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Author Topic: How does the supremacy of bitcoin affect altcoins?  (Read 1392 times)
Kelvinikke
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June 26, 2018, 03:18:13 AM
 #1

Bitcoin is the King of all cryptocurrencies hence it has altcoins such as ETH, LTC, DASH etc. as its followers\s but i get a litte confuse how bitcoin's supremacy tends to dictate the price rates of most altcoins.

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June 26, 2018, 03:40:48 AM
 #2

it is because the altcoin market is like Penny Stocks market. there are thousands of useless altcoins such as ETH, XRP,... in that market that people are only using for one purpose: to make profit. and that profit is mainly on their bitcoins.
so since altcoins have no other usages apart from fueling the wallets of bitcoin owners whenever there is a price drop in bitcoin everyone abandons altcoins as they are sinking ships.

i don't know if we can call that "supremacy" or "king",... it is just that bitcoin is good and it has real world usage. and that usage is what's giving it value and keeps increasing it in the long run. while others are pure speculation which is why they can't sustain their prices.

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June 26, 2018, 05:10:37 AM
 #3

You are right that the vast majority of altcoins are worthless, but not all. There are a small handful of altcoins out there that also have real world usage and that are achieving things that Bitcoin isn't.

As long as you can only buy altcoins with Bitcoin, the prices will track each other. As more exchanges introduce fiat/altcoin pairings, the market should decouple from Bitcoin's price.

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June 26, 2018, 05:47:54 AM
Last edit: August 21, 2018, 09:44:52 AM by fillippone
Merited by alexrossi (2), RodeoX (1), Pursuer (1)
 #4

preface:
I think ALL altcoins are basically worthless.
The point where they differentiate from Bitcoin (protocol choices/hashing algorithm etc..) is actually an inferior one, having been discarded by bitcoin due to security risk/protocol efficiency/ecosystem robustness.
Bitcoin is a huge bet but while I don’ know if in 10 years bitcoin would be worth 1 million or zero (or course I have an idea), I am absolutely sure that in 10 years every present shitcoin (all of them, but bitcoin) will be worth ZERO.

Having said that.
Dominance is the bitcoin market capitalisation over the total market capitalisation of all cryptocurrencies.
When bitcoin was the sole cypto around market dominance was 100%.
You can see a graph of market dominance here:
https://coinmarketcap.com/charts/


In a bull market they tend to rise more than bitcoin: hence in a bull market the bitcoin dominance tends to lower.
Conversely in a bear market those coins tend to drop faster than bitcoin: the bitcoin dominance tends to rise.
Whay that? most altcoins can be traded only versus bitcoin: when market rises avi people tends to sell Bitcoin (larger market cap) to buy smaller cyptos that can be lifted more with less capital influx.
The everse happens ib a bear market where investors, actually scalpers, revert to bitcoin as a safe haven in crypto land, to protect their investment (they cannot sell for fiat in a single trade).

Hope it clarifies!
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June 26, 2018, 06:04:31 AM
 #5

Altcoin is inspired by BTC, which is the symbol and leader of all encryption. If BTC is destroyed, altcoin will also be destroyed.

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June 26, 2018, 06:13:26 AM
 #6

In a bull market they tend to rise more than bitcoin: hence in a bull market the bitcoin dominance tends to lower.
Conversely in a bear market those coins tend to drop faster than bitcoin: the bitcoin dominance tends to rise.
it is not only about the speed of rise/drop. it is about the fact that there is only 1 bitcoin which is going against 1700 altcoins. that is why calling it "dominance" is wrong to begin with. if altcoins were good then the real dominance of bitcoin should have been 0.05% instead of forty something! being at forty... just proves that altcoins are indeed shitcoins.

Quote
Whay that? most altcoins can be traded only versus bitcoin: when market rises avi people tends to sell Bitcoin (larger market cap) to buy smaller cyptos that can be lifted more with less capital influx.
The everse happens ib a bear market where investors, actually scalpers, revert to bitcoin as a safe haven in crypto land, to protect their investment (they cannot sell for fiat in a single trade).
the altcoins have other markets including USD and other fiat, other altcoins like ETH, LTC, Doge,... and even stable coins like USDT. the problem is people want to use their bitcoins because they want profit on their bitcoin not on their fiat or altcoin,... which is why they trade altcoins versus bitcoin mostly.

