Debate: Please explain to me why...

[wxa7115]

I would like to ask a very simple question to all you Bitcoin lovers out here.

"Explain to me, why it makes rational sense that the prices of most alt-coins (in relation to USD/EUR/Fiat) should become different when the price of Bitcoin changes."

Note that I am not asking why this happens at present. To put it a bit differently - if a regular dude with no knowledge of the crypto market would ask you:

Why is it sensible and/or "right" that the price of a given alt-coin asset valuation goes up and down when the price of Bitcoin (in most cases, a seemingly unrelated asset) moves up and down? How does the value of said alt-coin become more or less.. why does it make sense that the BTC price de-facto "decides" that whatever actual utility the alt-coin asset enables me to make use of (in-game currency, computing time, storage space, etc.) can now be had for a different amount than a few moments ago?

And, again, just to be sure - please refrain from 'arguments' along the lines of:

- It has always been thus
- Coz alt-coins are [enter your derogatory description here]


and so on. I want to know... why is this the right way for this market to function. How does it make rational, economic sense.

Thank you

There are several factors for this, one of them is the market dominance of bitcoin, now you may see the market dominance of bitcoin at 41% and think it is not that high but that metric is wrong, when we take into account the number of things that are actually bought and sold for cryptocurrencies we find out that 99% of those transactions are done with bitcoin.

Meaning altcoins so far do not really have a real use case and instead are used only for speculation, which means that at the smallest movement of bitcoin those coins tend to follow bitcoin, whether this movement is up or down.

[uneng]

I believe it's purely speculation which determines the increasement in altcoins' price following bitcoin's trend. It's a signal the market is optimistic and investors start putting their money into crypto currency in general, not only bitcoin. Probably it's a strategy to diversify their funds and increase their chances of holding an altcoin that might rise percentually superiorly to bitcoin on short run.
Some people call it altcoin season, however I believe such thing doesn't exist, because the whole market is driven by bitcoin's fluctuations.

[fiulpro]

Well I do think that , it's because people define cryptocurrencies with Bitcoins. If the market is down they assume that the Altcoin price will also fall down therefore they sell and thus make it happen for real.

Other than that they use Bitcoins and Altcoins for trading, therefore the price of Altcoins is sometimes in synergistic relationship with Bitcoins which mean when the price of Bitcoins fall the corresponding traffic that was going to Altcoins also falls.

This might be irrational but the whole crypto market is hugely interrelated which causes the prices to spike up together and to fall together too.

[jaysabi]

I would like to ask a very simple question to all you Bitcoin lovers out here.

"Explain to me, why it makes rational sense that the prices of most alt-coins (in relation to USD/EUR/Fiat) should become different when the price of Bitcoin changes."

Note that I am not asking why this happens at present. To put it a bit differently - if a regular dude with no knowledge of the crypto market would ask you:

Why is it sensible and/or "right" that the price of a given alt-coin asset valuation goes up and down when the price of Bitcoin (in most cases, a seemingly unrelated asset) moves up and down? How does the value of said alt-coin become more or less.. why does it make sense that the BTC price de-facto "decides" that whatever actual utility the alt-coin asset enables me to make use of (in-game currency, computing time, storage space, etc.) can now be had for a different amount than a few moments ago?

And, again, just to be sure - please refrain from 'arguments' along the lines of:

- It has always been thus
- Coz alt-coins are [enter your derogatory description here]


and so on. I want to know... why is this the right way for this market to function. How does it make rational, economic sense.

Thank you

Because a large portion of alt coin prices is based on btc:alt-coin trading pairs, so the price direction of bitcoin necessarily drags the price of alts with it.  If you were only to consider fiat:alt-coin trading in determining the price of a particular alt-coin, they would move much more independently.  But because BTC is so dominant in determining the market cap and price of alts, the alts are highly correlated with BTC.

[teosanru]

I would like to ask a very simple question to all you Bitcoin lovers out here.

"Explain to me, why it makes rational sense that the prices of most alt-coins (in relation to USD/EUR/Fiat) should become different when the price of Bitcoin changes."

