Why BTC & ETH falling simultaneously? Are they not different blockchain?

[olumyd]

It bothers me that BTC affects all market especially when it isn't tied to the same blockchain. So what's the point buying other altcoins if I just want to simply store as digital asset value class.

Does this means that the crypto market is directly proportional to BTC welfare?

[European Central Bank]

It's the same buyers. All people want is something to sell for more than they paid for it. It don't matter what the details are.

And ethereum's doing much better than bitcoin in dollar terms right now which ain't saying too much.

[olumyd]

It's the same buyers. All people want is something to sell for more than they paid for it. It don't matter what the details are.

And ethereum's doing much better than bitcoin in dollar terms right now which ain't saying too much.

How do you mean doing better in dollar terms, are you saying there are more losses in BTC than ETH? But they are still losing equivalent, comparatively huge value percentages.

[nokati]

Thats the funny thing about it..... al the altcoin "O I want to get rich" people always wanted to see bitcoin falling but they dont understand that if bitcoin fall, al coins will go under too.
I love eth, monero, siacoin as they have a reall use case and I wish them al the best, but imagine btc go to zero for some reason.... Do you really think that even eth or monero will still stay? let alone al other shittycoins
Cryptocurrency community need get there act together first and use it for what it was created for......

[European Central Bank]

How do you mean doing better in dollar terms, are you saying there are more losses in BTC than ETH? But they are still losing equivalent, comparatively huge value percentages.

yes. ethereum has lost less percentage in dollar terms than bitcoin. that's mainly because it has a lot of its own dollar markets these days. most alts are directly tied to bitcoin still.

[Nosk]

Here I sit, watching bitcoin fall and all the other shitcoin I own just falling more.
Downtrend concerns bitcoin bitcoin but also every other alts, look at that : https://coin360.io/

Even stock markets are going down.

[olumyd]

Here I sit, watching bitcoin fall and all the other shitcoin I own just falling more.
Downtrend concerns bitcoin bitcoin but also every other alts, look at that : https://coin360.io/

Even stock markets are going down.

Someone has got to throw the bear back into its cage. This show definitely has to end. The comedy has certainly lost its satire; from $20k to $6k in less than 2 months... we've got to get some helium to pump.

[Beerwizzard]

Altcoinsare losing in price because not every alt is traded to USD (and not on every exchange). So during the obvious bear market while people are trying to hide from the storm in fiat they are selling their alts to buy BTC and then selling it for USD. Pretty similar thing happens with  tokens and ETH but Bitcoin is mostly a key indicator of the whole crypto market.

How do you mean doing better in dollar terms, are you saying there are more losses in BTC than ETH? But they are still losing equivalent, comparatively huge value percentages.

yes. ethereum has lost less percentage in dollar terms than bitcoin. that's mainly because it has a lot of its own dollar markets these days. most alts are directly tied to bitcoin still.

Right now ETH lost about 7,55% vs bitcoin's 8,25%. I haven't cmplared them on monthly / weekly periods but tbh everything looked pretty mych the same.  ETH felt much better only during the fall from 20 to 15k

[TERA2]

Its the way exchanges have been set up since 2012. The majority of altcoins volume is done on ALT/BTC pairs and not ALT/USD pairs. Therefore the price of alts is tethered to the price of bitcoin. In addition, crypto coin is one asset class and all coins are affected by some of the same market forces, such as tether scam and whatever clusterfuck is going on in the stock market today.

[Torque]

Therefore the price of alts is tethered to the price of bitcoin.

Which all the crypto kiddies and shitcoin traders fail to understand.

Because of this, there will never be a 'flippening'. Bitcoin is king.

[Pursuer]

How do you mean doing better in dollar terms, are you saying there are more losses in BTC than ETH? But they are still losing equivalent, comparatively huge value percentages.

yes. ethereum has lost less percentage in dollar terms than bitcoin. that's mainly because it has a lot of its own dollar markets these days. most alts are directly tied to bitcoin still.

a drop from $1430 down to $560 is a 61% drop.
considering ETH is heavily manipulated, has been advertised to death in the past week as a better investment than bitcoin (LOL), also has a smaller price I'd say it performed horribly in terms of fiat.

bitcoin has been under constant attack for the same period and it went from $19,600 down to $6000 which is a 68% drop! despite that 7% I still say ETH did horrible.

[Barbarian]

It bothers me that BTC affects all market especially when it isn't tied to the same blockchain. So what's the point buying other altcoins if I just want to simply store as digital asset value class.

Does this means that the crypto market is directly proportional to BTC welfare?

Deal with it, bitcoin is the top cryptocurrency and in order to get most alts you either need bitcoin or ethereum so if bitcoin goes down significantly then you can expect the same to happen to the whole market this is why many people do no even bother to hold any other coin other than bitcoin.

[olumyd]

The moment BTC turned green other coins followed suit. It's really a bitcoin's game. And the funny part is ETH is currently approximately and steadily 1/10 of BTC prices and the price values have been chasing themselves for the past few days. When BTC dropped to 9... Eth dropped to 9.. And when it got to 8.. BTC was also at 8...regardless of the figures I could say that BTC is really pulling ethereum along.

