Topic: bitcoin affecting altcoins (Read 338 times)

That's just the rule for the crypto world  in most cases the sets wey dey provide larger profits fit give larger risk always put dat wan for your mind when you dey trade or invest for altcoins

Bitcoin as the case maybe is the controller of the market and as such all cryptocurrencies follows the direction of Bitcoin.
And why is bitcoin the mover of the market because I think bitcoin is the genesis of them all, further investors tends to invest in bitcoin rather than altcoin.

No you no fit compare Bitcoin users to altcoins oh, Nigerians self dey hardly hold Bitcoin na we for this forum na him know the true value of Bitcoin like dat, join this altcoins channels them and you go see say Nigerians plenty wey still dey chase after altcoins gains. Search on twitter too and you go see them plenty for this projects comment section which go mean say dem dey buy dem even though no be everybody wey we dey see there dey Invest. Nigerians also dey Bitcoin but I go say we dey altcoins pass. Projects like Nigerian ehh that's why you dey see say dem get Nigeria telegram channel like other countries too wey dey big in cryptocurrency. More nigerians dey after the profits and you no go say we dey after the technology that's why you go see us plenty for this altcoins especially shitcoins dem. Me I know people wey dey the industry and dem never buy Bitcoin before but you dey see shitcoins and altcoins in general, dem fit spend better money there they Invest and they lose (but gains dey come sometimes sha)


The sentiment on the forum is Bitcoin is the king (which isn't wrong) but if you check for people wallet dem get altcoins together with Bitcoin. Some dey Invest, other they trade dem but na only very few people wey never invest in altcoins for their life. Me I dun buy altcoins well before, I make and lose but the truth be say if I been put all that money inside Bitcoin, the gain for come out well pass altcoins. The reason people dey go for altcoins na say e dey give profits fast but just know say as the profits dey come na so e go go too but sha if you dey smart and fit sell before e crash na better profits you go make but since we can't be lucky always e just better to stay with Bitcoin and you won't regret it like most altcoins investors do.

The truth is that, Bitcoin is well known more than altcoin, and I must tell you that, why many people are interested in the crypto industry is because of Bitcoin, these altcoin stands on the existence of Bitcoin, no matter what happens they can not appreciate just like that, people make alternative when the notice that the major one is also working very well, this will now push them to split their investment, other coin was created to compete with bitcoin but since they have been in existence none of them will ever near its price, that is to say, bitcoin is on its own without fear of any competitor.

The main thing be say, Bitcoin nah the grand master of crypto currency, for me I take the whole coins for inside the crypto world as a family but when it comes to Bitcoin, I really believe say na em be the one of the most important of them all (oga kpata-kpata of them all) because nah Bitcoin nai be the most active crypto currency and still e dey more valuable than the rest of them.
So with those reasons, I no see anything wrong if Bitcoin price increase and the smaller them follow, as Bitcoin nah the oga kpata-kpata of them all, e still dey good make the other coins follow am for back if em dey increase or drop.
However, even if the other coins are imitating Bitcoin, I don't think from now untill tomorrow they will be able to skyrocket to a bit half of the range Bitcoin is for now.

Omo you no fit carry bitcoin compare those other coins oh, in terms, durability, trust in yielding profits, and him get publicity and global acceptance pass any coin. Bitcoin dey lead, others dey follow for back.
As I dey now self, I no sure say I don see plenty naija people way get altcoins for their wallet self, if them dey them no too plenty reach bitcoin holders.

Altcoins na follow follow. Dem dey follow bitcoin for any direction im go. Bitcoin na bi their father so im dey guide dem the road. Now dat bitcoin price going up, Ethereum is is going up to di $1900k nai make it u like to purchase m make you buy now so dat wen bitcoin reached di peak den at dat time Ethereum sef go go up.well well and you go make profit from am. Di way the ecosystem dey, na because bitcoin di altcoins dem come out so dem no go just do things on their own like that.

As for me even forum sef I never see am from altcoins even Ethereum wey I dey tok for here sef I never see im forum wey e dey like this one. And many persons no like altcoins because dey too dey disappoint person.

Any coin you see today are inspired by bitcoin, they didn't come own their own, they are all link to bitcoin. Even the ones that you see that they are layer 1 and 2 to scale ethereum chain will still give credit to the original author the bitcoin and that's when they want to give good credit, they must bow to bitcoin and hence when there is a little fall in bitcoin, they crashed like mad just like the principle of gears and gearing.

Altcoins doesn't have good resistance to stand on their own, but I am not sure if you observe the market very well. There use to be a time when altcoins will be pumping and bitcoin will be stable and even if there is decline in price, it's usually in small amount. This is when altcoins have a good moment, look at Solana and Avac for example had a good run of their money from few news they posted some days ago and year, profits were everywhere but observe very well when bitcoin was dump, they dumped heavily because lots of people are very cautious of their investment.

my brother you get point everything get beginning and the beginning of cryptocurrency na him be bitcoin and others just be copy of bitcoin na were they get all this altcoin from be that, from bitcoin na why you go see say anything for market na bitcoin people they always talk about and na him people trust, if you look this thing now people never accept bitcoin finish na altcoin people go come accept just like that, so na anything wey bitcoin bring them go accept na just like a father given instruction to a child on what direction to go, na so the matter be my brother.

With everything way other people don talk I believe say u go don gather mother enough reason to know why the price of other coins they sabi drop if Bitcoin price they drop although no be all they drop but majority of them they follow bitcoin price, nah why we need to they careful for the kind of altcoin way we dy buy cuz no be all of them they survive after bitcoin price drop well well.

