What would a sudden skyrocket of Bitcoin price do to other alt coins?

joshua3m

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Quote from: GigaCoin on March 13, 2014, 03:32:24 PM

depends on which alts we're talking about. but generally a booming Bitcoin takes the whole market up with it

still bitcoin for last couple weeks is steady around ~600$ but most of the alt-coins are going down (excluding occasional pumps and dumps)
I think it's more about alt-coin market which is filled with more and more coins which doesn't get long enough support..

People are just getting confused what to mine or what to support... and how many weeks like that we will see in future...

https://lh4.googleusercontent.com/-gzNj17gZMVA/Uxj4nYOaWKI/AAAAAAAAFF8/9N-zOguP2zE/w1598-h541-no/11.PNG

GigaCoin

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Giga

depends on which alts we're talking about. but generally a booming Bitcoin takes the whole market up with it

hellscabane

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Intuitively, it may make sense that if BTC goes up then alts must follow, but during the amount of time I've watched alt-currencies and BTC, I rarely see that trend follow directly.

Most of the time, I notice that there is a delay in the market caps when tied to fiat of the alt-coins tied to BTC (usually a delay that is proportional to the amount of time that there is a spike). In terms of alts-BTC, I have usually seen an alt's price first drop before having a surge that leads to an over correction and then afterwards dropping again to a different floor.

bgmc

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but for now, the alts are all tied to btc. If btc goes up, alt goes up.

bytesnpieces

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This shows you quite nicely what all the alt-coins did during the previous two run-ups. You can see that they all mostly jump with bitcoin and then slowly descend as their bubble fades...

http://bitinfocharts.com/comparison/marketcap-btc-ltc-ppc-doge-nmc-qrk-ftc-nvc-vtc-wdc-trc-frc.html

press the log button in the bottom left corner...

https://i.imgur.com/PrnlqwO.jpg

solid12345

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Quote from: btc4ever on March 12, 2014, 07:57:21 AM

and percentage wise many of the alts rose more spectacularly than bitcoin did, especially those that were only priced in LTC. I view the alts as a riskier and more leveraged investment than BTC.

My theory is alts have a future just in speculative value alone, the real crypto gold rush has really begun now, a lot of people including myself feel like we missed the Bitcoin train somewhat and now that it's gone more mainstream we are searching for something that could replicate at least a quarter of it's success. While most alts are junk and will die I think a few will survive and blossom just for this reason alone.

btc4ever

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and percentage wise many of the alts rose more spectacularly than bitcoin did, especially those that were only priced in LTC. I view the alts as a riskier and more leveraged investment than BTC.

saddambitcoin

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Demand for altcoins drops when BTC approaches a new ATH. Everyone will have all their funds in BTC when they see it going up. When the next bubble is fully underway and BTC mania hits...then altcoins will follow. It happened twice last year.

El Dude

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Quote from: Tirapon on March 11, 2014, 10:52:52 PM

Litecoin will follow it as if connected with a bungee chord.

this

TERA

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it depends if alts are added to new exchanges. the last bubble was caused by China and the alts were added to Chinese exchanges too which is why they rallied along with Bitcoin. The next btc bubble is likely to be caused by exchanges opening in New York. The new exchanges will probably take volume away from btc-e which has already lost a lot of its trust and volume recently due to the cyprus/russia events. If btc-e and the existing alt exchanges are still the only exchanges trading alts and they aren't added to the New York exchanges then alts vs btc will likely drop.

Tirapon

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Quote from: bubble_bobble on March 12, 2014, 12:33:50 AM

you can bet that somebody knows the answer to this question and has a system for taking advantage of these things, but they sure aren't sharing it.

I just did.

bubble_bobble

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you can bet that somebody knows the answer to this question and has a system for taking advantage of these things, but they sure aren't sharing it.

Bit_Happy

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A Great Time to Start Something!

Quote from: derpinheimer on March 12, 2014, 12:07:12 AM

Quote from: Bit_Happy on March 11, 2014, 11:40:15 PM

Quote from: derpinheimer on March 11, 2014, 11:20:20 PM

Odd as it is, altcoins seem to work in a hyper-reactive cycle with bitcoin.

By that I mean, if bitcoin goes up, the rate of altcoin/BTC also increases, on average.
....

On average, that only started in Dec (not before) and continued into Jan, but lately has changed and alt's are in a "horrible" slide.

Ah, I see. Thats about as long as I've been paying any attention to them.

Gotta wonder what the people behind these swings are thinking.

Dec was unique since so much new money was flooding in.
Cash into >> BTC .....buyers see alt's going crazy >>> Buy more alts

Also Cryptsy "only" had ~100 markets then, now it's over-done and looking a bit ugly.
ps. This is possibly a great time to buy some alts, since they are down ~90%

derpinheimer

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Quote from: Bit_Happy on March 11, 2014, 11:40:15 PM

Quote from: derpinheimer on March 11, 2014, 11:20:20 PM

Odd as it is, altcoins seem to work in a hyper-reactive cycle with bitcoin.

By that I mean, if bitcoin goes up, the rate of altcoin/BTC also increases, on average.
....

On average, that only started in Dec (not before) and continued into Jan, but lately has changed and alt's are in a "horrible" slide.

Ah, I see. Thats about as long as I've been paying any attention to them.

Gotta wonder what the people behind these swings are thinking.

Bit_Happy

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A Great Time to Start Something!

Quote from: derpinheimer on March 11, 2014, 11:20:20 PM

Odd as it is, altcoins seem to work in a hyper-reactive cycle with bitcoin.

By that I mean, if bitcoin goes up, the rate of altcoin/BTC also increases, on average.
....

On average, that only started in Dec (not before) and continued into Jan, but lately has changed and alt's are in a "horrible" slide.

derpinheimer

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Odd as it is, altcoins seem to work in a hyper-reactive cycle with bitcoin.

By that I mean, if bitcoin goes up, the rate of altcoin/BTC also increases, on average.

As we have seen from the crash earlier this year, many altcoins have lost values near 90%, and just about all at least 50%. This is no coincidence. When Mr. Whale bought it up to $700? A lot of alts also went up.

So, say someone owned 1000 CrapCoin, at .01BTC ea.

Bitcoin drops 30%. They are now 30% less wealthy. But, CrapCoin will drop to maybe 0.003BTC ea... so, now they are 80% less wealthy.

I really dont understand why though. It seems like its suicide to work in such a fashion.

chriswilmer

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Quote from: Tirapon on March 11, 2014, 10:52:52 PM

Litecoin will follow it as if connected with a bungee chord.

+1

It's very counter intuitive until you've seen it happen a couple of times. I think what happens is that BTC holders suddenly feel very wealthy and begin to "diversify" into riskier assets... so you see surprising price rises in strange things following a Bitcoin bubble (but before the Bitcoin bubble bursts).

msc

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Quote

Traders will put money into BTC if it's shooting up, taking money out of the alt market.

Quote

Litecoin will follow it as if connected with a bungee chord.

Both of these. Some people will want more BTC if it's rising faster. But some people will want alts if they think BTC is too expensive.

Tirapon

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Litecoin will follow it as if connected with a bungee chord.

Bit_Happy

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A Great Time to Start Something!

Well alt/USD will obviously go up for almost all.
alt/BTC used to go down on BTC rallies, but Dec was a massive move for BTC and even more so for the alts.

Topic: What would a sudden skyrocket of Bitcoin price do to other alt coins? (Read 4471 times)