because I know that altcoins will always follow bitcoin. so even though I will buy altcoins but I still analyze bitcoin first. like before, I prepared money to buy automatic coins. then I saw the potential for a decline in bitcoin again, so I canceled my intention to buy matic before bitcoin went down. so after bitcoin dropped to $29,000, I immediately went in to buy matic which decreased by 24%/24 hours due to bitcoin's decline which fell to about 8%/24 hours.
and I think a lot of people are doing the same thing.
This proves the power of bitcoin
If you bought on spot and held on to it then sold when btc went up to 31k, then congrats on the profits. Too bad though, not everyone in this industry thinks the same. If that wasn't the case, more people would have studied at least the required basic knowledge to predict potential price destination. Which could've made it easier for most of the investors to buy at the right times and sell on the right times as well.
But yes, the way bitcoin takes all the whole market with it when it goes up or down shows how dominant it is. Although, this may or may not last forever. One thing I am sure of though is that it'll be impossible for me to witness it if it does happen.
well the dominance of bitcoin is still clear and continues to be seen. even i'm not sure if this will end. because considering that people are increasingly trusting bitcoin especially after seeing the disaster that befell Terra Luna (altcoin). trust to invest in bitcoin is increasing. and people are becoming more careful with altcoins. because even the top 10 like terra luna can collapse. so that I myself have become more invested in bitcoin whose strength is clear.
