What happened?

[Ultegra134]

Hello everybody, first time here.
I wasn't sure where to post this, please feel free to move it if I messed up.

Thing is, I'm yet to start my investment (maybe in the next few days). I've just finished a course by Chris Haroun on the subject.
So I've been keeping an eye on the prices of Bitcoin, Ethereum and Binance Coin for the past few days. As you all know, all three coins took a dive yesterday. What I just noticed is that all three fell about the same time (around 4 A.M. yesterday), and recovered also about the same time (24 hs. later, about 4 A.M. today).
Did anything happen, that would cause such a synchronized dip and recovery?
Thanks in advance. 

When Bitcoins goes down, most other alternative cryptocurrencies go down too, it's the first crypto ever created, thus, everything else is closely correlated to it. What you've mentioned could be a simple coincidence, Bitcoin is volatile, and so are all cryptocurrencies (except stable coins of course, which still show some level of variation).

You could perhaps start slow and slowly build on your portfolio, by purchasing a variety of coins, such as Ethereum, Litecoin, Polkadot and plenty of others, depending on your budget.

[coin-investor]

Hello everybody, first time here.
I wasn't sure where to post this, please feel free to move it if I messed up.

Thing is, I'm yet to start my investment (maybe in the next few days). I've just finished a course by Chris Haroun on the subject.
So I've been keeping an eye on the prices of Bitcoin, Ethereum and Binance Coin for the past few days. As you all know, all three coins took a dive yesterday. What I just noticed is that all three fell about the same time (around 4 A.M. yesterday), and recovered also about the same time (24 hs. later, about 4 A.M. today).
Did anything happen, that would cause such a synchronized dip and recovery?
Thanks in advance. 

The majority of the coins in the market are paired with Bitcoin and they follow the price of Bitcoin, it's been like this ever since, but there are instances where certain altcoins go the other way, I have some coin that goes a different direction that is they are pump when Bitcoin is going down, just buy coins with potential that will contribute to the community and technology and your investment will turn out ok.

[oHnK]

This is clear why Eth and BNB follow BTC, because almost 50% of the total market cap is BTC, that's the main reason. But, for why the price goes up and down, there are many reasons for the case. You can learn the reason with 2 approaches based on the theory. You can use the fundamental or technical side for learning the price movement. For me, supply and demand in the crypto market are really unpredictable, you don't have any reminder for ur portfolio when the market goes down. This is purely just because of the market issues, although you are looking for basic data which is related to the price, you will be stuck on the issue side only.

[EdenHazard]

Welcome to the daily fluctuations of bitcoin price.

If you look on the charts of all major asset classes, including BTC, you'll see these so called "patterns" forming all the time.

They don't mean anything and it doesn't necessarily have to be caused by anything in particular either. Just stay the course. Time in the market > timing the market.

Yeah just like the other day when bitcoin price dropped down from 20k to 3k ..

people getting scared that time and selling it all at once rather than be patient and keep buying to counter their losses buying at high to accumulate it and get a real huge profit now at the highest level of all time.
can you see the pattern now?
the current price drop mean nothing if you stick to the plan to hold it in long term... losing 20 50 or even 90% if you keep buying and accumulate it till the green light turned on.

[TheGreatPython]

Hello everybody, first time here.
I wasn't sure where to post this, please feel free to move it if I messed up.

Thing is, I'm yet to start my investment (maybe in the next few days). I've just finished a course by Chris Haroun on the subject.
So I've been keeping an eye on the prices of Bitcoin, Ethereum and Binance Coin for the past few days. As you all know, all three coins took a dive yesterday. What I just noticed is that all three fell about the same time (around 4 A.M. yesterday), and recovered also about the same time (24 hs. later, about 4 A.M. today).
Did anything happen, that would cause such a synchronized dip and recovery?
Thanks in advance. 

Hi BernyJB, you’re welcome to the cryptocurrency forum. You see, in the cryptocurrency market, bitcoin acts as the market sentiment indicator, and another reason because altcoins are trading pairs with bitcoin, so their market price usually correlates with bitcoin. Ethereum is one of those altcoins that are usually making move that is close to Bitcoin; when the market price of bitcoin goes up you’re usually going to also see the price of Ethereum go up. And this is the case for a lot of other altcoins we have in the market, but there are other cryptocurrencies that are different though.

[Silberman]

The title of this thread is confusing and hilarious. Coming to the topic itself, the cryptocurrency market is extremely volatile op which is why these dips and surges are a regular thing honestly speaking.

You need to check the news regularly to understand the reasons behind these surges and dips though there is no reason sometimes. Invest only what you are willing to lose.

