Most Large-Cap Alts Lose Value Against BTC.

[Emitdama]

Altcoins stall against btc, Most altcoins followed btc  BTC’s performance lately, if btc is bullish altcoins will also bullish, but the situation has changed in the past 24 hours. Most of the top altcoins dropped while btc is up.

Cardano, Ripple, Solana, Polkadot, Binance Coin, Litecoin, Terra, and Algorand have also lost chunks of value against the largest cryptocurrency. I think this dropping of altcoin price is temporary and soon it will followed btc what are your insights or thoughts about this?

You have to understand that most of these altcoins you have mentioned don’t correlate with Bitcoin 100 percent. If a coin is going to follow every single step that Bitcoin is making then it has to correlate with it. So let’s say that the coins you have mentioned that the correlation they have with Bitcoin is around 70% to 80%, then there’s always going to be a difference in the price movement on the chart, so them losing value shouldn't be a surprise to you. As time goes on they are going to increase as well maybe in a few days to come now you are going to see that. Example of one that correlates much with BTC and increased is Ethereum.

[izsara]

there is a chatter that until now has become a fact that "when bitcoin goes down then some altcoins will drop drastically, and when bitcoin goes up altcoins will still be in their position and even tend to go down "
I think this is the same thing as some of the previous cases and it certainly takes time even though bitcoin has gone up it doesn't mean that altcoins must always go up, because the concept is not like that.
and I think things like this are only temporary because in the end when bitcoin has started to be in place all altcoins will follow the same thing and now it's just a matter of time, don't overdo it and think negatively about it so you don't panic

[Coin-1]

Cryptocurrency capitalization is usually estimated in US dollars, not BTC. So the large-cap alts have not lost their value, but it was Bitcoin that soared to $55555 about two days ago.

I am genuinely curious about this selective pumping in the cryptocurrency market. Perhaps the true reasons are still behind a curtain and will be revealed in the coming days or weeks. I heard that the developers are planning to implement the Taproot improvement on the Bitcoin blockchain in December 2021, which is why the whales started accumulating BTC coins. Or because hydrocarbon prices have peaked in traditional commodity markets, so more expensive electricity will impact the self-cost of mining PoW-based bitcoins in the future.

I agree that Bitcoin looks much better than altcoins today.

[terrorJR]

even if that's the case, there must be a process that distinguishes it, especially the coins you mention are basically not fully tied to bitcoin.
it's only a matter of time because when bitcoin goes up it doesn't necessarily mean that altcoins will follow directly and instantly. It takes a little by little process because altcoins also have their own graphs for charts so they don't necessarily have to go up at the same time.
and this is only temporary when bitcoin has started to return to normal it is just a matter of waiting for the coin to shoot.

[Kyraishi]

For sure.

At the end of the day bitcoin is the primary store of value for cryptocurrencies and that is indisputable.

Even if ETH and others exceed bitcoin in utility, people buy into the idea that bitcoin is a long term vehicle to store their wealth in. Which is why as hype projects come and go, bitcoin is the only constant.

[TheUltraElite]

..especially now US govt says no plans to ban it. Now alts are being sold right back to BTC!

I see there, so with a certain country banning bitcoin mining, there is now an increase in bitcoin demand in another country.

I just hope that altcoin bagholders start to understand this and get out of their altcoin bubble soon enough to be able to partake in the bitcoin bull start. If they dont, they will be stuck with low value coins for another long period.

At the end of the day bitcoin is the primary store of value for cryptocurrencies and that is indisputable.

Yo, try explaining that to the altcoin maximalists and see how much they will diss you for just saying that. No wonder why the altcoin community has been so toxic for ages.

Even if ETH and others exceed bitcoin in utility, people buy into the idea that bitcoin is a long term vehicle to store their wealth in. Which is why as hype projects come and go, bitcoin is the only constant.

Correctly said, but the point is that people out there want to take the risk but they dont know when to exit. This NFT hype has been used to pump and dump worthless objects and those who successfully used their influential position to do this, managed to make a good profit - but they know that the hype will not last long so they also exit before the hype ends. Common crypto users cant do that in time.

[slaman29]

..especially now US govt says no plans to ban it. Now alts are being sold right back to BTC!

I see there, so with a certain country banning bitcoin mining, there is now an increase in bitcoin demand in another country.

I just hope that altcoin bagholders start to understand this and get out of their altcoin bubble soon enough to be able to partake in the bitcoin bull start. If they dont, they will be stuck with low value coins for another long period.

Don't bet on it. Altcoin people are very much like Bitcoin people. You couldn't convince either one to move to the other side in favor of what they have.

I take myself for an example. I'm Bitcoin heavy and even in my past experimentation with altcoins, I learnt my lesson and now just stick to the main alts I have, and never invest more than I do in proportion to BTC. And that doesn't make me an altcoiner, because I still never use them to the magnitude I use Bitcoin, and probably never will.

[TheUltraElite]

Don't bet on it. Altcoin people are very much like Bitcoin people. You couldn't convince either one to move to the other side in favor of what they have.

I have seen people change and open their mindset so I would bet on it. But they might be too late by the time they change their mind.

I take myself for an example. I'm Bitcoin heavy and even in my past experimentation with altcoins, I learnt my lesson and now just stick to the main alts I have, and never invest more than I do in proportion to BTC. And that doesn't make me an altcoiner, because I still never use them to the magnitude I use Bitcoin, and probably never will.

Sticking with the top 10 altcoins apart from the forked coins, does not make you an altcoiner, rather a diligent investor who has learnt from their lessons.

Same way many "shitcoiners" learnt their lesson too and moved to bitcoin, so I know people can change and they understand their good and bad with time. Likewise, majority of the shitcoins being talked about will end up being in a rat race of who can accumulate how much, while the whales dump on them. The sooner people understand this the better.

[slaman29]

Don't bet on it. Altcoin people are very much like Bitcoin people. You couldn't convince either one to move to the other side in favor of what they have.

I have seen people change and open their mindset so I would bet on it. But they might be too late by the time they change their mind.

I think the best thing about Bitcoin is that you can never be too late. Yes, you'll miss out on the past, but if we have one lesson to learn, as I said earlier, it's that long term you always win with Bitcoin -- altcoin gambles never really make up for lost time unless you stick with big networks, in which case your BTC gains are always comparable.