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June 26, 2018, 06:45:08 AM
 #7

Bitcoin is the King of all cryptocurrencies hence it has altcoins such as ETH, LTC, DASH etc. as its followers\s but i get a litte confuse how bitcoin's supremacy tends to dictate the price rates of most altcoins.
Most people believe in BTC long term and they trade Altcoins for the purpose of increasing their BTC Stack, I think BTC is like a center in the Cryptocurrencies economy because every exchange offers BTC trading pairs BTC and the fact that BTC is the top coin being traded for Altcoins


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June 26, 2018, 06:52:51 AM
 #8

it is about the fact that there is only 1 bitcoin which is going against 1700 altcoins. that is why calling it "dominance" is wrong to begin with. if altcoins were good then the real dominance of bitcoin should have been 0.05% instead of forty something! being at forty... just proves that altcoins are indeed shitcoins.

This is a skewed way of looking at it. If you remove the 1650+ coins that obviously trash, as well as the trash coins that somehow made their way in to the top 20 (BCH, TRX, XVG, EOS), things are much more even. It's not fair to combine ETHs share of 20% with a bunch of scam coins.

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June 26, 2018, 06:56:38 AM
 #9

Bitcoin is the King of all cryptocurrencies hence it has altcoins such as ETH, LTC, DASH etc. as its followers\s but i get a litte confuse how bitcoin's supremacy tends to dictate the price rates of most altcoins.
Most of the prices crypto currency prices were depends on the bitcoin because we just think bitcoin as the king of crypto currency so we would like to invest on other coins because of the bitcoin's growth.
But the prices of cryoto currencies were based on the demand and supply so if other crypto can create more trust than bitcoin then it can influence the market.

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June 26, 2018, 07:16:30 AM
 #10

it is about the fact that there is only 1 bitcoin which is going against 1700 altcoins. that is why calling it "dominance" is wrong to begin with. if altcoins were good then the real dominance of bitcoin should have been 0.05% instead of forty something! being at forty... just proves that altcoins are indeed shitcoins.

This is a skewed way of looking at it. If you remove the 1650+ coins that obviously trash, as well as the trash coins that somehow made their way in to the top 20 (BCH, TRX, XVG, EOS), things are much more even. It's not fair to combine ETHs share of 20% with a bunch of scam coins.

it is not even fair that ETH has that much of the share. your problem is that you think just because it is rank #2 it makes it a good coin different from the rest of the "bad" coins you named here. the fact it ETH is the worst. it has about 72 million coins premined. it is like Ripple and a lot of other coins, they have unaccounted for supplies which makes their market cap fake.

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June 26, 2018, 07:25:32 AM
Last edit: June 26, 2018, 11:26:06 AM by jaocoincrypto18
 #11

Bitcoin is the King of all cryptocurrencies hence it has altcoins such as ETH, LTC, DASH etc. as its followers\s but i get a litte confuse how bitcoin's supremacy tends to dictate the price rates of most altcoins.

Actually, no matter how many and how much Altcoins you will keep but in the end it will be traded to Bitcoin to earn more fiat.This is what really is happening with most of the investors in which it will make more Bitcoin price to become more stable and strong against the Altcoins.

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June 26, 2018, 07:28:05 AM
 #12

Because bitcoin is the biggest coinmarketcap, the market is still small and therefore bitcoin can affect the overall price of the Altcoin. As bitcoin decreases, people tend to sell Altcoin to the BTC leading to lower Altcoin prices, but the bitcoin future will diminish to Altcoin's price.
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June 26, 2018, 07:48:06 AM
 #13

As the pioneer and successful by the existence, no doubt that Bitcoin is the most famous of crypto inside the space either outside. Bitcoin has inspired other altcoins so far and used by all altcoins as the main payment before go to FIAT. Logically, if Bitcoin price is falling refer to fiat then most of other altcoin will follow. Here is the simple case:

1 BTC = $6000.
1 XXX = 0.001 BTC ~ $6

If BTC is going to be $ 10000, then 1 XXX in BTC is (assumed to be same refer to BTC) still 0.001 but refer to FIAT will be $10000/$6000 ~ 10/6 times ~ 167% gain ($10). And vice versa, if 1 BTC become $ 4000, then 1 XXX in FIAT become:$4 as 67% of initial fiat value.