[trickyriky]

It's the same buyers. All people want is something to sell for more than they paid for it. It don't matter what the details are.

And ethereum's doing much better than bitcoin in dollar terms right now which ain't saying too much.

Correct, both cryptos as well as the other virtual currencies depend on demand a lot. Bad news can let them falling down.

[alyssa85]

It bothers me that BTC affects all market especially when it isn't tied to the same blockchain. So what's the point buying other altcoins if I just want to simply store as digital asset value class.

Does this means that the crypto market is directly proportional to BTC welfare?

It's to do with trading bots - they are programmed to trade based on keywords in the press.

If there is ETH only news and it has some good keywords, only ETH will rise.

However if there is crypto news that affects the whole space, the whole space will fall. Lots of people sold off al cryptocs prior to the US Senate hearing on bitcoin, because they convinced themselves that if China has banned bitcoin and other cryptocurrencies, the Americans were sure to follow.

Turns out the Americans think differently - and now we have a relief rally where all cryptos are up.

[Lowryy]

They are different blockchain.

However I'd say that one of the probable reasons behind this price decrease was people fearing regulators. I think some people fear that governmets could successfully kill bitcoin or make it obselete by shutting down exchanges or making bitcoin illegal etc. Ethereum sellers probably fear government coming hard on ICO's, which are a vital part of its ecosystem. That probably caused prices to start falling which made some panic sellers sell their entire portfolio.

[olumyd]

They are different blockchain.

However I'd say that one of the probable reasons behind this price decrease was people fearing regulators. I think some people fear that governmets could successfully kill bitcoin or make it obselete by shutting down exchanges or making bitcoin illegal etc. Ethereum sellers probably fear government coming hard on ICO's, which are a vital part of its ecosystem. That probably caused prices to start falling which made some panic sellers sell their entire portfolio.

I thought it was said the price decrease was because of the Chinese new year celebration and that people need money to celebrate during the festive period. Well if they make bitcoin illegal, people will simply return to the shadows and trade with it, besides, I don't think that that will happen anytime soon, not that it is not possible but so much is at stake. If the entire economy of bitcoin should crumble, there would be a wide scale of a recession on our hands.

[STT]

It bothers me that BTC affects all market especially when it isn't tied to the same blockchain. So what's the point buying other altcoins if I just want to simply store as digital asset value class.

Does this means that the crypto market is directly proportional to BTC welfare?

Bitcoin reacts to sentiment in similars ways that ETH does.   Some argue ETH has more practical usage in various tokens but they both suffer from excess speculation over actual utility.  The pullback is not as negative as you imagine, its a way for the market to match buyers and sellers equally so that regular use can occur.

The main point to any crypto use is not the price at all.    Its the utility of and usefulness to the population of each blockchain.

Im quite bullish so long as transaction fees can be low and volume of use is rising, the price is probably secondary to these both:


https://i.imgur.com/ETMHdGY.png

[olumyd]

It bothers me that BTC affects all market especially when it isn't tied to the same blockchain. So what's the point buying other altcoins if I just want to simply store as digital asset value class.

Does this means that the crypto market is directly proportional to BTC welfare?

Bitcoin reacts to sentiment in similars ways that ETH does.   Some argue ETH has more practical usage in various tokens but they both suffer from excess speculation over actual utility.  The pullback is not as negative as you imagine, its a way for the market to match buyers and sellers equally so that regular use can occur.

The main point to any crypto use is not the price at all.    Its the utility of and usefulness to the population of each blockchain.

Im quite bullish so long as transaction fees can be low and volume of use is rising, the price is probably secondary to these both:


https://i.imgur.com/ETMHdGY.png

That's some really interesting insight you've got there - 'speculation over actual utility' - I think that's what really drives people to join cryptocurrency. It's like a casino shop, where people just expect to hit it big by rolling dices. While there may be some math and probability functions to it, it all bores down to how the dice rolls.

Blockchain products are essentially being abused at the moment. So many shit coins and everything is onto the blockchain including the kitchen sink.

It bothers me that BTC affects all market especially when it isn't tied to the same blockchain. So what's the point buying other altcoins if I just want to simply store as digital asset value class.

Does this means that the crypto market is directly proportional to BTC welfare?

Im quite bullish so long as transaction fees can be low and volume of use is rising, the price is probably secondary to these both:


https://i.imgur.com/ETMHdGY.png

Hahahaha... You and everyone else who isn't wearing a government tag from China & USA.

[Lovecove]

Such an over-sweeping statement is invalid on so many levels. Eth actually rose for a time, in the early days of this current bitcoin crash. It's because Eth had some developmental news coming out and hallmark changes being made.

Eth does not really follow BTC's price pumps and dumps. I wouldn't say they're polar opposites, though. Sometimes they do fall and rise together, but most times no.

You can't look at ETH as though it's falling with BTC. That's a very microscopic view of the cryptomarket in general.

All the alts are falling with BTC, and ETH is just one of many alts that are falling. It's crypto in general. It's the stock market in general. Everyone's bleeding both in crypto and in stocks. Now it's recovering though.