If Bitcoin Pops and Altcoins Spike, Then BTC Has More Legitimacy

[thethrowupcat]

Just a thought I had:

If, and it is right now, the Bitcoin bubble pops and corrects then we should expect one of two things.

1. All the money comes out of BTC AND the altcoin markets
2. All the money moves from BTC to altcoins

Earlier yesterday I noticed that while BTC was falling so did ETH and LTC.

This scared me, because that would mean that all the money is coming out of BTC and therefore people were intentionally pumping BTC for the profits (which is very likely).

However, what we are seeing now is that the altcoins market is absorbing the shock of the BTC crashes. This means that the money is not moving out of crypto any time soon.

What it seems is that people are hedging Bitcoin now, and not just Bitcoin to USD. This dynamic gives BTC a much longer outlook on price increases.


Thoughts?

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[TwSeventh]

of course people pumping it for the profits,
no matter what is it,their goal should and must be profit.
it's not about Bitcoin decline and then Altcoin fly,it's not that easy.
if Bitcoin and altcoin move like that,everybody will understand this and who will be the pumper ?
the pumper themself making their own pattern,
so it's not surprising to see this kind of move,it's exactly same like they did with it two years ago if i remember it correctly,
take it easy and keep holding it

[JesusCryptos]

I am afraid the first option would be more likely, even though I hope for the second one. The last bear market in 2014-2015 it was like that.

[thethrowupcat]

it's not about Bitcoin decline and then Altcoin fly,it's not that easy.
if Bitcoin and altcoin move like that,everybody will understand this and who will be the pumper ?

I think of gold and stock market exchanges. When stocks are down, commodities are typically gaining to protect on the loss of the market itself.

This additional later of altcoins gives people the opportunity to gather Bitcoin opposed to USD.

[pikatju]

Many investors don't know about altcoins. They simply only look at btc and usd. When they get scared they pull their money back to fiat.

Also many people might sell alts to buy cheap btc...

[maydna]

Many investors don't know about altcoins. They simply only look at btc and usd. When they get scared they pull their money back to fiat.

Also many people might sell alts to buy cheap btc...

yes and i think they will stick to bitcoin, ethereum, and litecoin and come back into usd. i think bitcoin will find the right way to come back increase like before but we need to waiting this drama will ended soon. i think market now is really unpredictable and we are difficult to see where the trend wants to go because we have seen that bitcoin cash is suddenly gets increase too higher and now its still keep moving up although there is a correction price.

[ufalo3]

Really something unexpected happened on November 11-12th. I do not believe just a high jump happened only through the events on South Korean Bithumb. Probably altcoin mining that increased and the greatest decrease of BTC mining also played their role.
The new changes on the market will happen for sure.

[siddartha1492]

Don't you think value of alts and BTC is falling because people are investing in BCH instead, because of it's very surprising and sudden boom? Of course this is all temporary and we can expect the altcoin market to rise again.

[talkbitcoin]

there are so many things wrong with things you said.

first bitcoin never was in a bubble for it to pop. if it were then this recent attack would have caused the price to drop to $3000 (>50%) not down to $5500 and currently at $6700 (~10%).

second, we all know that when bitcoin drops, altcoins drop with it some even harder. of course there are always exceptions like the altcoins which are in their bottom or got dumped recently or those that are getting pumped. but the general movement is what i said.

...all the money is coming out of BTC and therefore people w...

this is the heart of your problem.
the money is never leaving bitcoin. specially when bitcoin is dropping or rising.
when it is rising, everyone pulls their altcoin buy orders, sells their altcoins,... to get bitcoin and to sell BTC when the top is reached. to buy back the correction and make a lot of profit.
when it is dropping everyone pulls their altcoin buy orders, sells their altcoins to have money so that they can buy bitcoin at the bottom and make a lot of profit.

in both cases everyone wants the profit that bitcoin offers so altcoins are left and they crash.

the only time when altcoins are shining is when they are getting pumped or bitcoin is stable so nobody can make a proper profit from it so they go to altcoins.