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April 24, 2013, 02:19:50 PM |
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I think the two main reasons for this are: 1) Bitcoin is the flagship cryptocurrency in an emerging market. If Bitcoin tanks, it doesn't bode well for others. 2) The best way to get altcoins is via BTC. If the price of BTC/USD goes down and say PPC/BTC stays the same, PPC/USD has to go down too. In other words, if the ratio of BTC:ALT stays constant, then it really is the whole crypto market crashing/soaring, taking altcoins with it.
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