Bitcoin proved it once again - page 4.

davis196

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Quote from: Wysi on December 10, 2020, 12:57:17 PM

Bitcoin has proved it once again that it's the key player in the world of crypto and prices of altcoins depends of bitcoin, we witnessed it yesterday wherein bitcoin's value dropped which caused huge fluctuations in the value of altcoins and even drove altcoins to red zone but when Bitcoin quickly regained the value he altcoin market got steady.

Sometimes we don't see pump in the value of altcoins when Bitcoin surges but whenever there is a adrop in the value of Bitcoin it definitely causes chaos to altcoin market.

This questions again the importance of altcoins in the cryptocurrency markets.Do we really need altcoins?
Is there any altcoin,that doesn't depend on the Bitcoin price (I'm not talking about stablecoins)?
When Bitcoin is bullish,many traders jump on altcoins,because they are expecting higher profit margins from altcoin prices rather than the Bitcoin price.If the Bitcoin price drops,all those altcoin traders start panic selling,instead of HODLing.I guess that they don't have enough trust in altcoins.
This proves again that Bitcoin is mostly for the HODLers,while altcoins are mostly for the day traders. Grin

dizzy1996

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Yes, such a phenomenon is present and this is justified if bitcoin is growing, then all the altcoins are behind it, this is explained by the fact that if large investments enter the market, then not only in bitcoin but also in other cryptocurrencies and, accordingly, altcoins are growing

ichi

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It's the pattern available right now as the cost is going sideways for quite a long time, bitcoin worth will increment after some time that apparently as of now comes to $20k yet the interest is insufficient to break the divider. In spite of the fact that it falls underneath $18k, bitcoin will recuperate to $19k in the long run, it simply time matters on the grounds that bitcoin can possibly arrive at another ATH in 2021 and we would prefer not to miss it by selling bitcoin at this value range.

Walterhank

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Yeah, there is no denying that bitcoin is the leading coin and will always be in the same position. As we are seeing more and more institutions coming forth in the crypto world, the more power is going to the bitcoin. Eventually, govs will also be willing to accept its power.

verita1

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The dominance of the bitcoin market is good by 62% which could increase in 2021 and the years to come. Because I think there will be big changes after all the good announcements this year. On the other hand when the price of Bitcoin goes down like now. If you have the opportunity to buy, you better buy.

With more news about big companies that have bought Bitcoin like MassMutual that bought $ 2.3 billion of bitcoin it gives me to think that there will be less bitcoin circulating because these big companies hold their bitcoins forever.

https://www.google.com/amp/s/www.wsj.com/amp/articles/massmutual-joins-the-bitcoin-club-with-100-million-purchase-11607626800

yazher

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Quote from: Wysi on December 10, 2020, 12:57:17 PM

Bitcoin has proved it once again that it's the key player in the world of crypto and prices of altcoins depends of bitcoin, we witnessed it yesterday wherein bitcoin's value dropped which caused huge fluctuations in the value of altcoins and even drove altcoins to red zone but when Bitcoin quickly regained the value he altcoin market got steady.

Sometimes we don't see pump in the value of altcoins when Bitcoin surges but whenever there is a adrop in the value of Bitcoin it definitely causes chaos to altcoin market.

It's been so long since we have the other Altcoins increase their price along with bitcoins. Now we are at it again where those altcoins have even doubled their prices than before because of the current surge in the price of bitcoins in the market. Like for example the price of XRP and the ETH, as we can see, it goes along with the bitcoins. their prices have increased a lot too and XRP has gained double the amount of its price.

FinneysTrueVision

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The news of MassMutual buying $100 million in Bitcoin has had a positive impact on price and strengthened it's position as the market leader. The store of value use case is what is driving demand for Bitcoin over any alternatives. Once the altcoin and DeFi hype started to fade we have seen Bitcoin dominance starting to rise again.

LogitechMouse

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Nothing new as this is happening for a long time already. With 62.9% dominance, the price of Bitcoin and its movement are somewhat correlated with the price of altcoins since they are moving the same.
With that, there are still some altcoins that are doing the opposite and you can see this down below. You might not see it but there are some who are just going up while most of the coins are going down and these are the low market cap coins Cheesy

.

Anyway, this kind of scenario is not uncommon already as we saw this many times. I'm just happy that the market is generous and investors are given again another chance to enter at a lower price to maximize their profit.

btcsmlcmnr

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Quote from: Baofeng on December 10, 2020, 06:49:53 PM

Of course if not all, majority of altcoins is paired with bitcoin. So obviously, bitcoin is the measuring stick of all crypto coins. People really don't understand that altcoin market is more volatile than bitcoin, and they think that they can make quick and big money in altcoin, yes it's true, there is this pump-and-dump method in altcoin. But if you are not that careful, chances are you are going to lose your money very fast as well. And just observed that we are near all time high, or as others have said, we have reach in already. But look at the top 10 altcoins, most of the are not even close to 50% of their previous all time highs.

Since 2019, more exchanges create more USDT pairs for altcoins and traders have more convenience with more pairs to trade altcoins. It does not change the role of bitcoin in the market, as a leader, as a King and its effects on altcoins and capital flow are unchanged.