Most people know about many other crypto currencies from bitcoin, and many of those altcoins are being paired with bitcoin on exchanges, so when the price of bitcoin drops, it will affect those that are paired with the currency, and for other altcoins, when the price of bitcoin starts dropping, those who hold altcoins start panicking as a result of them not knowing what will happen next, wondering if the price of the giant can be shaken and what more will happen to the ones below.

Bitcoin na di pacesetter for the whole cryptocurrency, and im still maintain that leadership role reach today. Na bitcoin get di blueprint of wetin crypto coins suppose be, and altcoins no get choice but to de copy the standard wey bitcoin don set.

I might be wrong but I never hear about altcoins halving before, or say weda altcoins get di limit of minting of new coins like bitcoin. All dis things na im make bitcoin take de for im own level, and I no think say altcoins get anything to add for innovation of cryptocurrency, bitcoin creator don think and add everything finish.

Na bitcoin get ATH and bull run, and altcoins de capitalize on dis  opportunity, to get more investors, because as people de cash in on bitcoin bull run, dem go de also look for other  crypto coins to invest and make profit too, just like for bitcoin. Also for bitcoin bearish run, if investors de panic sale dem bitcoin, na so dem go lose faith for altcoins and follow sale am too.

I don notice dis thing too but sometime I dey see say some coins dey rise by themselves without the influence of bitcoin and some dey still fall by themselves without the influence of bitcoin. But when bitcoin moves up, all of them go follow and when e come down, dem go still follow am. Wetin I notice for all dis things be say, all those altcoins na people dey manipulate them that’s why them dey move in their on sometimes without the action of bitcoin while if bitcoin move up or down dem go still follow move too.

How Bitcoin dey take effect altcoin price movement be say, when people buy Bitcoin the price go start to dey rise first, then at some point, some traders and short term investors, or people that long Bitcoin via Futures go start to dey take profit out of the market and some of those profit, dem go start to dey use am buy altcoin dem while e go make altcoin go start to dey increase while Bitcoin will now enter the point of ranging or start to consolidate because those profit taking and some late buyers wey enter the market, Then either the price goes for a further move upwards or it reverses downwards and altcoin go follow suit.

BTC still remain the king among other cryptocurrencies, whenever you see the price of BTC changing some level in the market by increasing show, that other altcoins price will start increasing too to give their customers hope that they are about to enter bull run which is the best period Many customers want to experience from the market. You can see that the price of BTC has dump back to $35k few hours ago, and other altcoins price too has dump to allow those that missed their opportunity to buy when the price was low to buy now because, the bear market is still on ground to buy and hold.

You can see that after BTC, Ethereum is in the second position among other altcoins but if you want to add other altcoins to your investment try to add Ethereum and XRP because, the two altcoins are very good for investors to make a good profits.

Of course the growth of altcoins is dependent of the survival of Bitcoin and even the reason why most people go for some other altcoins investment is because they believe that so long as Bitcoin continues to progress there would be every chances of many other altcoins also increasing on there prices.

That's why if you check very closely during the early time of this year Bitcoin price dip you will see that almost every other altcoins also follows Bitcoin dip and now as the price is peaking they are also coming up a bit by bit, so actually Bitcoin is the father of all cryotocurrency  and doesn't depend on other coin to grow.

No be say I dey ague you sir but just want to understand something clear. No doubt say bitcoin market dominance dey above%51 and e hold more than half of market dominance and every othe market depends on am but
I Been dey think say all altcoin dey under bitcoin blockchain naim make e dey affect the market just like for example:
Etherium and BNB dey under bitcoin blockchain
Etherium come get e own blockchain that is ERC, and e also get different coin under am like
Tether (USDT)
Wrapped bitcoin (Wbtc)
Uniswap (uni)
Polygon (matics) etc
While BNB also get in blockchain with BEP, wey get coin wey dey under in blockchain like'
Trust walletcoin (TWT)
Cake
Bake
BUSD
And others wey dey under bnb smart chain, and all these coin to me be like say them depends on each other.  I think if anything happens to bitcoin go affect etherium and BNB so automatically e don affect everybody for The blockchain. For me na the perfect explanation be this to me I no no wether wetting I dey think dey align with others because I wan get a fact. Wether market dominance and this explanation na two different things.

Yeah, I noticed that there are some coins that gains when bitcoin is dipping so does it mean that those coins always maintain their stand or as soon as bitcoin increases then those coin will start going down or it is that those coins are competing with bitcoin. It is understood that bitcoin is like the superior to every other cryptocurrencies so I wonder why when it's price is dipping then some other coin starts gaining during that interval of time.

As I know so far bitcoin naim be their grand father oo so anywhere him go all follow am like say tomorrow no dey, not that notwithstanding he is the influencer of altcoin in the market almost all coin directly oboys how it trends within the space and not much.

OP for lay man understanding Bitcoin nah the original product why the rest nah the fake/aba made. Anytime wey the original version price increase or decrease e they affect every other fake product wey they the system. The faith of those alternative currencies depend on Bitcoin o. As Bitcoin start to they go up nah so the price of other currency start to they shake body too they go up.

Another thing wey I want make you understand again na say. The cryptography technology wey you they hear about nah Bitcoin first they use am before other ones come look how Bitcoin use integrate am. Them come learn am, change their name then direct am to one side of the economic system, like fashion, lifestyle, education, aviation, charity and so many others

This exact behaviour has been there for ages so its not a new thing to those who is in this atmosphere for a long time, bitcoin is not volatile as you think it is the only siade bitcoin wins is that it has volume than alts, looking around you will see alts that are volatile like crazy.