Bitcoin should NOT determine the market

[r32godzilla]

It's mainly because bitcoin being the pioneer and all the altcoins are being valued based on bitcoin price.

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[boy130]

The fact is, the strongest currently always leads the way for the weaker ones. Right now, the strongest crypto is Bitcoin because it has by far the highest trade volume, is accepted on every single exchange, and is the default currency. There always has to be a base currency, whether it's USD or BTC, you can't trade unless you use a base.

[Argoo]

It's because BTC dominance is still remains pretty high at nearly 40%. BTC/ ETH are still the major pairs to trade other coins.

If more exchanges were to support fiat pairings, then we might see a change in trend.

I agree with the statement that bitcoin should not determine the price movement for the rest of the crypto currency. This is wrong and in fact testifies that we do not have any free crypto-currency market. If everything depends on the dominance and level of bitcoin capitalization, I'm for the value of bitcoin among the crypto currency to decrease to reasonable limits. I think that in a few years it will be so. We see that bitcoin now has big problems, it simply can not improve quickly, which means that over time it will lose its popularity. Maybe it's for the best. The market, all the crypto currency, should have equal conditions for development.

[Aponkye1]

It is disturbing when bitcoin shows its dominancy and supremacy over altcoins and brings it all coins down but what can we do because it is the king of all cryptocurrencies.

[NeuroticFish]

The main cause is the exchanges and their users.
There are Bitcoin - Fiat exchanges, there are altcoin - bitcoin exchanges and a very small number of other pairs, usually with extremely low volumes.
Just check the exchanges what offer pairs based on Ethereum, Litecoin, Monero or others. Most of them have disappointing volumes. Most of the money flows into Bitcoin most of the altcoins are transacted for Bitcoin. And then you wonder why Bitcoin affects everything... well, I did wonder too, long years ago. I tried to promote altcoin pairs not based on Bitcoin. Too bad, almost nobody uses them.

[classictee]

It will always determines since all ALTCOINS was pairs with bitcoin in trading, calculations ,it will only reduce if a token like tether can be implemented fully by all exchanges..

[Direwolve735]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

I understand what you are talking about and I agree that bitcoin shouldn`t determine all other crypto currencies in the market. However, you are talking about how it should be, and not about how it is today. And the reality is that bitcoin determines and directly affects the course of altcoins. It seems to me that this is due to the prejudices of people who are used to focusing only on bitcoin, to consider it to be the main one. The problem is not in a centralized or decentralized system, but in the fact that in the minds of people the perception of bitcoin should change and bitcoin should no longer be recognized as an unprincipled example, to which everyone must be equal, without taking a step to the left or to the right.

[sikami]

Market allocation is a necessity, bitcoin can mark the market price means that bitcoin is focused by the individual or group of people and it will break bitcoin users and I think bitcoin users and bitcoin hierarchies The bitcoin community will grow and thrive in the community

[BarryBomb]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

Most pairs for altcoins are denominated in either BTC or ETH so it is hard for them two not to control the market as there is no direct liquidity to fiat

[Virtual miner]

See there's a very simple answer to your problem. The fact is whenever you ask people about crypto, more than 50% of them will associate crypto with the bitcoin. This is because Bitcoin is the most predominant of all the coins in the crypto space. It has that king kinda aura developed around itself. Bitcoin has been ruling the crypto market since its very inception and there has been no other crypto coin that could replace this position of bitcoin. Almost all the members on this forum might be holding a few bitcoins in their investment portfolio and the proportion of the other coins varies significantly. So according to me that time is far when bitcoin will become less significant in determining the prices in the crypto market. And what I think is there is nothing wrong in this kind of monopoly position held by the bitcoin. Let's see what others have to say on this!

[bitcoinking11]

Whether you like it or not, bitcoin has been dominating the market and it is determining the price of other altcoins too. When the price of bitcoin increases or decreases, it affects the price of other altcoins.

[nazarovv]

This will be good if this can happen but you can't blame bitcoin. This can only change if bitcoin loses its dominance in the cryptoworld and for altcoins to have more use than being used to get bitcoins.

[moirasheeran29]

you have a point there. but the reality is we can't change that because of bitcoin's dominance in the market. And most altcoins are just being used to get bitcoins and just getting dumped and dumped since there is no other use for them

[korkor]

One of the reasons why bitcoin determines the price of other coins is that most exchange platforms accept bitcoin as a means of payment for any coin you are buying. with this, any small increase in the demand on bitcoin, people will prefer to trade their bitcoin than using it to buy altcoin. This also affects the market cap and volume of altcoin.

[Snaic]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

Totally agree with you. The current state of the crypto-currency market can not be called optimal, it is difficult to call it even a market. Artificially pumped bitcoin, it took off in December in price, after which it fell by 70 percent in its value and the entire crypto-currency market was completely paralyzed for more than six months. This is clearly not normal. However, I think the situation itself will be further leveled. In all likelihood, the level of bitcoin capitalization will gradually decline and the market will begin to revive.

[Coinworld98]

I really really love crypto but I think it is not a good thing that the price of BTC determines what the entire market does. I feel like there should be something done that makes the crypto market more decentralized where the price of BTC doesn't swing the market up and down there should be some sort of better system put in place otherwise we are just creating a system that is just the same as the current fiat system we have where the most "trusted/valuable" asset determines the entire market.

Just some thoughts, what do yall think??

This is quite true. BTC seems to have too much domineering effect on the entire crypto market. It dictates the pace. That is why if anything negative happens to Bitcoin the entire market begins to shake. There should be other counterbalancing coins too to mitigate this.

[laryillary]

In fact, the cost of most known coins depends on the BTC. Therefore, it will be possible to talk about restoring the market only after the price of the first crypto currency has stabilized and will begin to grow in the long run

[Femhab]

So far BTC still remained the standard of trading in crypto, it will continue to affect the movement of alts since all alts solely trade against BTC.

[margaret22]

I agree with you, it is not good, that all the coins are keep going to the same direction. However, in the last couple of days, something different has happened, maybe this is the beginning of a new trend

[leostrong.mo]

When people talk about cryptocurrencies, the first reaction is BTC!
BTC is recognized worldwide as a cryptocurrency. Bitcoin has good liquidity and you can sell, extract and even pay for goods or services.
The status of BTC cannot be changed in a short time!