Topic: Bitcoin should NOT determine the market (Read 2950 times)
It seems to me that this will always remain so. Bitcoin defines the entire cryptocurrency market and even 10 years after its creation and despite the huge competition, it remains the leader and has an impact on all the coins that exist now. We just need to take it for granted.
Bitcoins should be the main determinant of the crypto market. Bitcoins dominance and volume is a proof that it moves the market and it been used as the determinant of the other coins price in the market is just on point.
Bitcoin is still the backbone of the cryptocurrency market, and if something negative happens to it, it affects the entire cryptocurrency market. He is a leader in capitalization, and therefore he pulls all the coins down.
Why not ? Bitcoin should be the main determinant of the crytpocurrency market , considering it covering more than halve of the market capitalizion and also been the most popular cryptocurrency.
A very important role is played by the fact that bitcoin is the first cryptocurrency in the history. And so it even after ten years is more expensive than all the coins and has a strong impact on the rest of the cryptocurrency. And it is quite logical.
if I don't think Bitcoin needs to be a determinant of prices on the market. If that happens. then there is cheating. because all crypto has no freedom. because it is tied to the price movement of bitcoin
This situation is common in the market, where a coin that is considered very popular determines the price of another coin. Of course this is related to the fundamental thinking of each coin holder, they tend to follow the trends
it is so unfortunate that people wish that bitcoin should not be the determinant factor of the market but then it is obviously not a great idea.When all the coins have in one way or the other a trading pair related to the bitcoin then there is no option but for you to assume that all coins have their reference point pointing towards bitcoin
But nevertheless, despite such a large drop in the price of bitcoin, some coins are still growing. For example, XYO. This coin surprised me quite a lot and allowed me to earn with the help of trading strategy.
Unfortunately everything is tied to bitcoin except for stable coins which are tied to the USD. Some like Ripple were for a while free from the power of BTC and remained stable while bitcoin tanked, but then it also dropped so nothing is immune
Bitcoin is the most reliable and leading currency in this market. For this reason, most of the investments are in bitcoin. Every investor is necessarily taking bitcoin.
The bitcoin system does not control the market and all other cryptocurrencies. People do. When people decided by themselves that it is no longer worth the risk to continue with bitcoin on a given time. They would decide to withdraw some of their coins which resulted to others doing the same like a chain reaction thinking that prices may go down as well even if it is an altcoin. FUDs played a very big role for this. It creates panic when there is no need to. Also another thing I could think of is that many have trusted bitcoin due to available support like bitcoin ATMs which means that they would often use this device as the last step of the process of withdrawing money from altcoins to bitcoin and thus as a result bitcoin movements maybe more similar to the altcoins as if bitcoins control the entire cryptocurrencies.
Bitcoin will dominate the market for many years because it is the most adapted crypto in the world. However time will come when bitcoin will lose it's top position and then we will see new coins rising to the top.
In my opinion, up to ten years into the future bitcoin still dominates the crypto market. But after that the situation can change, because there are several altcoins whose positions are getting stronger, such as Ethereum (ETH) or Dash (DASH). The crypto market is indeed dynamic, because its users are not fanatical about one coin but are interested in coins that provide benefits.
I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.
Just some thoughts, what do yall think??
Just some thoughts, what do yall think??
Yes, I also reflected on this problem and so far it is impossible to find an adequate solution. Now bitcoin performs the function of the dollar in the Fiat currency and it is very sad. Indeed: what happens to bitcoin should not affect the price of other currencies, as they should be independent and free. I hope in the near future someone will offer a worthwhile solution.
Its should be but how can be this possible if the mentality of most of the crypto users are treating Bitcoin as the most promising and the most potential crypto in the market? Maybe Bitcoin will lose the power if there is major conspiracy that will happen just to crash Bitcoin and step up some Altcoin but this will involve a huge financial resources to make this possible.
For someone outside the crypto community, bitcoin is crypto. It can't be helped that btc's movements in a way influence the market as a whole. Bitcoin anyway, brought awareness to this market so i think that's understandable.
In this case, Bitcoin is deservedly the most valuable asset. Only thanks to him all cryptocurrencies and the crypto market as a whole exist. Perhaps after some time, Bitcoin will become primarily a subject of collection (as now art objects) and this situation will change.
Ordinary people cant solve the problem you voiced. For us, once again this issue will be decided by the management of our states. So I strongly doubt that something will be created that will improve the position of ordinary traders in the world of crypto currencies. So, perhaps right now, we are in the market when we can do what we want and get what we want for it. And this volatility only gives attractiveness to this market and gives us the opportunity to earn. Just think about it.
Ordinary people cant solve the problem you voiced. For us, once again this issue will be decided by the management of our states. So I strongly doubt that something will be created that will improve the position of ordinary traders in the world of crypto currencies. So, perhaps right now, we are in the market when we can do what we want and get what we want for it. And this volatility only gives attractiveness to this market and gives us the opportunity to earn. Just think about it.
Its should be but how can be this possible if the mentality of most of the crypto users are treating Bitcoin as the most promising and the most potential crypto in the market? Maybe Bitcoin will lose the power if there is major conspiracy that will happen just to crash Bitcoin and step up some Altcoin but this will involve a huge financial resources to make this possible.
Right on. The better start would be to remove BTC pairs and start pairing altcoins with something else.
Bitcoin will dominate the market for many years because it is the most adapted crypto in the world. However time will come when bitcoin will lose it's top position and then we will see new coins rising to the top.
In my opinion, up to ten years into the future bitcoin still dominates the crypto market. But after that the situation can change, because there are several altcoins whose positions are getting stronger, such as Ethereum (ETH) or Dash (DASH). The crypto market is indeed dynamic, because its users are not fanatical about one coin but are interested in coins that provide benefits. Bitcoin will dominate the market for many years because it is the most adapted crypto in the world. However time will come when bitcoin will lose it's top position and then we will see new coins rising to the top.
Bitcoin has many competitors and new altcoins appear all the time, but it won't be able to shift the dominance of bitcoin from the crypto market. This is because bitcoin is the first, most expensive, most popular and proven to have created many millionaires throughout the world. The history of bitcoin prices in December 2017, made bitcoin hunted by investors.Not only btc but also Ripple and Ethereum rules the market. ETH and XPR, and even EOS, are already well-known to big players. As for smaller alts, they are not liquid enough.
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