Note that I am not asking why this happens at present. To put it a bit differently - if a regular dude with no knowledge of the crypto market would ask you:

Why is it sensible and/or "right" that the price of a given alt-coin asset valuation goes up and down when the price of Bitcoin (in most cases, a seemingly unrelated asset) moves up and down? How does the value of said alt-coin become more or less.. why does it make sense that the BTC price de-facto "decides" that whatever actual utility the alt-coin asset enables me to make use of (in-game currency, computing time, storage space, etc.) can now be had for a different amount than a few moments ago?

And, again, just to be sure - please refrain from 'arguments' along the lines of:

- It has always been thus
- Coz alt-coins are [enter your derogatory description here]


and so on. I want to know... why is this the right way for this market to function. How does it make rational, economic sense.

Thank you

There actually is no market function that we have in play here. You can say that this is an altogether new market function created by the alt market itself. The one reason here is that Bitcoin is considered as Dow Jones of the market. It has 40-50% dominance which means most of the crypto market is just Bitcoin. Which gives it a look of a barometer of the whole market. Because if Bitcoin is rising which means the Investor's confidence towards the whole market is good but when it's falling the investor's confidence towards the whole market is grim.

Talking about how it might have started is because most of the exchanges had only BTC-Alts trading pairs earlier which means you can sell your Alt but would still get just BTC. This means when BTC used to fall people used to sell their alts and come back in BTC and that's why alts fall even harder than BTC.

Moreover, This isn't anything entirely new. If you see even stock markets. When DOW jones or any other index goes up the stocks which aren't even part of the Dow Jones tends to go up.

[Ultegra134]

I've also wondered about that, my best guess would be because Altcoins are being traded as a pair with BTC (LTC/BTC, ETH/BTC for instance). On top of that, Bitcoin is the flagship of cryptocurrency, thus it's considered a sign of well-being for the market. Moreover, all of them are closely related due to their nature, sharing major characteristics with each other.

On the other hand, there are a few instances in which these rules didn't apply 100%. It doesn't necessarily mean that if Bitcoin goes down, Altcoins crash too, or the opposite, but that's what happens usually.

[MrMomentum]

Because a large portion of alt coin prices is based on btc:alt-coin trading pairs, so the price direction of bitcoin necessarily drags the price of alts with it.  If you were only to consider fiat:alt-coin trading in determining the price of a particular alt-coin, they would move much more independently.  But because BTC is so dominant in determining the market cap and price of alts, the alts are highly correlated with BTC.

Yes! I am very pleased to see that you and I have indeed reached the same conclusion, which is that the main (or perhaps only) reason why alt-prices are so inextricably linked with the BTC price and its fortunes are those trading pairs. In fact, I have made an entire website about just this problem right here: https://delistbitcoin.com/ (apologies for the click-baity domain name, please excuse excuse my nod to populist rags)

[mamahdedeh]

I've also wondered about that, my best guess would be because Altcoins are being traded as a pair with BTC (LTC/BTC, ETH/BTC for instance). On top of that, Bitcoin is the flagship of cryptocurrency, thus it's considered a sign of well-being for the market. Moreover, all of them are closely related due to their nature, sharing major characteristics with each other.

On the other hand, there are a few instances in which these rules didn't apply 100%. It doesn't necessarily mean that if Bitcoin goes down, Altcoins crash too, or the opposite, but that's what happens usually.

the increase in the price of bitcoin or altcoin is based on the large demand for that asset. and the demand is usually based on many factors. and of course sometimes whales give a big role to increase a coin. for example bitcoin where Tesla announced the use of bitcoin, and the price immediately skyrocketed

[MrMomentum]

I've also wondered about that, my best guess would be because Altcoins are being traded as a pair with BTC (LTC/BTC, ETH/BTC for instance). On top of that, Bitcoin is the flagship of cryptocurrency, thus it's considered a sign of well-being for the market. Moreover, all of them are closely related due to their nature, sharing major characteristics with each other.

