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micher143
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June 17, 2018, 07:29:57 AM |
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I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.
What is the reason behind this in your own opinion ?
In fact that was a truth behind the movements in the market. Most of the other cypto currency are considering depended in the movements of bitcoin and most of this coins are altcoins. When the movements of btc are in down trend thus the other crypto are automatically in down trend also and when the btc movements are starting going up the others are going up too. |
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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richan
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June 17, 2018, 07:37:25 AM |
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Bitcoins is the major cryptocurrency that almost all altcoins are paired with. The volume of bitcoins is so huge that any movement it take, other coins that is paired to it also goes the same direction. I think bitcoin can be use as indicator to trade other alternative currencies.
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ambisyon
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June 17, 2018, 07:43:51 AM |
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I agree with the subject wherein for every rise and every drop mostly depend on bitcoin's performance in the market. This is what usually happens in the crypto market where btc is the baseline for any movement in the market. Bitcoin and altcoins are correlated with the other where you can notice that for every bear and bull market, the performance of both btc and alts are directly proportional to one another.
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Nahl
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June 17, 2018, 07:47:05 AM |
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i don't know the exact reasons why if bitcoin price fall then altcoins also will following bitcoin but in my opinion this is happened with many times because when the price fall then people also will dumped their altcoins too following bitcoin that's why altcoins will always following bitcoin price movement
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bitvalak
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Leading Crypto Sports Betting & Casino Platform
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June 17, 2018, 01:11:56 PM |
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probably because the bitcoin factor becomes central to all types of altcoin, hence it seems as though other coin charts could be similar to bitcoin.
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Herbert2020
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June 18, 2018, 05:03:58 AM |
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i don't know the exact reasons why if bitcoin price fall then altcoins also will following bitcoin but in my opinion this is happened with many times because when the price fall then people also will dumped their altcoins too following bitcoin that's why altcoins will always following bitcoin price movement
you know what, sometimes you don't even need to know the reason for it! you just have to know that when bitcoin goes down, altcoins get dumped right afterwards. this can create a lot of good trading strategies for you. for example you place a watcher on bitcoin price and as soon as you see the drop (within seconds) you short altcoins and wait for them to reach the bottom and have a dead cat bounce to make another quick profit. |
Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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Dmitry.Vastov
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June 19, 2018, 01:16:44 PM |
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I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.
What is the reason behind this in your own opinion ?
I don’t think that all other crypto currencies can follow the same graph as possessed by bitcoin. Bitcoin is very sustainable and versatile crypto currency and the growth curve of bitcoin is almost a ascending straight line which means that the growth of bitcoin is very high comparatively to all other crypto currencies so I don’t think that the growth graph of all the crypto currencies can resemble to that of bitcoin because if we look at the valuation then also bitcoin is leading all the crypto currencies. |
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Jorge158
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June 28, 2018, 11:28:48 PM |
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This just tells us that bitcoin is the KING of crypto and I don't see any coin overtaking it. Bitcoin will always rise when it falls unlike some altcoins which remains stable and that's the end.
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tanjilrifat
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August 18, 2018, 11:45:26 AM |
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This is what usually happens in the crypto market where btc is the baseline for any movement in the market.All the alts follow bitcoin and bitcoin has a huge influence over the market.
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Ilegendph
Full Member
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Thinking on the higher plane of existence.
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August 18, 2018, 12:30:22 PM |
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I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.
What is the reason behind this in your own opinion ?
I think that's because Altcoins are mostly traded in Bitcoin/Altcoin pairs and if Fiat price of Bitcoin falls, then the Fiat price of the Altcoins will fall in almost the same amount I think this is the real reason behind this. Many crypto traders in the world needs to exchange their local currency for bitcoin before they can buy their crypto. Ofcourse in effect, whenever bitcoin falls every other altcoins that depends on it will also fall but I'm not saying that all of the altcoins because there are altcoins that resist this kind of bearish trend of bitcoin. |
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buternasek
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Merit: 12
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August 18, 2018, 12:35:46 PM |
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I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.
What is the reason behind this in your own opinion ?
because almost all of the altcoins traded, are converted to bitcoin. it's no wonder that bitcoin falls all altcoins also follow bitcoin. the point is all determined by bitcoin. |
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