Topic: bitcoin affecting altcoins - page 2. (Read 338 times)

You be omo Naija and there is a popular saying that you should "follow who know road". So we fit talk say other coins dey follow Bitcoin wey know road, e no supposed hard you to understand?

Even though say some of these coins fit dey gain when Bitcoin dey drop in price, such gains na usually because of hype wey no dey last. Memecoins sabi do that thing wella but many of them dey die as fast as them rise meaning say na busy body them dey do. If Bitcoin no support the move, no put body o, make you no enter one chance.

It seems you have not done your research correctly because even when Bitcoin seems to be dip in Price there are some alternative cryptocurrency that gain more price impact, that is to say whenever the price of bitcoin keeps decreasing these coin get waxed in price and they gain much popularity in the market and people keeps buying them, then whenever the bitcoin price is increasing these coin in questions also change in percentage and in price if you watch closely in coinmarkepcap today we have the top gainers & loosers.

Although there are other coin that are majorly affected as you said they are solely dependant of each other to scale up especially the reason they are mostly affected is that they are being paired on each other's for trading and lot of exchange already listed them so, when a trader noticed a rejection or declined in market or do I say a price decrease between this coin they have no option than to easily sells of their holding to usdt or any other stable coin to maintain their trading capital precisely for traders while those who are hodl don't get panicked over the sudden market changes they often tend to increase their portfolio when they noticed such changes in the market.

Just as baba cryptopreneurBrainboss don talk, bitcoin naim be their master and anything wey master naim boy go do oo, if the boy go go pass em master e mean say em don dey grow wings and 70% of the time the boy no dey fly dey go anywhere. Likewise crypto we no go fit get two masters for one place, so one must lead and the other go follow if not na so so problem go dey until dem settle that matter.

One of the greatest reason why altcoins price dey tend to follow Bitcoin price na because, most altcoins dem no go fit buy dem with fiat currency so before you go buy dem you gats first buy bitcoin den convert am to the altcoins and when you wan still sell am you go still convert am to bitcoin before you fit sell am, so e just be like say na Bitcoin dem dey take do every thing wey concern those altcoins, and for normal sense na Bitcoin price dem take dey measure the price of those altcoins no be even dollar.

My guy, plenty reason dey way make Bitcoin dey overcome the acceptance of altcoins or shitcoins for this world as a whole, 1, the reasons nah just because of say Bitcoin dey very much safer than other altcoins or shitcoins to invest into.
2, if you observe Wella you go witness say Bitcoin nah the most valuable coin for crypto and many pipo wants more of Bitcoin than altcoins or shitcoins because BTC dey more valuable than other crypto currencies.
People fit invest into Bitcoin with the use of DCA method and get rest of minds, with the help of the DCA strategy, even if BTC dey drop, no body way really Kno watin em dey do go ever reason to sell em coins because with the DCA method, 1 BTC nah still 1 BTC, hope say you try get my point?

Bitcoin na their master, why many peoples dey Invest into those altcoins na because dem believe the altcoins go fit blow like Bitcoin or atleast increase small as BTC been do so when Bitcoin wey be the oga come dey correct, others go begin fear and dem go dey take profits from the altcoins so dey no go lose and that one also dey contributions to why altcoins dey fall.

Also you need know say BTC pairs get most volume for the market as most altcoins are been traded against Bitcoin so as Bitcoin dey fall for price other altcoins go dey fall as well and this na why dem say make we no dey invest for altcoins with the mindset say we went diversify as e no go work because all the crypto makes dey go same direction majoring of the time. Bitcoin controls the market, the faith of the entire market is on Bitcoin so when Bitcoin dey do well every other coins go do well and the case na the same when Bitcoin no dey do well.

Most altcoins na just copy of each other so dem no fit do well on their own, dey depend on the success of Bitcoin and the original project to survive. For your list so, BNB, SOL, ADA all dey do the same thing wey be smart contract parole and people just dey Invest inside them because dem expect dem to get the same success wey their oga ETH dun get so when BTC correct and e affect ETH, other smart contract go take a hit too and you fit talk the same thing about other altcoins like of Dogecoin market gets affect other memecoin also gets affected. Some altcoins though dey go the opposite when market dey crash but dem no plenty.

My brother there are 101 reasons wey dey make anything wey happen for bitcoin dey affect altcoins and I no go fit exhaust am finish.

Apart from say bitcoin na the foremost cryptocurrency, bitcoin dey totally decentralized and that means there is unshakable trust in the coin and the community keeps rising. So you go hardly see someone wey get altcoins for him wallet wey no get btc but you fit see person wey get btc without altcoins. Those wey been get only altcoins because no increase in the price without bitcoin increase, they move to bitcoin.

Bitcoin dominance of cryptocurrency na around/above 51% while altcoins share the rest percentage, so imagine that.

Bitcoin Maximum supply na 21 million and can't be manipulated.

Bitcoin halving na bum as it reduces the reward for mining bitcoin every 4 years into half and that keeps demand high. The trust is high and it is decentralized, has larger community who hodls it more than altcoins.

Overtime i see that whenever there is a dip in the price of bitcoin, other altcoins tends to follow suit by also dropping in their prices and whenever there is an increase in the price of bitcoin, other coin as well increase in their value. Does it mean that other altcoins cannot be dependent on their own? Like must the activities of bitcoin affect the alternate coins at all time? I really want to understand why alternate coins like BNB, ETH, TWT, MATIC,  XRP,  LTC, DOT, ADA, SOL AVAX and so many other alternate cryptocurrencies are always affected whenever there is a change in the price of bitcoin like can't they be dependent on there own? as they are all cryptocurrencies despite the fact that bitcoin is more volatile than the rest of the cryptocurrencies.