Bitcoin Forum

Hi All

I am a newbie and have a couple of questions, I am hoping you can provide advice on. I have bought XLM/BTC and XRP/BTC which has dropped over the last couple of days. I have heard the SEC may approve the EFT on the 16 August 2018 which will boost the BTC price. With the BTC Dominance at 47.3% should I sell and accept a loss or not sell and wait till I make my money back? Also in your opinions will the Alt coins vs BTC plummet if the BTC shoots up to $15-20K? If this is the case I take it you stay with BTC and then buy the ALT coins when the XLM/BTC is very low?

Many Thanks

Seabass22 

I know for a lot of people on here the only coin is Bitcoin but I do think there's room in the market for other coins (except XRP which goes against everything crypto stands for). However for now it appears that Bitcoin is king. I do think that if Bitcoin goes up after the decision that other altcoins will go up with it, but just not as much.

Bitcoin is the face of the crypto-currency market. So everyone is watching what happens to it. So it turns out that a lot depends on him

The Bitcoin ETF was declined again so dont make any decision based on that, and Altcoin prices are closely connected to bitcoin price because of all the trading done between them so if BTC price shoots up to $15k then you'd see a similar response in other coins, albeit not as much.

I also want to warn you to be careful if you attempt to trade this.  You may end up with a lot less coins than you started with unless you have experience and a solid plan.  There are tons of posts where people tried to get cute and lost a ton of their nut. 

Bitcoin is the crypto market dominator and so it sets the price of all altcoins. Since you recently bought in BTC and ETH, I'd recommend to hold as these are the 2 coins you'd want for long-term investment.

I suggest that you wait for a good price that can profit your investment. Do not sell in a losing price that is not a right business mindset. Bitcoin price affect other coin because bitcoin take the lead in the market. It act like a rule model in the crypto market. So every altcoin will follow the market movement that is why when bitcoin price goes up all altcoins will go with it too.

Agree, altcoin price depend on the market movement of btc for every trend it will move either up or down since btc and altcoins are very much correlated with each other. I would somehow suggest that you hold your altcoins and monitor if there is an impact when btc is on the rise. If there is no improvement, perhaps it's time to look for another altcoin which is much more promising and sell the altcoins you hold.

Hi there Seabass22!

You have a very valid fear there and cloud of doubts.

Though in theory, Altcoin exist in a different price bar than Bitcoin, there is still a lot of price relativity and interaction between the two as most token holders prefer to trade them with bitcoins (and is the norms in major exchanges too). Thus at the end of a trading day, we are left with bitcoin and not fiat currency alone.  In which, bitcoin effects the price of the amount of tokens we hold.

In return, should Bitcoin shoot up its value, Altcoins could be on the rise as well.  Yet again, remember that Altcoins are usually utility tokens that has its own demand and a specific altcoin can drastically lose its value even with the uphill of bitcoin.

Be wise on your altcoin investments, my piece of advise.

Here is my idea (could be wrong). Its sort of balance in the market. Altcoins are traded vs BTC and fiat at the exchanges independently. If you assume that at a point in time the price of an altcoin vs usd remains constant and BTC price increases someone would liquidate the position of an altcoin vs btc and that btc into usd and buy the respective altcoin vs fiat. That's why some alts vs fiat remain in the green while they are in the red vs BTC, when BTC moves up. Of course, when people see the red they liquidate the position altogether and move into BTC so they don't lose out. If you have a well-balanced portfolio with BTC and alts, in such case you will notice that the fiat value will not change that much whereas your BTC equiv. will decrease.

My Advise :
.
Learn and learn the trade master advise above.
After you understand it, then ask yourself. I must I do?
You can decide to do what you think good
.
If you still confuse, do this...
Sell all your XLM and XRP, and buy ETH or BTC
And HODL them for long time.
Patient, sell both coin After price go to MOON
.
Because if you are Newbie, you must choose Safe Trading Method (and that's not day trading)

Hope you can get your money back and make. Profit

It seems like traders are more focused in btc than altcoins because of that news about SEC. Yes, most altcoins depends on how bitcoin behaves in the market however I was thinking why altcoins didn't move that much when btc jumped from $7.4k to $8+ mark wherein usually most altcoins will pump as well especially eth.

