Bitcoin Forum

   According to Mr joseph young bitcoin analysis specialist as over the past 24 hours ,the crypto market has recorded a loss of $18 billion,as major cryptocurrency including bitcoin, ether eos,and bitcoin cash dropped by 4 to 13 percent.
    while bitcoin ended the day with a 4 percent decline in its value, ether,the native cryptocurrency of ethereum,plummeted by 13 percent against the  US dollar, becoming one of the worst performing major cryptocurrency alongside Neo.
     Token recorded the steepest drops in their value on august 11,as most ethereum based token such as theta token,aion ,pundix Aelf,Digix Dao,Wanchain and Vechain recorded a drop of round 14 to 18 percent.

Because all tokens are economically connected to bitcoin. It is economically impossible for atcoins to stay at current price while bitcoin is dropping.

https://bitcointalk.org/index.php?topic=4444348.msg39704417#msg39704417

Here you have explanation why they are economically connected.

Thats why even small drop on btc price affect huge drop in total marketcap. ETH is also in my opinion shitcoin (at liest in its current situation). Its kindergarden for scam projects. Every suceed project (bnb, ven, eos, icx and manny more) are leaving ETH and jump on their own blockchain. Its because ETH is not finished. Its code has lots of bugs and it is not scalable enought to hold load from 1 project that hit mass adoption (and there are 1000+ projects on it). Voting on Fcoin exchange overload ETH and boost gwei price to 100+ what gives few $ for instant tranfser what is hilarious compared to waves, eos, stellar, neo and manny other which purpous is the same.

Back to BTC. Its normal. Its not first correction and not last. Also ETF fud was like nail to the coffin. It is impossible to calculate BTC value. Its not like on stocks where you have price/earning price/value indicators. Thats why every price is suitable. If its 10$ or 10 000 000$ for 1 BTC. With 10$ price marketcap will be 200 000 000mil - its not enought to hold even 1 whale willing to earn on it. I see more oportunities for whales to earn on boosting btc higher. And bigger price will hold more whales. Thats why i strongly bealive that BTC price will continue to rise (because whales want to earn on it) and it dasnt matter if we hit 4k beafore hitting 200k

Ethereum has grown more than 30 times since 2017, so I do not think that it fell. Now we see a completely normal situation, which always happens after a sharp price increase. Look at the history of prices.

And you really think that 30 times pomp is quarantee of not beeing dumped? Its crypto market where nothing has calculated value. Everything is based on people prediction of its future. When etherum was the best (only) solution for smar contracts, daps its future was great and worth to pomp. Now there are manny better coins doing the same. Thats why google beat yahoo. Years ago yahoo negotiated buying google manny times at diffrent prices (but yahoo was too stingy to finalize transaction). Now google can easly buy yahoo. Why? Because yahoo was first and google appear to be better. In 2020 you will have BTC nr 1, Ripple NR 2 Waves Nr 3 Neo Nr 4 ETH nr 590 - why not ? (dont pay attention to names, its just example)

Etherum is just coin - like any other. Go to Coinmarketcap, historical snapshot from 2013. 7/10 coin from top 10 is not even in top 200 now.