Other cryptocurrencies follows same graph as bitcoin, what is your opinion?

buternasek

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Quote from: btj on June 09, 2018, 10:34:06 PM

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

because almost all of the altcoins traded, are converted to bitcoin.
it's no wonder that bitcoin falls all altcoins also follow bitcoin. the point is all determined by bitcoin.

Ilegendph

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Quote from: Herlina on June 10, 2018, 01:02:42 AM

Quote from: btj on June 09, 2018, 10:34:06 PM

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

I think that's because Altcoins are mostly traded in Bitcoin/Altcoin pairs and if Fiat price of Bitcoin falls, then the Fiat price of the Altcoins will fall in almost the same amount

I think this is the real reason behind this. Many crypto traders in the world needs to exchange their local currency for bitcoin before they can buy their crypto. Ofcourse in effect, whenever bitcoin falls every other altcoins that depends on it will also fall but I'm not saying that all of the altcoins because there are altcoins that resist this kind of bearish trend of bitcoin.

tanjilrifat

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This is what usually happens in the crypto market where btc is the baseline for any movement in the market.All the alts follow bitcoin and bitcoin has a huge influence over the market.

Jorge158

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This just tells us that bitcoin is the KING of crypto and I don't see any coin overtaking it. Bitcoin will always rise when it falls unlike some altcoins which remains stable and that's the end.

Dmitry.Vastov

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Quote from: btj on June 09, 2018, 10:34:06 PM

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

I don’t think that all other crypto currencies can follow the same graph as possessed by bitcoin. Bitcoin is very sustainable and versatile crypto currency and the growth curve of bitcoin is almost a ascending straight line which means that the growth of bitcoin is very high comparatively to all other crypto currencies so I don’t think that the growth graph of all the crypto currencies can resemble to that of bitcoin because if we look at the valuation then also bitcoin is leading all the crypto currencies.

Herbert2020

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Quote from: Nahl on June 17, 2018, 02:47:05 AM

i don't know the exact reasons why if bitcoin price fall then altcoins also will following bitcoin but in my opinion this is happened with many times because when the price fall then people also will dumped their altcoins too following bitcoin that's why altcoins will always following bitcoin price movement

you know what, sometimes you don't even need to know the reason for it! you just have to know that when bitcoin goes down, altcoins get dumped right afterwards. this can create a lot of good trading strategies for you. for example you place a watcher on bitcoin price and as soon as you see the drop (within seconds) you short altcoins and wait for them to reach the bottom and have a dead cat bounce to make another quick profit.

bitvalak

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probably because the bitcoin factor becomes central to all types of altcoin, hence it seems as though other coin charts could be similar to bitcoin.

Nahl

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i don't know the exact reasons why if bitcoin price fall then altcoins also will following bitcoin but in my opinion this is happened with many times because when the price fall then people also will dumped their altcoins too following bitcoin that's why altcoins will always following bitcoin price movement

ambisyon

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I agree with the subject wherein for every rise and every drop mostly depend on bitcoin's performance in the market. This is what usually happens in the crypto market where btc is the baseline for any movement in the market. Bitcoin and altcoins are correlated with the other where you can notice that for every bear and bull market, the performance of both btc and alts are directly proportional to one another.

richan

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Bitcoins is the major cryptocurrency that almost all altcoins are paired with. The volume of bitcoins is so huge that any movement it take, other coins that is paired to it also goes the same direction. I think bitcoin can be use as indicator to trade other alternative currencies.

micher143

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Quote from: btj on June 09, 2018, 10:34:06 PM

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

In fact that was a truth behind the movements in the market. Most of the other cypto currency are considering depended in the movements of bitcoin and most of this coins are altcoins. When the movements of btc are in down trend thus the other crypto are automatically in down trend also and when the btc movements are starting going up the others are going up too.

warning_btc

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In crypto world everything is connected to btc.
Many true crypto trader trade only for bitcoin, she dont calculate their income in usd.
But when all top coins falling some new project rise up

daarul50

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Quote from: btj on June 09, 2018, 10:34:06 PM

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

The main reason is that the purpose of the investors diverting their assets to altcoin is to get more bitcoin so that altcoin prices follow and may even always be the same graph like bitcoin unless there is a new altcoin that can actually be separated and not bound by bitcoin, the altcoin completely stand alone without seeing any other coins. For that reason, then do not be surprised when bitcoin experiences movement either up or down then altcoin will follow the movement of bitcoin.

shkwarka333

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Altcoins follow bitcoin as trades are held on their basis, that is, in the pair bitcoin\altcoins . Similarly, with most altcoins paired with Ethereum, the problem is identical.

tunapa

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This is simply because Bitcoin is number one and all other coins tend to follow its market trend .Most times, Bitcoin also affects other coins and they fall Also and vice-versa. So its just a simple analogy.

microwave

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Quote from: btj on June 09, 2018, 10:34:06 PM

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

In thousand of crypto currency it will expected to have the same graph of Bitcoin but they are not coppied the good feature and good price value of bitcoin. Good promesis they expect to get is not reachable but all you want to get through Bitcoin is always available.

hasmukh_rawal

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Quote from: btj on June 09, 2018, 10:34:06 PM

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

This question has already been asked so many times. You can use the search box to find more relevant answers.
The simple reason behind this is that BTC is the major pair of almost all the cryptocurrencies. Being the first cryptocurrency it has been used to pair with all the fiat currencies as well as cryptocurrencies(altcoins). Whenever the price of BTC falls down, the price of altcoins in terms of fiat will fall down too.
People also panic and sell their altcoins when BTC falls which leads to further decline in their price in terms of BTC as well as fiat.

Markmolotok1488

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Unfortunately, this is still so, I hope that bitcoin dominance will decrease, because it hinders the development of other coins. I believe that there should not be such a strong correlation.

paogege

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This is normal, and I think Bitcoin is the mainstay of cryptocurrency. It will naturally decline, while others will decline. Bitcoin dominates the entire market.

MatthewNaccarato

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Yes, you are right. The price of other altcoins is dependent on Bitcoin. When the price of Bitcoin falls, the price of altcoins also drops as well.

Topic: Other cryptocurrencies follows same graph as bitcoin, what is your opinion? (Read 405 times)