Bitcoin Forum

Can somebody explain why that is? They were correlated in the past 1 month seemed like. Now when BTC dumped everything went down with it.

isn't like this every time? i mean, alt coins rely on BTC price, there is no alt which is independent from BTC in the good and in the bad.
The alt coins prices are always following the BTC trend, not strictly but it's more or less the sam, is BTC growing? alt follow up, same when BTC goes down.. nothing new for me

I agree that.  All popular altcoins have deductions around 15% in a day , just exchange coins to gain back some value is not useful this time..

Such a situation has appeared many times before. BTC is the vane of encrypted currency. When the bitcoin is adjusted, other encrypted currencies will rise immediately. I think it's mainly the capital of the market. Because most of the capital is in the mainstream currency. When bitcoin absorbs a lot of money, the profit will turn to other mainstream currencies. ETH is a good choice.

Just stick to the scheme:

BTC price goes up -> Alts price goes down
BTC price goes down -> Alts go down
BTC price stays on the same level -> Alt go up

In 80% of the cases this is the truth. We saw that the whole market was in a uptrend the last days BTC + Alts. There was a lot of FOMO. So a correction is now the logic conclusion since the market was to inflatet because the pattern was broken by this unorganic growth.

Just hold you coins and in a week you will see new hights.

So this is probably my fault.  I decided to purchase a lot of LTC and ETH yesterday, so of course they dropped.  My guess is the coins will fizzle out in the near future and leave me profitless:(

When bitcoin takes a hit, usually altcoins will take a larger hit because people sell altcoin to bitcoin to cash out.

Well, It is why exactly Bitcoin is the king of all cryptocurrency

I can only speak for myself to make my point. I saw the Bitcoin price and Alt coin prices going up and I took some profits from the Alt coins to prepare for the next dip in the Bitcoin price. I know with every Bitcoin price spike, there will be a correction and a massive dip in the price. <so I wanted to be ready for that>

If other people have the same strategy, this simultaneous dip in prices would make a lot of sense. ^smile^

It happened before because there were people who intentionally manipulated the prices, trading their coins directly to those altcoins. The previous dip on bitcoin price was not a manipulation but rather an effect from people who sold their coin directly to their fiat currency. I remembered seeing almost all of the currency having red marks during the correction. We need to accept that there are investors who set their ceiling price at $10,000 and when bitcoin reached it they sold their coin. It may not be considered as panic selling but it really affected the market since bitcoin's price is only based on demands from investors.

that will never happen unless they are already getting pumped which doesn't happen every month! it is rare. all the other times, these altcoins will get dumped even harder when bitcoin price drops. and they even get dumped when bitcoin price rises.

the reason why it happens like this is not important if you are just looking for investment and making profit. you should just know that it happens.
i have a couple of theories about why it happens, but the one that i like is the fact that altcoins are like penny stocks, nobody cares about them. they are only used as temporary toys to make more profit during bitcoin stable times. the rest of the times everyone comes back to trade bitcoin and leaves altcoins that is why they always drop hard like this.

I see at least two types of dump. One is the quick - move your Bitcoin into alts dump, that moves their price up. This is more of a trade and keeps money in the ecosystem.
The second type is a real SHTF sell, where people are cashing out. They are selling whatever they have as they think it is going down.

The number of transactions in the blockchain should show the difference between the two, I think the 2nd type is the bigger move, I mean we are all used to $300 falls now, but $3000 falls do scare even the loyalest HODLer.

Tether is scary for Alts and Bitcoin alike, so if it is Tether related, I can see why everyone would sell everything!

It is always on a rare case that the price of bitcoin will depreciate while the price of ethereum appreciate. When ever bitcoin price drops most altcoin price usually follow suit.

i think no because altcoon depends on how bitcoin price rises hehehe. that's my opinion
altcoon or other cryptocurrency was based on how bitcoin work it is like they are such twin and if they need to work
nut who knows if that happens it is a new era for altcoins