Bitcoin Forum

Why do you think so many altcoins are falling so rapidly, when Bitcoin is doing so well and crawling towards new highs?? ???

Given it was issued with proof-of-work, Bitcoin is not a security and thus is not impacted by the ban on ICOs in China and South Korea, and the enforcement actions on ICOs that the SEC and Australia have already announced.

Also recent news has indicated that China’s ban on exchanges will not impact Bitcoin in every facet, i.e. there will be no ban on mining nor on transacting in BTC.

I do expect the other proof-of-work issued altcoins to catch up with Bitcoin, including eventually BCH and XMR. LTC has also been rising along with BTC.

Actually some of the alts have also risen a lot in past few days, such as NEO and STEEM.

In general, BTC tends to lead alts on the way up, and alts catch up as BTC’s rise matures (as some people diversify their BTC gains into alts).

China's policy towards BTC is slowly getting better 8) 8)

all for the better.. ico are scams anyway

Currently it is probably because of the recent Chinese and Korean bans on ICOs. ICOs are currently a really big part of the altcoin scene and to see it get banned makes a lot of investors doubt their investments and potentially leading them to dumping their existing stash of alts.

Plus, bitcoin was way too bearish and needed an adjustment upwards anyways.

No surprises there with its surge in price.

it has always been like this so far.
bitcoin down ---> altcoins dump hard
bitcoin up -----> altcoins dump

mostly it is because when bitcoin is rising every trader takes his money to bitcoin and wants to participate in that rise and dumps the altcoins or even closing the open buy orders means less resistance and a simpler dump.

when bitcoin is stable is the time for altcoins to get pumped and give profit because bitcoin can not give you profit when it is stable if you are a trader.

The next hardfork of BTC will be at the end of October. Just like the previous one at August, when everybody wanted to receive free bitcoun cash. Now the turn of bitcoin gold ;D

THEY are cashing out the altcoins profits to BTC market.

Then they will crash btc and make alts rise, and repeat

I think so too. Professional traders do not want to get deep into altcoins while there are so many restrictions and bad news about ICOs.

The prices often move like that. If people put money in bitcoin, that usually means they have taken that money out of alts... so sell alts and buy bitcoin means bitcoin price goes up and alts go down.

All the replies have been far off the mark.


That's because all the altcoins are going sideways or down in fiat value while Bitcoin is going up against fiat.  So naturally it's also gaining value vs altcoins.  In these times, it's better to hold everything in Bitcoin with a few exceptions, like Aeon.  Aeon has been gaining fiat value way faster than Bitcoin so it's good to trade that against BTC (but I honestly didn't trade it, way to quick for my taste).

Another potentially fast gainer in the coming days would be Ardor.

That is sort of a tautology isn’t it? As understood it to be, the question was about what caused the altcoin to be going sideways or down in fiat value in the first place. You’re speaking to the pile on effect of that initial condition, but as I understand the OP, it was asking what caused the initial condition.