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Author Topic: Alt-chains starting to track BTC?  (Read 550 times)
Snowfire
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April 12, 2013, 01:42:25 AM
 #1

I noticed something interesting during the latest BTC crash, looking at charts on btc-e. Major alts such as LTC, TRC, etc. seem to be replicating the crash almost exactly (i.e. their exchange rates versus BTC are basically flat, indicating that they are crashing in precise unison.) Only NVC shows a hint of independent behavior. I have no information about minor alts such as FRC, BQC,  or XRP; perhaps those graphs (if they exist) would tell a fuller tale. Yet these various currencies tout themselves as being different than BTC (one hopes in positive ways.) Have they succeeded in being perceived as any different, given what we have witnessed? Do they really have any independent existence in the present environment?

BTC:1Ca1YU6rCqCHniNj6BvypHbaHYp32t2ubp XRP: rpVbjBotUFCoi9xPu3BqYXZhTLpgZbQpoZ
LTC:LRNTGhyymtNQ7uWeMQXdoEfP5Mryx2c62i :FC: 6qzaJCrowtyepN5LgdpQaTy94JuxmKmdF7
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minerva
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April 12, 2013, 02:34:15 AM
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Maybe someone has invested in all these alternate currencies simultaneously and decided to pull out?
Edit: Alternatively, someone sold a lot of Bitcoin, and holders of alt-chain currencies decided to sell their and repurchase bitcoin.

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April 12, 2013, 02:59:28 AM
 #3

Everyone seems to think ALT coin prices follow BTC prices. So, if a huge sell off in BTC happens, they sell off their ALTs too. Why do people think like this? I have no clue. Well.. maybe I have some inclination:

I guess people don't think ALTs can survive without Bitcoin. Which is somewhat partially slightly true to an extent. But, I think ALTs can survive on their own without Bitcoin. The infrastructure is still in its infancy though, this will get better over time, possibly making ALT values not coincide with BTC value.

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April 12, 2013, 03:16:20 AM
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I'd be inclined to think that FRC would appreciate now, because we show exchanges rates for it drop when BTC appreciated with some users explicitly saying they lowered their offers to try to keep the offer more constant in USD.  Thus the valuation in USD actually remained some what stable at around 2 cents.  The FRC exchanges is very small and slow so it's going to take some time to re-discover the new exchange (not to mention its being exchanged for LTC).  I think most people were happy with the price and see no reason that it should drop with BTC.

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April 12, 2013, 04:17:33 AM
 #5

PPC didn't change much as BTC crashed

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aadje93
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April 12, 2013, 05:19:19 AM
 #6

PPC didn't change much as BTC crashed

Which means they are worth less $ when converted to bitcoins Wink

If 1 LTC is 0,001 bitcoin

and 1 bitcoin is going from 200 to 50 bucks.

then 1 LTC is going from 0,260$ to 0,1$ l Wink

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April 12, 2013, 05:30:22 AM
 #7

i noticed this also.  i wonder if the litecoin creators are just forking the same chain from the bitcoin to make money off LTC miners. Or if litecoin was created by darknets to get more miners to attack the bitcoin blockchain.



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