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Author Topic: Factors that make Bitcoin determine price of other cryptocurrencies  (Read 196 times)
Dr.Bitcoin_Strange
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July 08, 2023, 06:55:00 PM
 #21

OP, the reason is because Bitcoin is the only well-known decentralised cryptocurrency; although there are other decentralised coins, based on market capitalization, Bitcoin is the highest. Bitcoin has gained more exposure compared to other competitors, and because Bitcoin halving happens every four years with miners rewards always being cut in half, there is also high optimism among people that during Bitcoin halving comes the bull market, and because there is always pressure in the market for people to accumulate Bitcoin, the price will skyrocket during the bull market. There is no other coin or token that has such characteristics as Bitcoin.



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July 08, 2023, 07:04:15 PM
 #22

By observing market trends, one can notice a common pattern: when Bitcoin experiences a price decline, many other coins in the market also start to decline. This phenomenon occurs because individuals tend to panic when Bitcoin's value drops, leading them to sell their holdings. Consequently, the altcoin market reacts accordingly and follows suit. However, there are instances where certain coins deviate from this trend and instead experience significant price increases. This occurrence often indicates that there might be specific news or stories associated with those particular coins, driving their surge in value.





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justdimin
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July 11, 2023, 03:39:21 PM
 #23

By observing market trends, one can notice a common pattern: when Bitcoin experiences a price decline, many other coins in the market also start to decline. This phenomenon occurs because individuals tend to panic when Bitcoin's value drops, leading them to sell their holdings. Consequently, the altcoin market reacts accordingly and follows suit. However, there are instances where certain coins deviate from this trend and instead experience significant price increases. This occurrence often indicates that there might be specific news or stories associated with those particular coins, driving their surge in value.
Market moves together, there is really no shock about that, and it is not just one way around, it is both sides, if alts go down then bitcoin goes down as well. Remember when luna crashed? That caused bitcoin to crash as well so it's obvious that we are doing fine with it. I am not saying that it is going to be like that forever, I am sure there are moments when they move independently as well but most of the time they move together and that means we are going to see price changes that go hand in hand together.

It is not an easy thing to see when that will happen though which is what we are trying to do at this point. We shouldn't judge how they move, but when they will move, that will allow us to make more money and  could help us profit.

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