Bitcoin is the influencer - page 2. | Bitcointalksearch.org

sirminesalot

sr. member

Activity: 1148

Merit: 252

Quote from: yagamitaichi on September 21, 2021, 08:05:54 PM

I have seen Bitcoin go down in the last few days. And it also affects the price of other coins. As a beginner, I would like to ask the seniors in this forum. Why does Bitcoin greatly affect the ups and downs in the price of other coins?

Thanks in advance.

People are speculating many factors that caused this dump. The most highlighted reason is from china's evergrande bad credit case. The largest property conglomerate in China admits it failed to pay its debts.
China's bad news is always success to mke the market shiver.

People also linked this dump to elsavador bitcoin buying but i don't think it's true.
But in the end bitcoin's price dump is usually happen and don't sure what is the real reason, so just take it as a lesson and be careful of future dump. Investing in cryptocurrency is high risk but high return, that's where the fun lies.

bitmover

legendary

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bitcoindata.science

Quote from: cryptoaddictchie on September 21, 2021, 08:49:21 PM

Because its the main coin or the leading cryptocurrency. Almost all of these altcoins are in pair with btc or so to say that has been related to bitcoin. Its safe to say that whatever bitcoin price, all other coins will be affected to it.

Additionally to trading pairs, I think that the success of any altcoin project depends on bitcoin adoption.

As most of them share the same technology (blockchain), it is safe to say that regulations/limitations/security/etc on bitcoin will also have a direct impact over altcoins.

Nobody gets to know ethereum or ADA or binance chain before hearing about bitcoin. Bitcoin is the main reason for this whole ecosystem and all altcoins to exist.

PrivacyG

hero member

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Crypto Swap Exchange

Not a Senior Member of the forum but been lurking around for a long time. My opinion is that the price of altcoins change drastically due to many people choosing Altcoin investments as a strategy for multiplying their Bitcoins.

When Bitcoin drops, more experienced Altcoin traders know Altcoin:BTC ratio usually drops even worse. As a consequence, a Bitcoin drop triggers a huge sell-off of Altcoins in order to NOT lose Bitcoin value. When Bitcoin skyrockets, Altcoin seasons usually come and these are an amazing way of multiplying Bitcoin if you know when to take the right actions. This is why Bitcoin always leads the markets.

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Regards,
PrivacyG

cryptoaddictchie

legendary

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CoinPoker.com

Quote from: yagamitaichi on September 21, 2021, 08:05:54 PM

I have seen Bitcoin go down in the last few days. And it also affects the price of other coins. As a beginner, I would like to ask the seniors in this forum. Why does Bitcoin greatly affect the ups and downs in the price of other coins?

Thanks in advance.

Because its the main coin or the leading cryptocurrency. Almost all of these altcoins are in pair with btc or so to say that has been related to bitcoin. Its safe to say that whatever bitcoin price, all other coins will be affected to it. Its like in some stocks once a major stocks go down, some companies are also being pulled of. But this isnt always the case, its just my observation on crypto trend and so far, it is what happening when btc going down.

yagamitaichi

newbie

Activity: 18

Merit: 0

I have seen Bitcoin go down in the last few days. And it also affects the price of other coins. As a beginner, I would like to ask the seniors in this forum. Why does Bitcoin greatly affect the ups and downs in the price of other coins?

Thanks in advance.

Topic: Bitcoin is the influencer - page 2. (Read 201 times)