On the other hand, there are a few instances in which these rules didn't apply 100%. It doesn't necessarily mean that if Bitcoin goes down, Altcoins crash too, or the opposite, but that's what happens usually.

the increase in the price of bitcoin or altcoin is based on the large demand for that asset. and the demand is usually based on many factors. and of course sometimes whales give a big role to increase a coin. for example bitcoin where Tesla announced the use of bitcoin, and the price immediately skyrocketed

OK so the price of the alt-coin is only tentatively correlated with its demand, that's the whole problem. At time X, with BTC at 40K, the price for a DOT is $40. At time X+3 hours with BTC tanking to 33K, the price for DOT is $24. Now - if you can please explain to me what, exactly, the price of BTC has made different about the utility, desirability or demand of DOT, I am dying to hear it. Of course, the answer is
"nothing" and that is exactly why having BTC trading pairs where the BTC volatility automatically impacts all other assets a really bad idea.

If you were tasked with designing a market for the trading of some type of asset... if your design included this kind of behavior as a feature, everybody would think it's a really crappy design. Yet here we are.

[stompix]

Now - if you can please explain to me what, exactly, the price of BTC has made different about the utility, desirability or demand of DOT, I am dying to hear it. Of course, the answer is  "nothing"

How about you answer yourself another thing first. What's the utility, desirability, and demand of DOT?

And to understand it better, you should know that I had to check coingecko as I had no clue that DOT stands for Polkadot, nor do I know what this coin is supposed to accomplish or to solve. And another question, if I'm probably unaware of it, has it today fixed any of those things, has it revolutionized something worth mentioning? My hunch is no. My hunch is that everyone that holds those coins is interested in the price, their trust in the utility is zero, they are just waiting to make some profits, dump it when its clear the coin will not be able to do a x5 overnight, and switch to the next altcoin that promises the same revolution we've had 200 times already.

Also, if there was distinct utility, desirability, and demand for it, why did it get influenced when BTC skyrocketed?
What changed in the utility, desirability, or demand between November 2020 and February 2021 to make the price go x7 in value?

[MrMomentum]

Now - if you can please explain to me what, exactly, the price of BTC has made different about the utility, desirability or demand of DOT, I am dying to hear it. Of course, the answer is  "nothing"

How about you answer yourself another thing first. What's the utility, desirability, and demand of DOT?

And to understand it better, you should know that I had to check coingecko as I had no clue that DOT stands for Polkadot, nor do I know what this coin is supposed to accomplish or to solve. And another question, if I'm probably unaware of it, has it today fixed any of those things, has it revolutionized something worth mentioning? My hunch is no. My hunch is that everyone that holds those coins is interested in the price, their trust in the utility is zero, they are just waiting to make some profits, dump it when its clear the coin will not be able to do a x5 overnight, and switch to the next altcoin that promises the same revolution we've had 200 times already.

Also, if there was distinct utility, desirability, and demand for it, why did it get influenced when BTC skyrocketed?
What changed in the utility, desirability, or demand between November 2020 and February 2021 to make the price go x7 in value?

And yet again, this is not actually an answer to my question.
Even if ALL alt-coins, every single one of them, is a total scam, a useless waste of space that nobody should in their right mind want - why should the price of such a hunk of useless have anything to do with BTC? Why should its price go UP if BTC goes up? Down when BTC goes down? Even if the only "utility" it might have is to waste people's money and provide pointless work for dead-end projects... what does it have to do with BTC?

In fact - if you think BTC is so wonderful and fantastic - why would you want these totally useless coins to "take advantage" of BTC price rises...? If you think alts are dumb nonsense, wouldn't the world be a fairer place if they could not profit from BTC price gains...?

I am yet to hear why the value (or,. if you want, degree of uselessness, whatever) of DOT, ADA or ATOM should change because the value of BTC has changed. And let me re-iterate once again, because it looks like this distinction can be hard to keep in mind - I am not asking WHY, in the current market setup, it changes, but why it is rational and/or reasonable that this should be so.

Your opinion on whether alt-coins are useful, nonsense, great or a scam has zero bearing on this question.

