Why are all the alts suddenly tanking against BTC?

aysyr

sr. member

Activity: 308

Merit: 250

Quote from: 237 on May 06, 2013, 05:05:00 AM

FTC/CNC are only getting dumped by the miners.

Does anyone REALLY believe, that will be used as currency to buy things in the future?

Actually there's already been adoption by a few merchants such as a floor cleaning product called Got Spots and an SEO/web design service.

hughperman

newbie

Activity: 42

Merit: 0

Quote from: mtbitcoin on May 06, 2013, 05:18:14 AM

Quote from: medicine on May 06, 2013, 05:16:54 AM

Quote from: mtbitcoin on May 06, 2013, 05:14:49 AM

When BTC prices go up, the ALTs proportion against BTC goes down and vice versa. This is especially true for LTC

And the SH#%#$y thing is, when btc goes down LTC also follows Sad

Price yes, but not the BTC/LTC ratio

Yep LTC and BTC seem pretty well tied together.

Craftyman

member

Activity: 75

Merit: 10

People are spending money previously invested in other altcoins on the new ones. BTC price also hasn't moved during this time, so naturally those coins are lower priced. The price will correct within a few days I'm sure.

mtbitcoin

legendary

Activity: 876

Merit: 1000

Etherscan.io

Quote from: medicine on May 06, 2013, 05:16:54 AM

Quote from: mtbitcoin on May 06, 2013, 05:14:49 AM

When BTC prices go up, the ALTs proportion against BTC goes down and vice versa. This is especially true for LTC

And the SH#%#$y thing is, when btc goes down LTC also follows Sad

Price yes, but not the BTC/LTC ratio

medicine

hero member

Activity: 697

Merit: 501

Quote from: mtbitcoin on May 06, 2013, 05:14:49 AM

When BTC prices go up, the ALTs proportion against BTC goes down and vice versa. This is especially true for LTC

And the SH#%#$y thing is, when btc goes down LTC also follows Sad

mtbitcoin

legendary

Activity: 876

Merit: 1000

Etherscan.io

When BTC prices go up, the ALTs proportion against BTC goes down and vice versa. This is especially true for LTC

medicine

hero member

Activity: 697

Merit: 501

I think relatively few people buy and sell alt coins. I wouldn't call these price moves tanking either.
Each of the alt coins has it's own supporters and the newer coins just have fewer supporters.
You can create value out of thin air if the masses adopt the coin, such as the case with bitcoin and to a much smaller extent LTC, but people who think they can create a new alt coin and magically it has value are mistaken.
There are too many new coins with barely any supporters so once the few supporters jump on board there is no more support to hold up the price.
There isn't room for 20 different alt coins at the moment. There is barely room for 2.
That's my thought.

237

sr. member

Activity: 264

Merit: 250

FTC/CNC are only getting dumped by the miners.

Does anyone REALLY believe, that will be used as currency to buy things in the future?

balu

full member

Activity: 208

Merit: 100

LTC is still 0.03x, so it went down with like a few percent max. It's definitely the strongest alt currency.

The devaluation of FTC/CNC was predictable - they were totally overvalued because of the hype.

BBQKorv

sr. member

Activity: 280

Merit: 250

They did the very same after the previous LTC bubble. There is something similar in here now.

TsuyokuNaritai

hero member

Activity: 574

Merit: 500

LTC, PPC, NMC, TRC, NVC, FTC, CNC... they're all suddenly going South at the same time relative to BTC.

Did anything in particular happen, or is it just coincidence? Is it just because BTC is going up against USD?

To altcoin haters: Please don't just say "because altcoins suck" unless you have a good reason why you think they suck significantly more than they did yesterday.

Topic: Why are all the alts suddenly tanking against BTC? (Read 1021 times)