the main point here is simply asking why havn't we seen a huge drop on xlmbtc and xrpbtc ? usually when BTC dips alts dumps against it. but this last dip it was pretty different.
it is because in the charts you have posted here, you have zoomed out of bitcoin chart as much as you could and you are looking at the daily charts while you have zoomed in the altcoin charts and are only looking at the
bounce back part of it so you think there was a rise.
what happened is that there is a huge FUD going on against bitcoin and there is a huge sell off in bitcoin market which is KEEPING the price down while the altcoins got dumped as bitcoin dropped but since there was nobody "continuing to sell them" the price bounced back a little hence decreasing the over all size of the drop when you calculate it using the current price and price before the drop.
you have quite a good imagination , i did not zoom out or in of anything. i simply screenshot the charts as they were showing on my screen with no intention of making any illusion. the charts were simply to show you the last 3 candles on the daily chart regardless of how large or small they may look they are all on the same time-frame. these are charts based on real values, it's not what
i THINK as you mentioned.
any how, you have a good explanation on why haven't those coins dumped. which is obvious ! nobody was
"continuing to sell them" which has not been the case in most other dips. most of the time if not all, every time people sold bitcoin with that huge volume , people panic and sell more ALTs. it's this concept that most traders have, if btc that has almost 50% of the market cap is dipping then it will only be worse for ALTs. but this time it was different. and if you look at XRP chart of today it's up 5.5% the last 24 hrs. this makes xrp down by
-2.7% on 7-days change.
xlm gained 2.77% the past 24hrs makes it down
-5.32% based last 7 days change,
while bitcoin gained .16% the past 24hrs and down by
-13.46% on 7 days change *
all based on USD rate for 7 days change.
the image above is from CMC app , which represents the average of most exchange platforms.
if you can't trust the numbers shown there. open the charts and do the calcs yourself. you will get at least 99% the same figures. so really it's nothing of what I THINK , it's what the numbers show.
Again i am not shilling any of these coins, in fact i am quite upset about my thoughts. i am worried that people will keep selling their btc for ALTs ,specially those POS coins that i personally dislike.
one guy i knew sold all his btc for xrp thinking xrp has a better support by bankers and in terms of growth centralization will have better success. seems like he is not the only one thinking this. and this may be a new trend for many traders. I hope i am wrong tho.
anyway the next DIP will show how will investors react.
I pay attention to some stable altcoins, those are...
DGD (DigixDAO)
USDT (Tether)
MKR (Maker)
BTS (BitShares) and DAI
to be honest, Bitcoin is still far less stable than these five altcoins.
i wouldn't touch any of those coins. risky as hell. if you want to be in the stable mode then just keep fiat. just my 2 cents
If we analyze the market in 7 days interval, we can arrive to any conclusions, depending on which intervals exactly to pick. Maybe for now BTC seems more volatile then some of ALTs, but in the long run I don't find these charts to be a reliable source of data for trading or investment decisions.
indeed , 7 days interval is no were near accurate enough to come up with any conclusions. but this could be a kick-start of a new era. Shitcoins surpassing BTC, and if that train is about to move i want to be in it not just watching from the outside
