Bitcoin vs increasing number of altcoins

[theobserverr]

Hi all,

do you agree that the growing number of altcoins will eventually make bitcoin price go down since even small amounts of users money go to them?

[HeRetiK]

No.

A single, innovative alt coin may take Bitcoin down one day, but thousands of useless alts won't do shit.

I think you underestimate how low the value and traded volume of an alt can go if no one is interested in it.

[edundayo]

Hi all,

do you agree that the growing number of altcoins will eventually make bitcoin price go down since even small amounts of users money go to them?

No,

Bitcoins currently has the largest percentage of the total crypto market cap, and as long as the total market cap increases I believe bitcoin value too will keep increasing. Also, bitcoin still remain the entry point for so many newbie crypto investors.

I also agree that an innovative altcoin could take Bitcoin down one day, but it doesn't look like that's gonna happen anytime soon, so I believe bitcoin will be here and still be bitcoin for a long time.

[mk4]

Sure, with lots of altcoins a good amount of BTC will be traded for those altcoins, but what percentage of those altcoins actually reach high amounts of market cap? VERY VERY LOW. The amount of money moved to the new altcoins will be quite insignificant.

[David levi]

Time will tell

[Thirdspace]

do you agree that the growing number of altcoins will eventually make bitcoin price go down since even small amounts of users money go to them?

No. I think the opposite (bitcoin price go up) will more likely to happen
why? because most altcoins markets are based on BTC, or ETH, LTC and other prominent coins
even if new coins accepting fiat money on ICO stage, they will open trade market for BTC
BTC in crypto world is like US$ in real world. Most (if not all) countries accept US$ in their local currency exchange
The same for BTC in crypto world, no altcoins will refuse exchange to BTC

[seoincorporation]

Take a look at this website: https://coinmarketcap.com/
If you see at the graphics on the right in the screen, you will perceive that many alts are based on the BTC price, for the graphics usually shows the same patron as BTC. 
That basically means that the altcoin market is based on the BTC price.
That's why it is going to be difficult for any of them to overcome BTC, or even making any influence in its price.

Someday, perhaps, a new alt with an improved system can overcome BTC or somehow influence in its value, but, as you can see on the graphics,  it hasn' t happen yet.

[crairezx20]

All altcoin is still based on bitcoin price look the price of altcoin before and now after the bitcoin price correction, altcoins are also affected when the price of bitcoin is decreasing and bitcoin is mainly accepted by local exchanges than altcoin.

If there are many altcoins coming with a good project and development expect that bitcoin is also increased if investors found that the altcoin project and development are good because most altcoin projects are accepting only bitcoin so investors will exchange their money first into bitcoin before they can buy or invest in altcoin.

It's a big help for a bitcoin because altcoin is spreading to the internet and represent bitcoin as their payment.

That is why many people right now are aware what is bitcoin.

[bill gator]

It seems like most everyone here is in agreement. These shitcoins that are popping up are not going to be any measurable threat to Bitcoin. I've said it many times, but most of these coins that are popping up are bringing absolutely nothing to the market and are simply capitalizing on uninformed people interested in picking a good investment. All roads lead to Bitcoin.

Why do you word this as if it is assumed to be the case, by the way? "Do you agree ... " implies that there is some presupposed stance that we are to contend with. I am interested in some elaboration on that.

[dothebeats]

No, as altcoins are just mere money-making machines for some traders that don't see any real practical uses for them aside from being their piggy bank. There are thousands of altcoins that are being created every single day but none of them prove real importance to the society aside from a few outstanding ones. Needless to say, even if the whole crypto market is drowned by the presence of these alts, bitcoin would still remain king as it was the 'first' coin that proved useful for people and most services and companies recognize it as a payment method.

[MintDice]

The number of altcoins isn't what would take BTC lower, it could be one in particular but of course that hard to determine. Some altcoins have taken bitcoin blockchain technology and improved it for their coin, but in general, bitcoin will probably at the top for a while.