Even there is a few coins/tokens are not affected by BTC because the people are trusting these coins/tokens by it's utility as there is useful advantages on the project application provided to people.
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June 26, 2018, 07:48:45 AM
 #14

-snip-

While I don't disagree with your points, is it not acceptable for the creators to make money for their work? Satoshi's wallets hold a million Bitcoins.

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June 26, 2018, 07:59:27 AM
 #15

i don't think bitcoin being "supreme" or "king" has any effect on altcoins. if they were good then they would have grown in spite of bitcoin and whatever it is doing.  the problem is that altcoins are no good.

and it is the same thing everywhere else too. for instance just because Apple exists and creates good cell phones it doesn't mean Samsung can not grow big and gain users. Samsung is also considered a good smart phone creator and millions of people use their product. but a Chinese company creating shitty phones is not capable of competing with them.

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June 26, 2018, 08:03:00 AM
 #16

-snip-

While I don't disagree with your points, is it not acceptable for the creators to make money for their work? Satoshi's wallets hold a million Bitcoins.

that is exactly the problem right there. you are comparing two different things that are not even similar.

an altcoin dev who wants to become rich, premines his coin, runs an ICO,... so in an instance (usually without even doing much since they mostly copy code from each other) they gain a lot of coins which worth a lot of money.
now you say Satoshi, he did NOT premine bitcoin, he did NOT run ICO, he did NOT get paid to create bitcoin. what he did was that he (like many others) started mining bitcoin on a level playing field. if he owns 1 million bitcoin he deserves it, many others also own 1 million bitcoin since they mined in early days like Hal Finey for example.
... and that is a huge difference.

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fillippone
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June 26, 2018, 08:38:08 AM
 #17

Bitcoin is the King of all cryptocurrencies hence it has altcoins such as ETH, LTC, DASH etc. as its followers\s but i get a litte confuse how bitcoin's supremacy tends to dictate the price rates of most altcoins.

Actually, no matter how many and how much Altcoins you will keep but in the end it will be traded to Bitcoin to earn more fiat.
While I see your point I cannot fully agree:if the Bitcoin experiment really succeed you won’t need to convert to FIAT at the end.
You won’t because the “good money” (BTC) will ultimately prevail over “bad money” (FIAT)

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June 26, 2018, 08:55:53 AM
 #18

I don't know how that simple question lead some members here into answering altcoins being worthless. The question is how BTC is affecting other cryptocurrencies in the market. The answer is simple Bitcoin being the market leader means that BTC basically has control on where the market will go, its influence makes other altcoins go on a rally or a correction. But does it make other altcoins worthless? I don't think so, Ethereum and XRP (which you have mentioned are worthless) also have their own value based on their own demand. If they are worthless their value right now would be 0. Also keep in mind that they don't always have a positive correlation in the market, sometimes when BTC is on the rise, others are on a fall as all traders have sold their altcoin position in order to participate in BTC's rally.

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fillippone
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June 26, 2018, 09:11:27 AM
 #19

Also keep in mind that they don't always have a positive correlation in the market, sometimes when BTC is on the rise, others are on a fall as all traders have sold their altcoin position in order to participate in BTC's rally.
Sorry, I have never experienced a crypto negatively correlated to bitcoin. Do you have any meaningful data to support your claim?
Tether is of course out of context here.

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June 26, 2018, 09:20:30 AM
 #20

Well Bitcoin is the first cryptocurrency ever created. All the other coins/altcoins were created later on after copying the idea of Bitcoin. So they are kind of sired to Bitcoin. When Bitcoin goes down, they all go down and vice versa. Bitcoin is the King of cryptocurrencies and Satoshi is the father.
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