The price of BTC is falling out right now and many alts will follow suit unless there is a quick rebound in BTC price. I dont have the first clue on why the volume from US markets is so large ATM, its usually China that has 3/4 of the traffic, but for whatever reason there is much trading going on in the US based markets... we might be in a rough spot right now in terms of current value unless China wakes up and eats the cheap BTC. BTC was around 657 on the 11th and now has fallen to under 600.
Im wondering about the price relation between a alt-coin & BTC for some time now:
I like to messure the value in BTC, so whatever the BTC/fiat rate is, i always relate to btc. If this is true the current drop in btc/fiat is no issue, the rates stays the same
But some friends like to think of the price of a alt in fiat so say 1XC is about $0.90, If this is true the drop in the btc rate should not affect the alt, the price stays $0.90 so the price in btc needs to rise now.
But some argue that all coins are related, because the fiat/btx rate is mainly determent by people looking at the crypto world from the outside in. If this is true all ALT prices should also drop both in fiat as btc value. The effect should be stronger in a alt. Long term price development in coins like LTC seems to support this.
Where do you stand?
IMO, Alts right now are in the shadows of BTC, and its going to be a long road before people would relate to any alt as in "name of alt" vs fiat. Im not sure how long it took LTC, but even then its not accepted like BTC at retailers.
Its going to need a mentality break to get people away from thinking vs BTC. It would be awesome if XC was the first to do so. We have seen a few alts try this and fail, the only one that I can think of after LTC, would be doge, but that burnt too many newcomers into investing into it high... might have left a bittersweet taste in their mouths.
I guess the real question is to think of HOW to have people chose to get on with pricing the alt coin vs fiat. The first obstetrical of course is what makes it better than the alternatives. BTC will be a tough cookie to crack, and we need to have acceptance of the cryptos much more wide spread in order to allow alts to have a place in such a world.