By nature people are always looking for reasons behind everything that happens, the problem is that this can create mistaken explanations about what we see, and this is extremely common in the world of cryptocurrencies, many times a movement is attributed to some news that appeared when many times such a direct relationship between the news and the movement of the price cannot be established, with that in mind the only explanation that makes sense 100% of the time to explain what we see in the market is the law of supply and demand.

[Fakhrulenclix]

That's the influence of BItcoin which causes almost all Altcoins to follow its movement, both prices go down and high.
I've been watching this for a long time and it's always the case except for some new altcoins.
I think it's very natural that when Bitcoin goes down, other Altcoin holders also sell their coins causing the same decline.

[davis196]

The cryptocurrency market is joke at this point.
What's the point of almost all altcoins,since all of them are following the Bitcoin price?
Even ethereum,which is supposed to be the main competitor of Bitcoin.Why the ETH price still follows the Bitcoin price?In a normal market,the traders would dump one coin and pump another.For instance they would sell BTC and buy ETH,therefore pumping the price of Ethereum and lowering the BTC price.This doesn't happen in reality.I guess that all traders just buy Bitcoin+altcoins in a bull market,but when the market goes down,they just sell Bitcoin/altcoins and buy stablecoins or fiat.
Like I've said before-Altcoins aren't real competitors of Bitcoin,they are just an addition/supplement to Bitcoin,but this addition or supplement isn't really needed.   

[Issa56]

Probably the only thing I believe will have happened then was maybe thier was a sudden drop in bitcoin price will affected the coins to and maybe bitcoin recovered immediately again that was why those coins followed it too, so whenever you want to buy a coin you can wait till whenever bitcoin is dumping because those coins will also dump to and you can buy. Most coins always follows bitcoin movement.

[Quidat]

Probably the only thing I believe will have happened then was maybe thier was a sudden drop in bitcoin price will affected the coins to and maybe bitcoin recovered immediately again that was why those coins followed it too, so whenever you want to buy a coin you can wait till whenever bitcoin is dumping because those coins will also dump to and you can buy. Most coins always follows bitcoin movement.

Basing up on couple of years of experience dealing with crypto space then this is something a really normal thing on where Bitcoin is really the ones who do really make out some trend most of the time.
If it does have some bearish run then expect things turns out to be this way after some time.Although there are coins which is really making some opposite direction because not all would really be talking about trend but also it talks about demand which makes a certain coin/project to be valuable despite of the trend that we are currently facing.
So actions will vary on which step you would tend to make out.

[ashmodeus]

Did anything happen, that would cause such a synchronized dip and recovery?
Thanks in advance. 

i call it whale's game , usually when Bitcoin fall, the rest of coin will follow , i just have crazy speculation most of major cryptocurrency has holded by 1 big player, or team or organization, of course you can ignore my speculation. but , to be sure ,its not like panic market for me.

[FloridaKid]

Hello everybody, first time here.
I wasn't sure where to post this, please feel free to move it if I messed up.

Thing is, I'm yet to start my investment (maybe in the next few days). I've just finished a course by Chris Haroun on the subject.
So I've been keeping an eye on the prices of Bitcoin, Ethereum and Binance Coin for the past few days. As you all know, all three coins took a dive yesterday. What I just noticed is that all three fell about the same time (around 4 A.M. yesterday), and recovered also about the same time (24 hs. later, about 4 A.M. today).
Did anything happen, that would cause such a synchronized dip and recovery?
Thanks in advance. 

Dips are simply corrections it's not something a crypto fan must be fear of, corrections brings opportunity and crypto is highly volatile, if you want to buy these coins it's better to buy when a correction is ongoing, check the price today you will see that they have pumped back up, I hope you learned something from this

[mamesso]

i call it whale's game , usually when Bitcoin fall, the rest of coin will follow ~~

The assumption that Bitcoin and Altcoin have mutually influencing relationship between the two are not always true. There are certain times when the price of Bitcoin goes up some Altcoin actually goes down. Cases that we often encounter in the crypto market when the price of Bitcoin increases, the price of Altcoin also rises sharply.

There comes a time when the price of Bitcoin goes up, some altcoins actually experienced a decline, Altcoin will be begetting worse as money flows into the Bitcoin market. But on the contrary, When the Bitcoin price drops, Altcoin are experiencing sharp gains as some money flows into Altcoin through Bitcoin sales.

[Zanab247]

I noticed some negative challenge in the market few days ago about the decreased of bitcoin and other altcoins in this new month. The price of bitcoin and ethereum is not looking beautiful to the eyes of the customers and many customers are wondering if to hold till the price hit higher or to sell before the price will still reduce more in the market.
Since bitcoin and ethereum are giving some signs in the market recently show that the price will not be stable enough for the investors to make a good profits from their investment. Many investors are seriously worry about the drop of bitcoin and ethereum which  has been dominating in pumping, since the beginning of this year 2021.