So when you buy your ETH using the ETH/BTC pair and BTC goes on a bull run, it makes your ETH (or any other coin paired with BTC) automatically go up in value as well assuming the price of ETH is the same. So in terms of strategy, it might make sense to trade your altcoins with the pair that is most bullish (or the least bearish) for that month of the major 3 pairs (BTC, ETH, USDT). However, the USDT pairs have the least liquidity. Hope that helps.

Bitcoin is the father's of Cryptocurrency so all the altcoins are follow the Bitcoin way. But true reason is investors are buying Bitcoin and altcoin so once some bad rumours are comes in market automatically investors are panic selling in Bitcoin and altcoins so it is collapsed the entire market. It is the true factor of Bitcoin affects the total crypto market.

Hi Everyone,

Many Thanks for all your time and advice. I have got lots to think about.

Thanks again.

Seabass22

I think you better be more patient, you are a beginner, your mental certainly not strong but try to practice to hold back emotions and believe the coins you invest will come back up, I also like you once but I continue to sharpen my mental and emotion

based on what i have seen so far altcoins drop hard whenever bitcoin has a big rise OR a big drop. and i think in both cases it is because everyone abandons altcoins easily to go back to bitcoin which they all want and care about.
so if bitcoin started rising fast again, you may want to steer clear of altcoins, specially the top bigger coins that are tightly coupled with USD and BTC at the same time.

give upon xrp. Xrp is totally overvalued. Now BTC is climbing but xrp price is staying at 0.55-0.45. And buy ETH at 430-450.

I think if bitcoin ETF is approved, it will affect the price of altcoin. when the trend of btc price is up the altcoin price will decrease to exchange with btc (btc vs alt) but if calculated in fiat (alt vs fiat) thats will also increase. the decline in trading vs btc its seem it also will not last long, so in my opinion it will bring in double profit.
this is just my opinion personally I do not advise to be followed, so trade with your way, listen and learn every growing rumor. good luck for you

IMO, with the current information that the SEC has refused to set up a fund related to the BTC, the BTC rate next time will decrease or slow down. You should, therefore, exchange from XLM / BTC and XRP / BTC to XLM / ETH and XRP / ETH. That would be a good choice because the ETH exchange rate at the end of the year would increase to $ 1,500.

Very risky trade. I cannot convincingly claim that one way or another things will develop in a certain way. To be safe, try to hedge yourself by splitting your investment into two. Win-win situation both ways

Really you want to keep a good portion of your portfolio in Bitcoin. To get the best of both worlds you could easily sell part of your portfolio at a loss for some BTC and hold both.
Alt coins should have a strong connection between BTC since people most of the time go FIAT -> BTC/ETH/USDT -> Alts. Bitcoin is always used to buy alts so the price of alts is pretty much always in satoshis and not fiat.

Bitcoin is a face of all cryptocurrency, if the price on market change the altcoins will be affected somehow on other coins will do the same, their are other coins slowly down but feels the effect of dropping down the bitcoin...

Bitcoin is a driving force in cryptocurrencies market and if you can understand how the Bitcoin market works you can actually invest in altcoins along side.. Any of us fail in trading buy flipping our coins at the wrong time but the reality is that what happens to bitcoin is what affects the altcoins market.

In the world of cryptocurrency investing, nobody can be sure what will happen next therefore all we can do is speculate which can mean we hit it right or we are dead wrong. I am suggesting that you hold on to your Bitcoin and maybe some other coins belonging to the top 10 of the class as these are the assets that can easily go up when the bull run will start. As to alts, there are some which are really good but majority are not so always be careful. Frankly speaking, most of the times it is just hit and miss though analyzing the market and getting what others feel and say can definitely help you decide which to hold and which to let go. Good luck!

No, it's not driving the whole of crypto. The fact that the whole of cryptos are using the bitcoin/USD pair to determine how much their value. Remember even all of major crypto such as ethereum, ripple and many more still use it to determine how much price for each coin.