Another large scale altcoin dump and bitcoin price was brought down!

[shone08]

That's no reason to panic ! Guys look at it this way ! Buy cryptocurrency while there is still a chance to buy everything at affordable prices !

This dump happen is not suprising at all if you take a look at the chart bitcoin are really overbought that stay for a couple of days and theres a news that someone move their bitcoin in just 24hours it decrease to 1k$, but this falling down is another opportunity to stock more altcoin & bitcoin, just observe carefully the situation dont be rush your self its better to wait than lose your fund I like your personality for being positive in this kind of situation.

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[hatshepsut93]

Other altcoins suck just as much or even more than Ethereum. These PoS coins - EOS, Cardano, NEO are even more centralized than ETH and has just as many bugs and problems. There's still a good chance that ETH will outlive them, just because it has been longer in development, has fixed more bugs and is PoW for now. But anyway, no coin comes close to Bitcoin in terms of quality, I think we are lucky that we have competent devs and not some greedy scammers like most altcoins do.

I doubt that Bitcoin's price was crashed by altcoin dump, it probably was a coordinated selling, and then the markets gained downward momentum.

[snipie]

I read that it may be related to Goldman Sacks not opening an exchange but I do not think this is the main reason.
ETH losses was huge, XRP too, but even Bitcoin dropped more than $700 lately which is huge 

[sheenaedago]

That's no reason to panic ! Guys look at it this way ! Buy cryptocurrency while there is still a chance to buy everything at affordable prices !

Grabbing this oppurtunity to buy more coins while the market is on dip is a great delibertion to gain massive profits when the stability of the market has occur. Take this scene as a struggle that always contain a solution to be back and rise again consistently.

[Gembul0705]

Maybe some of crypto whales want to make peope panics so they would sell their bitcoin and whales will eat their bitcoin. And since bitcoin dump again investor would change the asset from alt to bitcoin this is why the dominance btc raise to 54% because the if bitcoin down alt will down and if bitcoin up altcoin still sideways. But yesterday Bitcoin diamond had up until 150% in some exchange until 250% this because binance open their wallet of bcd so now the price of bcd in any exchange has been same.

That's no reason to panic ! Guys look at it this way ! Buy cryptocurrency while there is still a chance to buy everything at affordable prices !

i agree this is maybe we can collect more some of coin and this why we can make strategy with averaging down not stoploss so we can make double profit when market recovery again.

[buwaytress]

If the altcoin dump was largely against Bitcoin pairs, then it would certainly help explain why Bitcoin didn't slump as badly in the fall, and why it is continuing to rise back up while ETH and gang can't seem to enter recovery mode.

It's all a culmination of powerplay behind some of the big altcoins, along with anxious profit taking on a market firmlu anchored to 2018's strengthening claims to being the longest bear year.

The excitement just keeps building up on the road to 2020.

[Tamboran]

I don't think there is some real connection between altcoin and Bitcoin market. Yes, trends on both influence each other but on the other hand each of them is functioning independent and I don't think that solving some issues on the altcoin market would necessary influence Bitcoin market in positive way and prevent it from dumping. There are many other factors that cause dumps and corrections.
That kind of connection between altcoin and Bitcoin market that would beat negative influence on both sides isn't achievable.

I think it has connection, trend market are influence by Bitcoin movement. Whether pump/dump on altcoin market can influence on Bitcoin price, i don't think so. But Bitcoin pump/dump affected much on altcoin market. I think to solves this, people need to give knowledge about how doing safe trading by not following trend pump and dump from some groups on social media.

[Pursuer]

I read that it may be related to Goldman Sacks not opening an exchange but I do not think this is the main reason.
ETH losses was huge, XRP too, but even Bitcoin dropped more than $700 lately which is huge 

of course if you look at the number that changed (700) it seems huge but when you look at the percentage you can see that it was less than 9% which is in fact small. or at the very least you can call it a medium drop.
but the percentages of drops in altcoins have been above 10% and mostly closer to 20% rather than the lower bound.

