Topic: Do altcoin investments drop the BTC/USD price? (Read 746 times)
No. All innovation and experimentation in cryptocurrency is good for us all, and the more roads into crypto, the better for Bitcoin.
I can't see it right now so hard to expect it would be in future.
Also right now only few altcoins maters.
Also right now only few altcoins maters.
I realize this is a big concern in the cryptocurrency world. A lot of people want to see all the altcoins wiped off the face of the earth because they think it hampers their bitcoin retirement account. But does it really?...
Alts probably help much more than they hurt.
Recently BTC has been "destroying" the alts. People wanting to get out of BTC >> Dump all alts >>> sell BTC.
Altcoins increase the BTC price because bitcoins are being held by altcoin traders for the purposes of bidding on altcoin exchanges. The media attention and hype from altcoins also brings more new players into the crypto market in general.
The only bad part is the fear that one of these altcoins might eventually get a market cap so large that it steals a noticeable amount of market cap from bitcoin, or replaces bitcoin altogether. But in the current state of affairs there is no such problem.
The only bad part is the fear that one of these altcoins might eventually get a market cap so large that it steals a noticeable amount of market cap from bitcoin, or replaces bitcoin altogether. But in the current state of affairs there is no such problem.
I realize this is a big concern in the cryptocurrency world. A lot of people want to see all the altcoins wiped off the face of the earth because they think it hampers their bitcoin retirement account. But does it really? I've been pondering this lately. If, for example, there is a massive surge to buy dogecoin again (selling bitcoin, of course), does that really drop the BTC/USD price? I'm having trouble seeing how it would. In my mind, it should ONLY affect the BTC/DOGE price, and not the BTC/USD price. On the one hand, sell BTC for DOGE would mean there are more bitcoins available to buy, but those available bitcoins are all bought by people selling DOGE right? Therefore, the buy/sell orders at the BTC/USD exchanges are not affected by people buying DOGE, and thus the BTC price remains the same. Am I wrong in my thinking?
Highly highly unlikely I think: https://coinmarketcap.com/index.html
Check out the capitalization of the other coins... a dent compared to the 5+ billion in BTC.
Maybe the better question is in the future will they drop the BTC price perhaps?
I realize this is a big concern in the cryptocurrency world. A lot of people want to see all the altcoins wiped off the face of the earth because they think it hampers their bitcoin retirement account. But does it really? I've been pondering this lately. If, for example, there is a massive surge to buy dogecoin again (selling bitcoin, of course), does that really drop the BTC/USD price? I'm having trouble seeing how it would. In my mind, it should ONLY affect the BTC/DOGE price, and not the BTC/USD price. On the one hand, sell BTC for DOGE would mean there are more bitcoins available to buy, but those available bitcoins are all bought by people selling DOGE right? Therefore, the buy/sell orders at the BTC/USD exchanges are not affected by people buying DOGE, and thus the BTC price remains the same. Am I wrong in my thinking?
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