Topic: the ALT coins effect on BTC price and availability (Read 795 times)
Speculators are attracted by new coins check the charts BTC and LTC value will stabilize in time. Good for merchants....
Notice how the price as flatlined around the low 100 range since the rush of all these new alt coins? I feel like they're just holding back Bitcoin and LTC from going back to where they were and continuining to grow.
i was only referring to the new 25 bitcoins every 10 minutes or so. Are the new alt coins sales absorbing part of them?
We've seen a rush of new alt coins in the past weeks. As we all know it's like money being made out of thin air. Once they hit an exchange early miners and insiders rush to cash in into BTC. Perhaps half of those BTC are sold and the other half is kept in the miner wallets. What effect does it have on the BTC USD price, if any? I would expect a high percentage of newly minted BTC never make it to the USD market, contributing to the rise of BTC/USD.
Any opinions?
Any opinions?
I suspect that some of the buying of those newly mined altcoins are speculators hoping to nudge the price up. So unless they already hold bitcoins they would have needed to buy bitcoins in order to trade them for the altcoins. That is new transaction volume for bitcoin that might not have otherwise occurred -- so in that sense, markets for other altcoins benefits the bitcoin exchange rate.
Now the amount of funds these altcoins represents though is a relative tiny fraction of the total dollar valuation of bitcoins -- so the impact on the bitcoin exchange rate is minimal.
We've seen a rush of new alt coins in the past weeks. As we all know it's like money being made out of thin air. Once they hit an exchange early miners and insiders rush to cash in into BTC. Perhaps half of those BTC are sold and the other half is kept in the miner wallets. What effect does it have on the BTC USD price, if any? I would expect a high percentage of newly minted BTC never make it to the USD market, contributing to the rise of BTC/USD.
Any opinions?
Any opinions?
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