Goldman Sachs news was a major thing but I remain on saying altcoin dumps have been a big pressure pulling the price down. it slowed down a lot but I am afraid we have not seen the end of it yet.

[1Referee]

Other altcoins suck just as much or even more than Ethereum. These PoS coins - EOS, Cardano, NEO are even more centralized than ETH and has just as many bugs and problems. There's still a good chance that ETH will outlive them, just because it has been longer in development, has fixed more bugs and is PoW for now.

While other coins might suck just as hard, we really need to have the utility platform part of the market to be well diversified. Back in 2017 it was just Ethereum that people could buy into, which as we all know, pumped its price to insane levels, and it was very close to Bitcoin in terms of market cap at one point. Right now the same won't happen again because the pool of funds that will flow into altcoins will be split in smaller fractions where each individual coin will get its share of the pie.

In other words, competition for Ethereum is the best thing that could happen to this market. Startups no longer need to use Ethereum as base, they have a wide variety of much better scaling alternatives to choose from. Ethereum started it all, and it gave birth to platforms that might at some point overtake its spot.

[rickadone]

I read that it may be related to Goldman Sacks not opening an exchange but I do not think this is the main reason.
ETH losses was huge, XRP too, but even Bitcoin dropped more than $700 lately which is huge 

It was more like a widespread fire in the market in a short period of time.
ETH market has been very slow to rising already and the dump did not just start. Even while other altcoins were trying to make a move, ETH was very reluctant to, so I would not have been surprised that it had a very crazy dump.

Nevertheless, the market is generally subject to manipulations by the whales and that is one thing we cannot rule out and the altcoin market is actually like a money making machine for them, which has always caused a lot of distractions, but in the real sense, there is absolutely nothing we can do about it.

[Kevin77]

another massive altcoin dump has been going on today specially in big coins like Ethereum which actually was among the biggest dumped coins today with nearly 20% drop. and that led to a small but still a 5% drop in bitcoin price today.

Easy there, this is not a large scale dump at all, we were right here just last week or so, it is not a surprise that we went up to $7.2k and went down here, we did this couple of times already and we must get used to it, this is the max we can get without getting a bigger bull run, the price difference between $6.4k and $7.2k is the profit you can use in your favor but when you are stuck at the other side and bought it at $7.2k and now see the price low don't go out and sell your bitcoin right away, wait a bit, in a week or two bitcoin will be $7k+ once again and than you can sell it. Bitcoin price is quite volatile specially in that 10% range.

the market is generally subject to manipulations by the whales and that is one thing we cannot rule out and the altcoin market is actually like a money making machine for them

In all kind of market situations too, these manipulations are happening but we do not give them any big attention as it is rarely influencing the bitcoin market. When eth was bumped to $1+k price levels bitcoin market remained calm but overall market movements are based on people's psychology and no one could understand them.

[BitHodler]

In other words, competition for Ethereum is the best thing that could happen to this market. Startups no longer need to use Ethereum as base, they have a wide variety of much better scaling alternatives to choose from. Ethereum started it all, and it gave birth to platforms that might at some point overtake its spot.

Spot on. I see people constantly refer to other coins as a waste of resources, which in most cases they are right on, but the few occasions where they are wrong helps this industry to remain fairly well distributed overall.

It was quite a bitter pill to swallow seeing how Ethereum literally broke through last year. No matter how hard I tried to convince people that they were buying themselves into fraudulent ICOs, it was a total waste of effort.

I have been part of this market for a while, but I have never seen anything like the ICO explosion before. It took so much attention away from Bitcoin at that point, that I'm glad the parasitic ICO problem more or less solved itself. 

[coinplus]

Altcoins market has always been a distraction right from time, but at the same time, they are still a kind of necessary evil anyway.

What I can see here is that most of the time, the altcoin market is always a way of the whales just taking a chance to making more money which is why it is a lot more volatile and the truth is that, as long as people get to know that bitcoin will never lose dominance in the long run, the better they will be able to make decisions into knowing that altcoins sometimes are just basic B.S.