Altcoins are pumped and dumped with news from upgrades, development process, partnership and with general trend of the market. Trend is a friend and can help to get profit with altcoin investment. I would prefect to invest in silent altcoins rather than those altcoins have rallied too much this year.

Quote from: Darker45 on December 10, 2020, 08:19:43 PM

I believe there is no definite pattern here. There were also countless of times when the price of Bitcoin is going down and the prices of altcoins, at least the leading ones, are soaring high. Case in point, when Bitcoin reached around $20,000 mid December of 2017, the price of Ethereum was only around $600. By mid January of the following year, Bitcoin has already lost around 30% of its price but Ethereum has more than doubled.

It is the capital flow and capital cycle. Whales manipulate the market but their ultimate goals is collecting profits. They get profit in Bitcoin, cash out to USD or stablecoin and dump altcoins at same time. They come back to manipulate altcoins in BTC pairs, get more BTC, and manipulate BTC again to get more USD or stable coins.

Quote

Of course, Bitcoin is the key player. It always has been and will always be the key player. It is always the dominant coin in the market but you cannot create a fixed formula which says when Bitcoin goes up altcoins go up and when Bitcoin goes down altcoins go down as well.

Altcoins are more vulnerable with news and law regulations than bitcoin.

Darker45

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I believe there is no definite pattern here. There were also countless of times when the price of Bitcoin is going down and the prices of altcoins, at least the leading ones, are soaring high. Case in point, when Bitcoin reached around $20,000 mid December of 2017, the price of Ethereum was only around $600. By mid January of the following year, Bitcoin has already lost around 30% of its price but Ethereum has more than doubled.

Of course, Bitcoin is the key player. It always has been and will always be the key player. It is always the dominant coin in the market but you cannot create a fixed formula which says when Bitcoin goes up altcoins go up and when Bitcoin goes down altcoins go down as well.

Fredomago

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Quote from: Wysi on December 10, 2020, 12:57:17 PM

Bitcoin has proved it once again that it's the key player in the world of crypto and prices of altcoins depends of bitcoin, we witnessed it yesterday wherein bitcoin's value dropped which caused huge fluctuations in the value of altcoins and even drove altcoins to red zone but when Bitcoin quickly regained the value he altcoin market got steady.

Investors still Believe and respect the Pioneering and King crypto ,So the movement always depend on how Bitcoin reacted in market.
If only there is no Platforms offering their BS in market we will see that The growing currencies starts and continuing now but of course there are newly created exchange that getting into the situation so we are still in pending now.

Quote from: Wysi on December 10, 2020, 12:57:17 PM

Sometimes we don't see pump in the value of altcoins when Bitcoin surges but whenever there is a adrop in the value of Bitcoin it definitely causes chaos to altcoin market.

there might some Alts that can move in different ways because they are supported by their own investors and Team so they are mostly not affected in each move but how long will it takes to be independent ?well no one knows but if you have been here for quite some time,We already knew what happens in some of them.

TimeTeller

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Quote from: Baofeng on December 10, 2020, 06:49:53 PM

Quote from: Wysi on December 10, 2020, 12:57:17 PM

Bitcoin has proved it once again that it's the key player in the world of crypto and prices of altcoins depends of bitcoin, we witnessed it yesterday wherein bitcoin's value dropped which caused huge fluctuations in the value of altcoins and even drove altcoins to red zone but when Bitcoin quickly regained the value he altcoin market got steady.

Of course if not all, majority of altcoins is paired with bitcoin. So obviously, bitcoin is the measuring stick of all crypto coins. People really don't understand that altcoin market is more volatile than bitcoin, and they think that they can make quick and big money in altcoin, yes it's true, there is this pump-and-dump method in altcoin. But if you are not that careful, chances are you are going to lose your money very fast as well. And just observed that we are near all time high, or as others have said, we have reach in already. But look at the top 10 altcoins, most of the are not even close to 50% of their previous all time highs.

By now, we should know that bitcoin is a major driving force in the cryptocurrency market.
So I don't think, bitcoin needs approval anymore from anyone.
There are alts that are worth following for because of their specific use cases.
However, we always go back to bitcoin whenever we need to convert it to our local fiat or other crypto transactions.
People even non-crypto users are more oriented with btc than any other alts, even with eth or xrp.

Baofeng

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Quote from: Wysi on December 10, 2020, 12:57:17 PM

Bitcoin has proved it once again that it's the key player in the world of crypto and prices of altcoins depends of bitcoin, we witnessed it yesterday wherein bitcoin's value dropped which caused huge fluctuations in the value of altcoins and even drove altcoins to red zone but when Bitcoin quickly regained the value he altcoin market got steady.

Of course if not all, majority of altcoins is paired with bitcoin. So obviously, bitcoin is the measuring stick of all crypto coins. People really don't understand that altcoin market is more volatile than bitcoin, and they think that they can make quick and big money in altcoin, yes it's true, there is this pump-and-dump method in altcoin. But if you are not that careful, chances are you are going to lose your money very fast as well. And just observed that we are near all time high, or as others have said, we have reach in already. But look at the top 10 altcoins, most of the are not even close to 50% of their previous all time highs.

