Topic: Can someone explain this drop for all the main crypto-currencies? (Read 1851 times)
Looks like someone's auto trading program got some bug, auto massive sell off
October 01, 2013, 09:56:04 PM
If there are "n" exchanges where you can exchange "X-cryptocurrency" for "Y-cryptocurrency," and suddenly there are "n-1" exchanges, (IMHO) I would expect a short term drop in price for all currencies that could be traded on the defunct exchange while the former-users of the defunct exchange migrate to one of the remaining options for buying/selling cryptocurrency.
Right?
Right?
September 26, 2013, 06:35:05 AM
If those currencies are mainly based on Bitcoin trade they will follow drops in price according to Bitcoin drop.
September 25, 2013, 05:49:22 AM
Very few ways to trade altcoins for fiat. In general, the market views altcoin values in terms of how many it takes to buy a bitcoin due to the practical reality that most of the transactions are done in this way. It is fairly clear that it wasn't a fundamental change in value but a technical trading dip, which means there was no process of altcoins realizing greater fundamental value as compared to BTC.
September 20, 2013, 10:03:29 PM
It's because altcoins are typically traded for bitcoins, not fiat. There was never a drop in value of altcoins, ie, they were still worth the same number of bitcoins. So when the fiat value of bitcoins drops, so does the fiat value of all altcoins. Note that the more volatile an altcoin is, the less noticeable this effect is as it gets lost in the "noise".
September 20, 2013, 10:03:06 AM
Isn't Bitcoin the only 'main' currency?
I guess. Well the others that sorta have some potential I mean.
September 20, 2013, 08:52:42 AM
Isn't Bitcoin the only 'main' currency?
September 20, 2013, 08:47:45 AM
It's weird because after that the other currencies don't seem to have that specific drop.
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