On a personal note as an aside, if you think the DOT system makes "no improvements" on the BTC architecture I think you need to ask yourself how you define "improvement". And that's after convincing yourself that somehow magically bitcoin is the only software in the history of mankind where version 1.0 was the best one to be ever released and continues to be so more than a decade after launch.

[stompix]

And yet again, this is not actually an answer to my question.

Because you don't seek a real answer, you seek an answer that you want to hear and you dismiss everything else because you don't like it.

Your opinion on whether alt-coins are useful, nonsense, great or a scam has zero bearing on this question.

Mine yeah, but when mine is replicated by a hundred thousand that think the same, look where your utility is going, down the drain!
So rather than dismissing my opinion, you should look at how many think the same as me and how many think like you, obviously from the dump that correlates with every bitcoin price dump my horde is bigger than yours, and that's what decides the price.

In fact - if you think BTC is so wonderful and fantastic - why would you want these totally useless coins to "take advantage" of BTC price rises...? If you think alts are dumb nonsense, wouldn't the world be a fairer place if they could not profit from BTC price gains...?

I don't want to but at the same time I can't stop them and I don't care about them at all, everyone is free to make his own choices, remember? Freedom, my money, my decisions, my keys? The coins are going up because of speculations we're entering another bull run, speculation that more money will be invested, enough to finally dump the coin and count the earnings in fiat.
And you're mistaken if you think I believed even for a second that people who are holding bitcoins right now are doing it for some idealistic world or financial revolutions or something, maybe 1-2% of them are still believing in that,  the rest are just like the people who went into altcoins, doing it for the gains in fiat. And that's one more reason why you have the markets move in the same directions at the same pace.

I am not asking WHY, in the current market setup, it changes, but why it is rational and/or reasonable that this should be so.

For some people it doesn't make sense that the Earth is not flat, that doesn't change things, we're telling you what's happening in the markets and why this is happening, the fact that you don't want to accept the answers as rational doesn't mean the answers are not true.

On a personal note as an aside, if you think the DOT system makes "no improvements" on the BTC architecture I think you need to ask yourself how you define "improvement". And that's after convincing yourself that somehow magically bitcoin is the only software in the history of mankind where version 1.0 was the best one to be ever released and continues to be so more than a decade after launch.

waves, nem, zcash, dash, iota, neo, eos....
I've heard of so many "improvements" that I can't help but laugh whenever another revolutionary coin comes to "improve" something that works so fine even without a token or a coin.  But again, you're trying to see something that is not there and you're calling everyone else blind because they don't see the same mirage you're admiring right now, just don't get too caught up in it and lose common sense.

[MrMomentum]

Because you don't seek a real answer, you seek an answer that you want to hear and you dismiss everything else because you don't like it.

Nope - it's because it does not answer my question. What you and most other people in the thread here do is explain how the current market works, not why this is how a proper market should work, and why it makes sense that the price of BTC basically dictates the prices of every other asset.

Let me try with another example.

Suppose - BTC is a steam train, that revolutionized hitherto horse-drawn transportation. A marvelous feat of engineering.
Suppose further that alt-coins are airplanes, ships and trucks.
In your case, I suspect you will say alt-coins are trains that run on spaghetti tracks and melt when it's too hot - that's fine, it doesn't matter.

What does matter is - each time there are supply problems with coal and the BTC train network has problems, the prices of air fares, shipyards and trucks also wildly jumps up and down. In your case, coal price rises cause havoc in the spaghetti rail business. When governments threaten to regulate those damn noisy train machines and shares in the steam train business dive, at the same time shares in airlines and shipping companies fall even more.

What I want to know, is how is this a healthy market? How does it make sense? Why should an event in the steam train business impact any other business at all? Maybe you don't like flying, or you get sea-sick on boats - OK, you don't have to like boats or airplanes... but why should developments in the train market impact those markets? Because that is basically the situation.

You are not sticking to the topic; I am not asking for a value judgment on the merits of alt-coins, or whether they are worth anything. I am asking you why a movement in BTC price should have any relationship with the price of alts. You talk about people having a choice, but the truth is that this choice is severely restricted and far less meaningful than it should be. The fact you evidently think investing in alts is a silly choice - that's fine But all this is not relevant to the question.


Let me phrase it some other way still.

If I asked you - Stompix, I have invented a new type of asset, and I need you to come up with a design for how a market to trade these assets would work. You diligently get to work, and come up with a model for a market that makes sense. I'd bet my life on it that the feature "prices of all assets are derived from and/or go up and down with the price of the top asset" would not be a part of that design.

Yet, that is the current crypto market design.

For some people it doesn't make sense that the Earth is not flat, that doesn't change things, we're telling you what's happening in the markets and why this is happening, the fact that you don't want to accept the answers as rational doesn't mean the answers are not true.

That the earth is not flat is a fact that can be proven by empirical study. Your answers are correct (albeit slightly biased against alts) if the question was "Explain to me how the prices of alt-coins work in the current market design" - but that is not the question. I guess what I am trying to illustrate is that the way the market is operating right now is very far from reasonable or sensible; and again, you are totally free and at liberty to not give a s**t about alt-coins, that's totally cool. But surely even if you totally don't care about alts, you still gotta admit that the influence of the price of BTC on their value is absolutely without any merit.

Take game tokens, for instance, like MANA or ENJ. They have absolutely nothing to do with BTC. BTC could disappear tomorrow, nothing in their neck of the woods would change. Yet, if BTC price moves, so does theirs. This is ridiculous; in-game items don't suddenly become worth less or more, the games they are used in do not depend on BTC, BTC has nothing to say or add to those ecosystems. Yet it directly impacts tens of thousands of users as their tokens change in value for no reason that has anything to do with the economies of said tokens. And just to be clear - I don't hold any of those and personally don't care much for them, but I DO care about the broader crypto landscape that is basically "held hostage" by the fortunes of BTC. Surely, even if you think alt coins are nonsensical, even you should think that to be incorrect

[Copetech]

I would like to ask a very simple question to all you Bitcoin lovers out here.

"Explain to me, why it makes rational sense that the prices of most alt-coins (in relation to USD/EUR/Fiat) should become different when the price of Bitcoin changes."

Note that I am not asking why this happens at present. To put it a bit differently - if a regular dude with no knowledge of the crypto market would ask you:

Why is it sensible and/or "right" that the price of a given alt-coin asset valuation goes up and down when the price of Bitcoin (in most cases, a seemingly unrelated asset) moves up and down? How does the value of said alt-coin become more or less.. why does it make sense that the BTC price de-facto "decides" that whatever actual utility the alt-coin asset enables me to make use of (in-game currency, computing time, storage space, etc.) can now be had for a different amount than a few moments ago?

And, again, just to be sure - please refrain from 'arguments' along the lines of:

- It has always been thus
- Coz alt-coins are [enter your derogatory description here]


and so on. I want to know... why is this the right way for this market to function. How does it make rational, economic sense.

Thank you

OK, congratulations!
I have been lurking in this forum for about a year, while greedily searching out every bit of information and education I can find before finally pulling the trigger to start investing into Cryptos. In all this time, this is the FIRST time I have ever been tempted to register and post.

With that in mind, let me see if I can make a worthy first contribution by formulating and articulating a valid theory to ponder.

First let me explain, that in my view, the value of BTC as all crypto coins are a sum total of 2 primary types of value, "Intrinsic" & "Speculative". Many express this as "Supply & Demand" but I see that as FAR too generic for Cryptos and certainly so for this conversation!

Bitcoin's Intrinsic value is as a world currency not tied to any specific country, government, or market & as a store of value to hedge against inflation. Of course it's Speculative Value is based on the world's perception of what it is and will be worth at any given time. Currently, with it's price bouncing around the area of $36k I would estimate it to be about 33% Intrinsic and 66% Speculative. Back in April when it was at ATH range of $65k I would have (did) judged it as 20% Intrinsic & 80% Speculative. The Hype and the Pump of "Bitcoin Reaches ALL TIME HIGH!!!" Drew a lot of attention and people were paying outrageous amounts out of pure FOMO. But then w/ EM's Green FUD and China threatening to cut off ⅕th of the world's population from trading BTC the Speculative Value (SV) has diminished as the Intrinsic Value has stayed relatively stable. Now of course that's not to say the Intrinsic Value (IV) can't be increased or decreased by drastic measures, I just don't think it really has. Maybe it's grown by 1-2% but that's it. Now if China truly cut out ⅕th of the world's population from ever using BTC, that certainly would decrease it's IV overnight! (I just don't believe they did or even can)

Next let's talk about the fact that 99% of the general population, when they hear "Cryptocurrency" immediately think "BitCoin". It's just a fact that most people know very little about the Crypto market, even including a large percentage of those IN the market. There's a pretty significant learning curve and in general, interest/hype about BTC is the primary gateway to opening that Pandora's Box. So if BTC is getting nothing but FUD or worse absolute silence, then there is no growth, no new blood entering the Crypto world and therefore the SV shrinks exponentially and even the IV may retract a bit. Now since you gave the example of an AltCoin utility token for data storage (I don't remember it's name, I'd never heard of it and it doesn't matter) to build on your example. Maybe it's really useful as a cloud storage solution and has a lot of subscribers buying tokens to store and transfer data, so maybe it's IV is 75% and it's SV is only 25%. So since most of the population equates Crypto with BTC, a majority of the SV of all coins comes from people's perception of BTC. So if BTC's value hits the roof and goes to $100k (SV85%/IV15%) then your AltCoin that was $2.00 (SV25%/IV75%) would likely go up to about $2.75 (SV30%/IV70%). More people would be introduced to it due to the Hype of BTC equating Hype in the crypto world as a whole, but it's primary value is IV so it's SV would only increase marginally from those that actually took the time to learn about it. Of course if it was DOT at $2.00 (SV99%/IV1%) the same 300% jump in BTC price may take it up to $12.00(SV99%/IV1%).

So why should it be this way? Well, something has to create the Hype to bring in new blood to learn about the formidable new world of Cryptos, and who better to splash the headlines than the Big Original BTC? Consequently, we end up with various ShitCoins that pop up randomly riding Hype bubbles and Pop into oblivion because they had no IV, but at the same time the coins that actually seem to be built on IV get their healthy boosts of SV along the way without ever really being distracted from what their original value really was (LTC & ETH).

So there's my theory, as best as I could express it in limited time. Go ahead guys, proceed to tear into it.

[stompix]

Let me try with another example.

Suppose - BTC is a steam train, that revolutionized hitherto horse-drawn transportation. A marvelous feat of engineering.
Suppose further that alt-coins are airplanes, ships and trucks.
In your case, I suspect you will say alt-coins are trains that run on spaghetti tracks and melt when it's too hot - that's fine, it doesn't matter.

You see, that's the problem, you're from the start trying to see things that are not there.
How about you do another, far more accurate comparison, bitcoin is gold, ethereum is silver, and the others are some other precious metals.
When the precious metals market goes down the drain because India is not buying gold as it used to everything goes down. Fact!  Reality! 

In your example, you try to picture those coins as things that have already proven their utility when none, absolutely none of those coins has ever done something worth mentioning even in real life, and to confirm you that I'm not that biased as you might think, look even at BTC, do you see millions using it daily? We're down 15% in capacity and fees are low as 4sat last block because usage is losing big time compared to holding and speculation
Rather than seeing altcoins like airplanes, you should look at them like the Concorde or flying cars, extraordinarily on paper but not economically feasible or attractive in real-life situations.
 

Take game tokens, for instance, like MANA or ENJ. They have absolutely nothing to do with BTC. BTC could disappear tomorrow, nothing in their neck of the woods would change. Yet, if BTC price moves, so does theirs. This is ridiculous; in-game items don't suddenly become worth less or more, the games they are used in do not depend on BTC, BTC has nothing to say or add to those ecosystems. Yet it directly impacts tens of thousands of users as their tokens change in value for no reason that has anything to do with the economies of said tokens. And just to be clear - I don't hold any of those and personally don't care much for them, but I DO care about the broader crypto landscape that is basically "held hostage" by the fortunes of BTC. Surely, even if you think alt coins are nonsensical, even you should think that to be incorrect

And again you fail to understand the fact that is written with 100 miles tall letters in front of you, that their whole value is just speculation that somebody will pay more than what you've paid for. Users? Lol, don't make me laugh, 1000 transfers a day out of which most are actually people deposition and withdrawing from exchanges? Look at them in blockexplorers, I see Binance and Huobi every three lines, and that with a lot of exchanges not yet tagged.
You're starting to look more and more like a gamer who meets some guys for the first time and he thinks everyone is insane because they haven't heard of fortnite. Well, surprise, unless you let go of your own biased you will not be able to see things how they really are.

So there's my theory, as best as I could express it in limited time. Go ahead guys, proceed to tear into it.

Of course if it was DOT at $2.00 (SV99%/IV1%)

Loved this one  Damn this was good!

[Copetech]

So there's my theory, as best as I could express it in limited time. Go ahead guys, proceed to tear into it.

Of course if it was DOT at $2.00 (SV99%/IV1%)

Loved this one   Damn this was good!

I originally typed DOGE, but then realized I just didn't want to deal with all those decimals. $0.20 (99.999%SV/0.001%IV) and I still think my decimals are too far right!

[verita1]

When the price of bitcoin falls and affects other prices such as altcoins it is due to the effects of the FUD. It is generally caused by several factors, such as the most recent. Ban a Bitcoin by the government of Turkey, Fud the government of China, the influence of Elon Musk's tweets, there are so many elements that affect market prices (Central Bank, Governments, FED, Influencers, etc.).

The crypto market is dynamic, volatile and never sleeps for beginners it is difficult to get used to for those with experience the best defense is hodl. Being a holding bitcoin and in cryptocurrencies is a great challenge.
To know how we are doing, I agree with this article:

https://cointelegraph.com/news/bitcoin-price-drops-below-35-000-pulling-altcoins-to-multi-month-lows/amp

[MrMomentum]

You see, that's the problem, you're from the start trying to see things that are not there.
How about you do another, far more accurate comparison, bitcoin is gold, ethereum is silver, and the others are some other precious metals.
When the precious metals market goes down the drain because India is not buying gold as it used to everything goes down. Fact!   Reality!  

Ok so if that example is what you call "fact" or "reality"... then there isn't much we can talk about.

Exhibit A: https://delistbitcoin.com/media/metals.png

I've quickly compiled a number of metals and it is readily self-evident and amazingly obvious that gold has ZERO to say about the prices of other metals. Go take a look.
Frankly this example is SO bad I actually propose you retract it and we'll all pretend you never made it.
If those are the kinds of "facts" you base your arguments on then I am happy we disagree

Source: https://markets.businessinsider.com/commodities/palladium-price
(in case you need a fourth example just how Gold has nothing to do with the price of other precious metals)

Basically -  Not Even Wrong https://rationalwiki.org/wiki/Not_even_wrong.

[iamsheikhadil]

Well, different alt coins has their own value and functionality and hence their prices move up and down because of investors or big business who want to actually utilize the coin instead of just trade and making profits! Now, all most all alt coins are based on the idea of block-chain and Bitcoin in fundamental level and so they also go up and down as the demand for that fundamental value increase or decrease!

[Kakmakr]

I think you are looking at this as a person that are used to "fiat" currencies as a medium of exchange. Fiat currencies price does not fluctuate a lot, because the value is manipulated by the Reserve Banks. Bitcoin is a lot more volatile and it is a challenge for merchants to adapt to that, without using Payment processors.

The Bitcoin price will also become less volatile in the future, when bitcoins gets distributed to more people and you will have a scenario where there are less whales to manipulate the price. (Large Whales are currently manipulating the Bitcoin price)