Bitcoin is draining the altcoins

[WatchMaker]

Price of altcoins is dropping, nearly 85% of altcoins suffer from the recent bitcoin boom because most people exchange their coins for bitcoins.
What is your thought on this matter?  

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[muffit]

Price relative to what ? Relative to USD many alts rose along with Bitcoin simply by holding their ALT:BTC price.

Bitcoin as it lifts capitalisation lifts the value of the entire crypto market then once the rise stabalises that new Bitcoin money seems to help the ALTs

If it was draining the ALTs they'd be drained dry by now, BTC has had a good past 12 months added more market cap this year than the entire ALT market value in Jan 2017 probably.

[Shenzou]

Price of altcoins is dropping, nearly 85% of altcoins suffer from the recent bitcoin boom because most people exchange their coins for bitcoins.
What is your thought on this matter?  

Well there is no suprise about this, the cryptocurrency market is all centered around the big one, every one is working to get bitcoin because in people's eyes bitcoin is the only successfull coin, poeple only started to use altcoins just when mining bitcoin started becoming more and more difficult, so mining other altcoin with a less difficulty than bitcoin with a much lower coast machines is much profitable than dierectly mining bitcoin, and of course they do all this just to be able to exchange it to bitcoin so they can get even more profit, because everyone knows that altcoins are very unpredictibale and could crash at any time because they have a much smaller user base than bitcoin.

[desomnomnom]

Just hodl and hope for the best

[Healsmans]

Don't panic is my strategy. ) I strongly believe in altcoins  in me portfolio. They will grow a lot. So I'm going to be patient

[BitDane]

Just hodl and hope for the best

hope not always be the best option here, But that's could be work if you are investor not trader, so after all you need to decide what you want to be, investor ( person whose buy asset to get dividend and does not care about price gap)  or trader ( person whose buy/see asset depend on price gap)

[jagdeepjd]

Price of altcoins is dropping, nearly 85% of altcoins suffer from the recent bitcoin boom because most people exchange their coins for bitcoins.
What is your thought on this matter?  

I  think a lot of Altcoins will stay burned because of their competition with bitcoin. Many alts are looking to take Bitcoins place by either trying minor improvements or just being faster. People with strong hands and patience will see alts recover for sure over time, the question is how long it will take with this extremely bullish Bitcoin!

[RoommateAgreement]

that is a common thing to happen in altcoin market. everyone knows it and those who don't already will learn it slowly as they get more acquainted with altcoins. everyone wants more bitcoin in their pockets which is why they dump altcoins and the panic of a price drop in altcoins makes the dump even worse.

now that you know it already, try to use it to your advantage.
how? you can simple sell the altcoins you have before everyone else does to save up your funds then wait for them to get dumped properly and then buy at the bottom. wait a short time for them to recover (aka dead cat bounce) then dump again for another profit.

[baracuda212]

this is true. because many people are looking for altcoin to exchange with bitcoin

[skripsup]

In my opinion, there is no need to panic. Such things usually happen on markets. One day all prices go down, other day they rise significantly and so on.
By the way, as I know, two hardforks are going to happen in December. Silver Bitcoin and Super Bitcoins. Maybe because of that people move from altcoins to BTC to gain hardfork benefits.
I will still hold altcoins and wait for long term profit in future. So, I am not going to panic - I am going to buy altcoins for cheap;)

[amacar2]

Price of altcoins is dropping, nearly 85% of altcoins suffer from the recent bitcoin boom because most people exchange their coins for bitcoins.
What is your thought on this matter?  

It is just a normal cycle, every pump leads to correction. When bitcoin will pump, altcoin will get dumped but when alts will start pumping bitcoin price will be dumped. I have seen this many times before, money keep moving between alts and bitcoin.

[BitcoinJuman]

When the correction happened, then everything will go to normal and people will sell their bitcoin and buy altcoins again.

[jvdp]

Price of altcoins is dropping, nearly 85% of altcoins suffer from the recent bitcoin boom because most people exchange their coins for bitcoins.
What is your thought on this matter?  

in current situation is favour in Bitcoin. Because many companies are invest in Bitcoin security. This is one most trusty cryptocurrency. So it will raise continuously in digital market. But many altcoins are created in current market. These altcoins not valuable in digital market. This is the main reason to reduce the value and many miners are not interest to transact in altcoins

[St4yInTh3D4rk]

Price of altcoins is dropping, nearly 85% of altcoins suffer from the recent bitcoin boom because most people exchange their coins for bitcoins.
What is your thought on this matter?  

Yeah many investors are selling their altcoins to buy bitcoin because of huge price increasing in the short period of time.But there are making huge mistake by doing like this because in some years the bitcoin will be very expensive so the price of altcoins will rise so it will give us good profits than bitcoin so I am holding my ethereum and litecoin.

[slaman29]

Can't say really, it makes sense at first, but then if people really are selling off their alts for Bitcoin, wouldn't Bitcoin just be getting stronger? Now every crypto in general is in decline, so I think there's just a moment of equilibrium here. My guess is that sell offs combined with people rushing in for good value altbuys is together pushing Bitcoin back down from its ATH. No worries though, if you're an alt holder, this time shall pass. Just hold, buy in where and when comfortable, and keep the eyes on the ball.

[leea-1334]

Possibly some but with Bitcoin being all over the news now new people will be attracted to the speculative coin market looking for the next "goldmine" coin.      They will need Bitcoin or ETH to buy many of these Alt-coins.     It's a trickle down effect delayed by the fact that most people will pay with a card which has a 10 day hold before they actually receive their ETH ect.     They need time to figure out wallets and what Alt-coins may be the "next big winner".      

At least that's the way it's been for me, after a friend contacted me about mining a few weeks ago.     Many, possible me, will lose some money but people still buy lottery tickets every week hoping to hit the jackpot.      But I've been trying to be careful and only buying using a tiny percentage of my savings.    

Exactly my thoughts. Now the majority of the news and "new investors" are sharing one common theme: it is too high in the bubble now to get into Bitcoin, wait a little while. Instead, alt projects and media promoting new alts are taking advantage of this situation and presenting their alts as the next valuable goldmine.

It is like a lottery you said, except with lotteries you generally only spend a few dollars and hope for a few million. Here, people are investing life savings hoping to make 100x bank. That is the danger.

[residivis]

this is a big issue in my opinion because the bitcointalk members of this forum will find it difficult to earn income because of this problem and I hope this kind of event will not last long.

[asriloni]

Price of altcoins is dropping, nearly 85% of altcoins suffer from the recent bitcoin boom because most people exchange their coins for bitcoins.
What is your thought on this matter?  

No man, That's just another panic sell and you must never feel worry about that. As you can see the crypto already back again to the moon. Majority of the coins in the crypto space get another green candle in this time.
As long as there will be a lot of people are still using the bitcoin and that will be fine.

[Didin]

a lot of new money come to Bitcoin,, just look at the Marketcap its increasing!
few coins become red because of bitcoin, but few coins is survice even increasing  

[sensimilia]

After bitcoin stabilizes (as far as bitcoin price can be stabile) things will return back to "normal" again, they always do.