Topic: Why does Bitcoin seem to have a high influence over other cryptocurrencies? - page 3. (Read 588 times)
July 21, 2022, 05:43:48 PM
No currency lives the cryptocurrency reality more or even as bitcoin! I don't know if you understand what I mean by this but living the cryptocurrency real is being truly anonymous and a decentralized means of operation. This is what bitcoin is mostly about, from its founder to the various individuals that owns a satoshi out there. Now this is something that altcoins around the cryptospace could never be proud of. They've all got bitcoin to emulate and benefit from but non of it is sure to come close to what bitcoin represents. Bitcoin is freedom and haven't been around for over a decade, bitcoiners have come to trust in the currency to be absolute.
July 21, 2022, 05:41:20 PM
Over the years, I have noticed that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that altcoins go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.
When you are the first or shall we say that ones who had invented or had existed in terms of something having that revolutionary aspect likes decentralized and anonymous then this is something that cant really be forgotten and being the first would really be giving that huge impact and getting that main attraction or attention by the masses or by the community thats why whenever it do make out its price whether in bullish or bearish then it would simply be dragging out the entire market into the same path or trend.It might not be 100% precision since there are coins which are moving into different path but most likely this is really the case.But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.
Reason? there's soo much trust and support from the community on bitcoin despite its tech or characteristics is less better than with those modern or new blockchains but people cant really just forget
on what this project had made out.
July 21, 2022, 05:31:41 PM
Bitcoin is a unique cryptocurrency because of its glorious history spanning more than 10 years. Compared to alternative cryptocurrencies, people view bitcoin as being more trustworthy. Second, without any time restrictions, practically anyone can send and receive money around the globe using bitcoin.
July 21, 2022, 05:03:13 PM
This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.
Yes OP and also use the Search Engine you will find all the necessary information needed. Bitcoin is without argument the best coin and no one can deny that. Even Elon twitting about anoth coin can not make you compare any more shit coins and sub coins to Bitcoin.
One can so the altcoins movement with the movements of Bitcoin in both directions. Since they are first created they have always stood out with comparing to other coins.
July 21, 2022, 05:01:27 PM
Over the years, I have noticed that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that altcoins go up in price shortly after. .
Bitcoin is the first digital currency and if not for anything that should be the first reason why it need to be the lead over all over cryptocurrencies, take a look at the value and price, here you could deduce how high the difference is compared to other cryptos, if you take a look at most of the investor, they have bitcoin as thier main focus coin to invest, they do this in other to play safe with their entire investment from crashing with altcoins.
July 21, 2022, 04:56:46 PM
This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on the bitcoin price in USD.
This happens to be the most valid explanation to thos questions, a lot of threads have been made on this topic before and members have given their various experiences and explanations about this. But the primary reason why altcoin price always depends on Bitcoin for its price movement is that most altcoins are paired with Bitcoin on the most exchange so whatever affects the price of Bitcoin will have a reflection in the altcoin market. One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on the bitcoin price in USD.
July 21, 2022, 04:33:05 PM
Over the years, I have noticed that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that altcoins go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.
But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.
Bitcoin was the first and that is likely to keep it as the primary cryptocurrency for a long time to come. People use it's price as a gauge and it usually has at least a loose correlation with all others as you've seen. Many people will use the price of Bitcoin to figure out which way the market is moving and if it's going up they'll start pouring money into other cryptocoins as well, hoping to find the next unicorn to ride. You try to associate logic to the movements and might be able to come up with some rough ideas, but it gyrates much like the stock market - it's using massive pools of information along with the prevailing emotions of every buyer & seller at any particular moment.
July 21, 2022, 04:16:29 PM
This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.
July 21, 2022, 03:55:10 PM
It's normal, when Bitcoin is affected, the whole cryptocurrency market will be affected. Many reasons behind that, mainly panic. When people start to cash out from exchange then the Liquidity starts dumping. So traders start to move funds from each coin to others or push in Bitcoin. Traders are afraid when Bitcoin starts dumping, so they sell their holdings to secure their portfolio. That's how more dumps happen. Keep in mind, that Bitcoin is the mother coin, psychology works here.
July 21, 2022, 03:30:06 PM
Over the years, I have noticed that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that altcoins go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.
But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.
Jump to: