cryptoknows (OP)
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Activity: 277
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September 24, 2021, 06:41:28 PM |
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Hello everyone, dear friends. Everyone remembers what happened in 18 year. Then the cryptocurrency really kept only on BTC and ETH. But now a lot has changed. A huge number of crypto areas have appeared, such as DeFi, NFT, Blockchain gaming and others. The market is full of top offers, but for some reason, BTC still determines the market price. When Btc falls, the entire market is corrected, and ecosystems like Near Protocol or Solana most often grow only with positive BTC daily readings. What do you think about this? Why, after fixing BTC, people still fix their money in projects such as Near, Solana or Matic, because their ecosystems, by and large, can exist completely apart  |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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dothebeats
Legendary
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Activity: 3640
Merit: 1352
Cashback 15%
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September 24, 2021, 06:51:30 PM |
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For as long as the markets and exchanges have an altcoin/BTC pair, this will continue to happen. Most of the altcoins in the market are dependent of bitcoin's price movements, and this has been observed for years now. If we are to stop coupling btc to every altcoin out there, that is the only time when bitcoin would stop defining the market movement for the altcoin markets. Regardless of ecosystem and difference in the nature of coins, for as long as we can exchange that altcoin to bitcoin, it will always get affected.
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Woodie
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September 24, 2021, 07:01:08 PM |
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For as long as most crypto currencies are pegged to btc I don't see this stopping any time soon. And the fact that we have most coins using BTC as the base currency on most exchanges this means it will keep having influence over these altcoins that we have around. By the way no one gets moved by an altcoins market move but once bitcoin makes a move everyone has to react to protect their crypto portfolio from volatility.
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vv181
Legendary
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Activity: 1932
Merit: 1273
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September 24, 2021, 09:41:59 PM |
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~snip What do you think about this? Why, after fixing BTC, people still fix their money in projects such as Near, Solana or Matic, because their ecosystems, by and large, can exist completely apart You can say that other cryptocurrencies can completely exist without Bitcoin, it is technically true. But within cryptocurrencies markets, Bitcoin is still at the top among all other coins, Bitcoin has the largest wealth of cryptocurrencies. As the above post said, all cryptocurrencies are paired with /BTC market, so it is surely all the altcoins price performance follows the overall price performance of Bitcoin. |
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hello_good_sir
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September 24, 2021, 10:14:39 PM |
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Hello everyone, dear friends. Everyone remembers what happened in 18 year. Then the cryptocurrency really kept only on BTC and ETH. But now a lot has changed. A huge number of crypto areas have appeared, such as DeFi, NFT, Blockchain gaming and others. The market is full of top offers, but for some reason, BTC still determines the market price. When Btc falls, the entire market is corrected, and ecosystems like Near Protocol or Solana most often grow only with positive BTC daily readings. What do you think about this? Why, after fixing BTC, people still fix their money in projects such as Near, Solana or Matic, because their ecosystems, by and large, can exist completely apart I think that it will happen eventually. There are already large crowds congregating around the SOL, ETH blockchain that aren't necessarily interested in BTC as a currency. But the correlation between coins will probably be here to stay for quite a long time in my opinion. Even if there are separate user bases, people tend to see bitcoin as a signal for the rest of the market and unfortunately that is more of a deep-rooted psychological issue. |
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WalkerIVIV
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September 24, 2021, 10:23:56 PM |
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Hello everyone, dear friends. Everyone remembers what happened in 18 year.
what? You meant for the future, right? What do you think about this? Why, after fixing BTC, people still fix their money in projects such as Near, Solana or Matic, because their ecosystems, by and large, can exist completely apart The situation will always be the same. Bitcoin will be ruling the market while another coin was just following bitcoin. Im sure that if you know this very well but im a bit missing what you meant about fixing bitcoin. If you meant about the price rebound and it happens anytime. People will be also rebuilding their position on the solana and matic since the trend was also being determined by bitcoin as well. Those new smartcontract platforms or even second layer solution just like matic can exist in the future. They're big projects with good ecosystem. |
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flip4flop
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September 24, 2021, 10:26:51 PM |
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Doubtful as the first and original cryptocurrency it will likely be pegged as the guiding pole for movement of all cryptocurrencies in general. I do think we will eventually see some exception short terms as new projects make advancements like AVAX, SOL, ADA and ALGO. They will be able to leg up to the next level of support and resistance but they will not truly be able to run and thrive until BTC reclaims key support levels. Investors taking risk off usually take it out of BTC first which then has a waterfall effect to all other projects. Until institutional investors put more money in a single project or coin instead of BTC this will likely continue.
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livingfree
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September 24, 2021, 11:03:34 PM |
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It won't change.
Bitcoin will always be the market leader and it won't change a thing because it's been there and it will never stop defining the market.
And that is so if you worry about those altcoins then you should invest to bitcoin.
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ASTON VILLA FC
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Tipstar
Sr. Member
Offline
Activity: 1764
Merit: 280
Smart World Global Token
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September 25, 2021, 01:43:59 AM |
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Hello everyone, dear friends. Everyone remembers what happened in 18 year. Then the cryptocurrency really kept only on BTC and ETH. But now a lot has changed. A huge number of crypto areas have appeared, such as DeFi, NFT, Blockchain gaming and others. The market is full of top offers, but for some reason, BTC still determines the market price. When Btc falls, the entire market is corrected, and ecosystems like Near Protocol or Solana most often grow only with positive BTC daily readings. What do you think about this? Why, after fixing BTC, people still fix their money in projects such as Near, Solana or Matic, because their ecosystems, by and large, can exist completely apart How can we be sure it's the BTC that's determining the market? There are no BTC exclusive news or events that has made the market move in current bearish trend. Surely as the coins are paired against each other, its not a wonder when they follow similar trend. But the dependence on BTC as a pair is much lower than it ever was. I believe it's a collective effect. Bad news for a particularly popular alt could lead the market downwards. |
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Fundamentals Of
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September 25, 2021, 03:24:23 AM |
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Bitcoin will remain to be the overall measurement of the market. If you were monitoring the market for years already, you will see that the trends like NFT, Defi, ICO, etc are not as permanent as Bitcoin. They are more or less temporary. A handful of these projects may even reach the top 10 in market cap but they couldn't stay there for a long time. On the other hand, Bitcoin and Ethereum have been at the top consistently. So expect that Bitcoin or perhaps Ethereum also are really the market compass. They somehow define the market and point the overall direction.
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Dave1
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September 25, 2021, 03:40:33 AM |
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Hello everyone, dear friends. Everyone remembers what happened in 18 year. Then the cryptocurrency really kept only on BTC and ETH. But now a lot has changed. A huge number of crypto areas have appeared, such as DeFi, NFT, Blockchain gaming and others. The market is full of top offers, but for some reason, BTC still determines the market price. When Btc falls, the entire market is corrected, and ecosystems like Near Protocol or Solana most often grow only with positive BTC daily readings. What do you think about this? Why, after fixing BTC, people still fix their money in projects such as Near, Solana or Matic, because their ecosystems, by and large, can exist completely apart What do you expect? BTC is the first and the prime movers in crypto, that's why everything is based on it's price. And you just have to look at all the trading pairs we have, its BTC/X coin. So that explains what BTC will remain dominant for the years to come. As for other projects, yeah it good to see them popping from time to time and become solid. But it's quality over quantity for me. There are a lot of shi tcoins and only being used for pump and dump scheme. |
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▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO
FUTURES | | | | | | | │ | 1,000x
LEVERAGE | │ | COMPETITIVE
FEES | │ | INSTANT
EXECUTION | │ | .
TRADE NOW |
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traderethereum
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September 25, 2021, 05:20:46 AM |
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People are trying to recover their losses by investing in other projects that they think can make money.
Maybe they found that Near, Solana and Matic could be a good investment besides Bitcoin so they use it to buy and sell the coin and some of them just hold those coins.
But when Bitcoin recovers from the low price to the high price, people will be back to bitcoin and sell their bitcoin and making money.
So it is not a surprise when bitcoin is down, we see some coins/tokens can still increase as the crypto market will still like that, no matter what the trend is.
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TheUltraElite
Legendary
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Activity: 2870
Merit: 1222
Call your grandparents and tell them you love them
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September 25, 2021, 05:30:35 AM |
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Bringing DeFi, NFT to the table does not change the fact that they are not traded in terms of BTC - the first preference of all merchants is BTC and it is the one coin that no exchange would dare to not have listed.
Moreover, these projects that come up, remain for short periods of time. At this point this statement might feel wrong to many of you reading this, but this same situation happened when the ICO hype was going crazy. Everyone thought that the market was tipping away from bitcoin to their favourite altcoin but very soon the reality came into view. Bear market started and every altcoin went down by 100%, even bitcoin did but with time it recovered back while the altcoins remained that way, their teams abandoned and investors money whisked away.
Do you still think some shitcoin should define the market?
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FUTURES | | | | | | | │ | 1,000x
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FEES | │ | INSTANT
EXECUTION | │ | .
TRADE NOW |
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guydin
Full Member
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Activity: 686
Merit: 103
www.fintropy.io
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September 25, 2021, 05:36:11 AM |
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Hello everyone, dear friends. Everyone remembers what happened in 18 year. Then the cryptocurrency really kept only on BTC and ETH. But now a lot has changed. A huge number of crypto areas have appeared, such as DeFi, NFT, Blockchain gaming and others. The market is full of top offers, but for some reason, BTC still determines the market price. When Btc falls, the entire market is corrected, and ecosystems like Near Protocol or Solana most often grow only with positive BTC daily readings. What do you think about this? Why, after fixing BTC, people still fix their money in projects such as Near, Solana or Matic, because their ecosystems, by and large, can exist completely apart The thing is that people trust bitcoin the most, so if they see that there is a decrease of bitcoin, they get rid of altcoins first, so they are likely to fall even more than bitcoin. I think that when people start trusting other currencies for the same level as in case with bitcoin, it will not be the main indicator, but it still has the biggest part of all market, so I don't think that it can happen in the nearest future. |
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Bitstar_coin
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September 26, 2021, 11:54:26 AM |
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I think this will continue to be so for now, btc will always have influence over the rest of the market because btc form a greater part of the overall mc, even the coins who are not paird in btc will still be influence anytime the btc price is affected, most people which to see alts separate from btc but I don't think it is possible now.
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amishmanish
Legendary
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Activity: 1904
Merit: 1158
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September 26, 2021, 12:16:58 PM |
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I think that it will happen eventually.
There are already large crowds congregating around the SOL, ETH blockchain that aren't necessarily interested in BTC as a currency.
But the correlation between coins will probably be here to stay for quite a long time in my opinion. Even if there are separate user bases, people tend to see bitcoin as a signal for the rest of the market and unfortunately that is more of a deep-rooted psychological issue.
There is nothing "unfortunate" about it. The separate user bases do not mean that people can simply bet so much money on centralized PoS chains whose only products till date have been clones of each other. People and more importantly, institutions get the confidence to invest in Alts because of the easy convertibility to Bitcoin, which is the real innovation underlying everything. Take Bitcoin away and these just become Smart-contract platforms which are looking for a problem to solve where there is none. Most use-cases like DeFi and NFTs that have found buyers also derive their legitimacy from the fact that they are ultimately on-chain money. Take Bitcoin away and I bet none of the million dollar NFTs will have anymore value. Infact, most of those OGs who have enough to invest 1000s of ETH on these NFTs and DeFi farms, have that kind of money because they have been Bitcoin bulls who diversified. Its only the newbies who are bedazzled by Alt-chains claiming TPS and what not. So, for anyone in this space, never ever keep all your portfolio in Alts. If you are not stacking Sats while being a part of this journey, you are missing the point and will regret later. Smart investors always do that and this is why you see this correlation with Bitcoin price. |
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fullhdpixel
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September 26, 2021, 08:16:50 PM |
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Hello everyone, dear friends. Everyone remembers what happened in 18 year. Then the cryptocurrency really kept only on BTC and ETH. But now a lot has changed. A huge number of crypto areas have appeared, such as DeFi, NFT, Blockchain gaming and others. The market is full of top offers, but for some reason, BTC still determines the market price. When Btc falls, the entire market is corrected, and ecosystems like Near Protocol or Solana most often grow only with positive BTC daily readings. What do you think about this? Why, after fixing BTC, people still fix their money in projects such as Near, Solana or Matic, because their ecosystems, by and large, can exist completely apart You do know that there are lots of crypto currencies in the market these days, and majority of them now are no longer pegged to Bitcoin. When you check their price there is no correlation with Bitcoin at all, they are usually going and opposite direction. The coins that are moving in the same direction most of the times with Bitcoin and the ones that are pegged to bitcoin’s price. So, Bitcoin doesn’t really determine where the general market will be heading to 100% of the time, albeit it does make some impact. If you check on Coinbase you will be able to tell coins that are moved by bitcoin and the ones that are not. The percentage of price correlation between bitcoin and so many altcoins in the market varies. |
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pealr12
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September 26, 2021, 08:30:25 PM |
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I would also love to see altscoins operate independently from btc some day, hopefully sooner than we know this will occur, as of now, btc still have a strong influence over the other alts reason why many alts are currently red while btc fight going below 40k, only few out of the majority are not affected.
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RussianEnglishTranslation
Jr. Member
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Activity: 840
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September 27, 2021, 04:17:59 AM |
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In the long run other projects will eventually overtake the BTC marketcap. The first one to do this is likely ETH or XRP. Some unsolicited advice though, if you farm on Ref Finance or Spookyswap for example, and earn APYs of 100% or more, you don't have to worry about what Bitcoin is doing, you earn farming rewards daily.
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