Topic: Bitcoin should NOT determine the market - page 16. (Read 2990 times)
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 asset determines the entire market....
it is not a good thing that the price of BTC determines what the entire market does.
i agree with this statement but the problem is not with bitcoin, it is not with the market nor the users. the problem is with the altcoins themselves. they are useless and they are practically built to be speculative assets. and when you make a secondary adjoining market to bitcoin then you are making a tool for people to earn bitcoin and that is what everyone is doing.
in fact the most common answer to the question asking "how to earn bitcoin" in these mass spam topics is "trade altcoins".
This will continue to happen unless bitcoin loses dominance. When people buy crypto, what do they usually buy first? Bitcoin. Simply because bitcoin has the highest amount of adoption compared to all other coins/tokens combined. Will this change in the future? Maybe. Maybe not. Probably if we get a good and safe stablecoin.
It's because BTC dominance is still remains pretty high at nearly 40%. BTC/ ETH are still the major pairs to trade other coins.
If more exchanges were to support fiat pairings, then we might see a change in trend.
If more exchanges were to support fiat pairings, then we might see a change in trend.
I'll be short and clear, the majourity traders around the world have BTC, don't you see the rumours of 10.000$ and 100.000$ so no one wants to miss the opportunity or buy it late after rising.
I think that the problem lies in the fact that most people investing in Crypto see it as an overall market with no separate identities. It will probably take years but moving forward as crypto markets and economies expand and gain recognition each coin will be able to speak for itself.
The problem is you can't control what someone else is going to do with their coins, every time there is a down trend in BTC people begin to panic sell all of their coins. Not everyone but people who are newer to the space, look at it like stocks, or in general don't believe in the idea behind each coin.
For now things will remain the same because BTC is the name people know and come into the crypto world believing. It's the first out of the gate so everyone is looking to it as an indicator of the overall market.
The problem is you can't control what someone else is going to do with their coins, every time there is a down trend in BTC people begin to panic sell all of their coins. Not everyone but people who are newer to the space, look at it like stocks, or in general don't believe in the idea behind each coin.
For now things will remain the same because BTC is the name people know and come into the crypto world believing. It's the first out of the gate so everyone is looking to it as an indicator of the overall market.
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??
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