Twentyonepaylots

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Aside from the altcoins being directly influenced by bitcoin. I believe alcoin investors are also influenced by bitcoin's, price fluctuation. Most people are on the no regarding high transaction fees, and yesterday's price is the lowest it can get this year, so it wouldn't be a surprise for alts to lose value as well as mass withdrawals happened. That being said, we can see how great bitcoin's impact is by being the standard of cryptocurrency.

error08

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It's the trend on the market right now as the price is going sideways for weeks, bitcoin value will increase over time that supposedly already reaches $20k but the demand is inadequate to break the wall. Although it falls below $18k, bitcoin will recover to $19k eventually, it just time matters because bitcoin has the potential to reach a new ATH in 2021 and we don't want to miss it by selling bitcoin at this price range.

milewilda

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Quote from: Wysi on December 10, 2020, 12:57:17 PM

Bitcoin has proved it once again that it's the key player in the world of crypto and prices of altcoins depends of bitcoin, we witnessed it yesterday wherein bitcoin's value dropped which caused huge fluctuations in the value of altcoins and even drove altcoins to red zone but when Bitcoin quickly regained the value he altcoin market got steady.

Sometimes we don't see pump in the value of altcoins when Bitcoin surges but whenever there is a adrop in the value of Bitcoin it definitely causes chaos to altcoin market.

They dont really correlate from time to time where market can either go opposite ways or going in the same time but it do prove out that it cant happen always. When bitcoin market is on surge then its neither altcoins would go the same move or would just steady or deeply in reds. When you do see this kind of scenario then utilize up things for your own benefit or making profits opportunity. Bitcoin had never failed to impress us when it comes to dominance and its potential. Although you can make also money with alts but of course you would need to take some risk.

Axelseseclevz

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Quote from: Wysi on December 10, 2020, 12:57:17 PM

Bitcoin has proved it once again that it's the key player in the world of crypto and prices of altcoins depends of bitcoin, we witnessed it yesterday wherein bitcoin's value dropped which caused huge fluctuations in the value of altcoins and even drove altcoins to red zone but when Bitcoin quickly regained the value he altcoin market got steady.

Sometimes we don't see pump in the value of altcoins when Bitcoin surges but whenever there is a adrop in the value of Bitcoin it definitely causes chaos to altcoin market.

Of course bitcoin is the only digital currency with a higher value in the market and with great demand. Bitcoin will always be the market leader that's why altcoin always follow at bitcoins back, it will continue to affect the whole crypto market.

Kelvinid

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Have no question about that, from scratch to become a known cryptocurrency in the world, that was enough to tell that Bitcoin has something to show with us and such potentiality is visible to everyone that knows about bitcoin. This thing has been helping people at this time where the cashless payment system is widely used. Well, not only that but it gives the people also to become profitable.

It was really a big mistake losing such an opportunity, and I dumb to blame myself if I miss this thing.

Shasha80

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Quote from: Wysi on December 10, 2020, 12:57:17 PM

Bitcoin has proved it once again that it's the key player in the world of crypto and prices of altcoins depends of bitcoin, we witnessed it yesterday wherein bitcoin's value dropped which caused huge fluctuations in the value of altcoins and even drove altcoins to red zone
Sometimes we don't see pump in the value of altcoins when Bitcoin surges but whenever there is a adrop in the value of Bitcoin it definitely causes chaos to altcoin market.

However, correlations like this are not always fixed. Sometimes the price of Bitcoin rises, some popular Altcoins also jump sharply. So there’s still a pump
going on here. But we can only count the number of altcoins at the pump fingers. But sometimes the price of Bitcoin rises, some Altcoins experience a lot of decline.
Bitcoin price movements affect the price of Altcoins. but the correlation is not always predictable, but it is the most common trend.
There are several trends that have historically occurred between Bitcoin and Altcoins. Anything can happen. Where that any future events are not necessarily
the same as the conditions in the past.

Wysi

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Quote from: Upgrade00 on December 10, 2020, 02:12:26 PM

Bitcoin has a market dominance of over 60%, this means a change in the price of Bitcoin is significant enough to influence the entire cryptocurrency market, causing the value of altcoins to be somewhat correlated with it.

This of course does not mean every single altcoin would mirror the price changes in Bitcoin, if it was so one would simply buy any altcoin when they expect Bitcoin to pump so as to take profit from it and everyone would be gaining from the market. There is no guarantee on how the market would behave and every coin has to be considered individually if one is looking to invest in them.

I agree with you, even though a good percentage of altcoin fluctuates along with bitcoin's fluctuations but it doesn't mean every altcoin will follow the same and 2018 bearish market was one of the example wherein ETH reached its peak when Bitcoin was dumped but most of the altcoins does get impacted by bitcoin's fluctuations due to large market share of bitcoin. Again things might change in the future as crypto market is unpredictable and we might see vice versa as well.

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