[btcprospecter]

Nearly every other day new shit coins are coming out but that doesn't mean that they are not profitable. Bitcoin as it stand is going to be number one for a while, most coins will always be linked back to bitcoin.

[figmentofmyass]

do you agree that the growing number of altcoins will eventually make bitcoin price go down since even small amounts of users money go to them?

that's not how it works. market interest in altcoins makes the price of BTC rise. that's because if you want to buy alts (except major alts like ETH and LTC), you need to buy BTC first. that means less BTC on the sell-side of BTCUSD = higher prices.

the existence of altcoins might dilute prospective investment in BTC---money that otherwise would have gone into BTC sometimes goes into alts. but that doesn't drive the price of BTC down because those people aren't selling for fiat.

[toolucky98]

Hi all,

do you agree that the growing number of altcoins will eventually make bitcoin price go down since even small amounts of users money go to them?

In my opinion, the price wont go down just because of it, but it will grow slower than before, because money is limited and people have to choose.

[jseverson]

In my opinion, the price wont go down just because of it, but it will grow slower than before, because money is limited and people have to choose.

Who would choose shitcoins though? These are basically cash grabs and pretty much everyone knows it. What usually happens is once when people are done making money with them, they dump and move their money (which had grown at this point) to Bitcoin. So maybe it could be said that they actually help Bitcoin growth? Lol.

It's true that legit ones could take money away from Bitcoin though, but they're very few and very far between. This isn't even necessarily a bad thing, because competition could also drive growth up.

[pooya87]

do you agree that the growing number of altcoins will eventually make bitcoin price go down since even small amounts of users money go to them?

the answer is so much simpler than you may think!
in the past 9 years there has been nearly the same number of altcoins. at times their number grows but eventually they die and meat their inevitable doom. that is why we currently have somewhere around 1500 altcoins instead of having 500,000 of them. and during past 9 years bitcoin price was not affected by them in the long run!

[BuckForbis]

 Bitcoin will lose its percentage of market cap. Lots of projects starting up all the time. If any of them are competitive in the real world they will absorb some market share.

 Bitcoin is so heavily manipulated by whales its not funny. I wouldn't mind watching it die a quick death. Tokens with real utility and teams will survive and continue to bring in the non-speculative bucks if they have a real product/service.

[LtMotioN]

Many people are wondering this because BTC dominance is going down. But market cap isnt a great way to look at a coin tbh.

Extreme example:
What you must remember is that if shitcoinA mints 70billion coins and sells one for 1$. The volume then stands still. We will see a massive drop in BTC dominance. ShitcoinA would have about half of BTC's market cap at this point.
If it doesn't ever get traded again then its value will be added to the total market cap and in turn reflect poorly on BTC. However if people start trading it, then odds are the price instantly tanks.

Keeping this analogy, we have bad hodlers of bad projects who keep asking "When moon, when LAMBO !". These coins have zero trade volume and they wont be able to hold on to their price the second that a whale sells. Thus as more scamcoins get released we will see BTC dominance going down since the shitcoins need to have some measurable value in the market.

I mean heck, look even  bitconnect still has a 13 million dollar market cap. So if we are pondering if something can really contend with bitcoin, it is not only the market cap measurement, but actual volume and use in our young ecosystem.

[Bratecon]

In a free market there will always be a competition. I have no doubt, that as soon as cryptocurrency becomes widely accepted - very many altcoins will become equal or even more important than Bitcoin.

[toolucky98]

In my opinion, the price wont go down just because of it, but it will grow slower than before, because money is limited and people have to choose.

Who would choose shitcoins though? These are basically cash grabs and pretty much everyone knows it. What usually happens is once when people are done making money with them, they dump and move their money (which had grown at this point) to Bitcoin. So maybe it could be said that they actually help Bitcoin growth? Lol.

It's true that legit ones could take money away from Bitcoin though, but they're very few and very far between. This isn't even necessarily a bad thing, because competition could also drive growth up.

Not all of altcoins are shit, but you can say that if youre too lazy to do some researches because most of altcoins are actually shit, but not all of them.
Do you even know there is a coin called Ethereum?