[Silberman]

The cryptocurrency market is joke at this point.
What's the point of almost all altcoins,since all of them are following the Bitcoin price?
Even ethereum,which is supposed to be the main competitor of Bitcoin.Why the ETH price still follows the Bitcoin price?In a normal market,the traders would dump one coin and pump another.For instance they would sell BTC and buy ETH,therefore pumping the price of Ethereum and lowering the BTC price.This doesn't happen in reality.I guess that all traders just buy Bitcoin+altcoins in a bull market,but when the market goes down,they just sell Bitcoin/altcoins and buy stablecoins or fiat.
Like I've said before-Altcoins aren't real competitors of Bitcoin,they are just an addition/supplement to Bitcoin,but this addition or supplement isn't really needed.   

That is basically the reality of this market, what we must understand is that the market cap we see in most websites is fake for most altcoins, basically if an altcoin has 10 million coins of supply and one of them sells for one dollar suddenly it is believed that coin has 10 million dollars of market cap when this is not true, the market cap of altcoins is many times smaller than what we see, and when we add that almost all real transactions are done with bitcoin this shows that altcoins are not only not necessary but an obstacle to the progress of bitcoin.

[paxmao]

#

Hello everybody, first time here.
I wasn't sure where to post this, please feel free to move it if I messed up.

Thing is, I'm yet to start my investment (maybe in the next few days). I've just finished a course by Chris Haroun on the subject.
So I've been keeping an eye on the prices of Bitcoin, Ethereum and Binance Coin for the past few days. As you all know, all three coins took a dive yesterday. What I just noticed is that all three fell about the same time (around 4 A.M. yesterday), and recovered also about the same time (24 hs. later, about 4 A.M. today).
Did anything happen, that would cause such a synchronized dip and recovery?
Thanks in advance. 

The answer is nothing peculiar. That is how bitcoin and crypto in general move - volatility at large in the short term, that tends to equally encourage, deter and cause dismay for the newcomers while there is a clear growth tendency in the long term that frequently draws investors back into the arena. Your choice: stress yourself and ask yourself about the short term movements or ... HODL

[bengsabeng]

I think this is something that is natural, when bitcoin prices go down most altcoin prices (eg BNB and ETH) will also go down. according to my observations the average altcoin price is indeed synchronized with the bitcoin price, this applies when the price is rising or the price is falling. when prices are down the percentage of price declines on altcoins is usually higher and vice versa when prices are recovering the price increases on altcoins are usually higher, this is according to my observations.

[ashmodeus]

i call it whale's game , usually when Bitcoin fall, the rest of coin will follow ~~

~snip

yep , most of all your saying is true , like BTC going crazy on october, altcoin even ETH going down, since the phase still on bitcoin, after Bitcoin reached new ATH , even BNB still strugle under $450 on that time , but now, the phase has changed, people who got some profit from btc october has selling his btc for new rally of altcoin, right now , we can see it happen, also on this month, many many major event from Medium caps altcoin happen, like EGLD will launch egld ecosystem , polkadot with parachain , and many more, no wonder altcoin will pumped this month, just pick the right.

[LastKiss]

I think this is something that is natural, when bitcoin prices go down most altcoin prices (eg BNB and ETH) will also go down. according to my observations the average altcoin price is indeed synchronized with the bitcoin price, this applies when the price is rising or the price is falling. when prices are down the percentage of price declines on altcoins is usually higher and vice versa when prices are recovering the price increases on altcoins are usually higher, this is according to my observations.

Well because bitcoin like mother of cryptocurrency in this crypto world mostly other coins will follow bitcoin trend, only some coins have their own trend. But also remember regulation really important for every coin in this crypto space, but when an altcoin got good news only that coin go uptrend while the others not xD

[BernyJB]

Thank you all! this thread is turning into a bonafide crypto encyclopedia, and I'm loving it!
Yeah, now that some time has passed, I can see you guys are right, there's basically nothing to it. So far, I'm reading whitepapers (ETH whitepaper turned out to be another disappointment though), and slowly coming up with a list of currencies to buy, maybe.
In his course, Chris Haroun advises people to have a long term view, as opposed to a day trading attitude. I can understand that. My question: would it be wrong to do both?
In any case, these are the coins I'm looking at, so far. In all cases, with any luck, I should be starting with $10-$15 each.

BTC
ETH
BNB
LUNA
XRP
ADA
SOL

Anything you guys see (good or bad), that I might be missing?
In the (maybe near) future I'm looking at investing on WOZX, as I strongly believe in their mission, and it's been down for some time. But we'll see...