments sector (and where the recent growth is minimal), there is a lot of overlap between the altcoins and Bitcoin. Since both of them are used for the same purpose, the exchange rates will also remain closely linked. On top of that, the user profile is also very similar. It will be very difficult to find cryptocurrency users who exclusively use either BTC or altcoin. In the vast majority of the cases, they will be using both.
Mostly store for investment that's why the value are really close together, Until now we are seeing that they continue
to work alongside and not independently, Bitcoin continue being used as benchmarks of every alts.
The value still relies with how community support Bitcoin, and that's reality until there's coin aside from stable coin
this cycle will continue working like this.
Very difficult as aside from BNB and ETH which been recognized by more users and traders, other coins will continue to wait for mass adoptions.
Not all altcoins depend on Bitcoin, but Bitcoin and altcoins have a certain correlation. Generally, the price of most altcoins changes with the changing trend of Bitcoin prices. Through the market trend, you will find that when the price of Bitcoin rises, the price of some altcoins will also rise. But sometimes Bitcoin and altcoins have different market trends.
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