Is there a correlation between Ethereum coin and Bitcoin price movements⁉️

[arzuo]

A long time ago, I watched a video where two traders were discussing BTCitcoin and altcoins.
At one point in the discussion, one of them said that if Ethereum 💎 could not survive in the market, then Bitcoin would not survive either, meaning the market would lose buyers and the price of Bitcoin would decrease.〽️

Since Bitcoin was created before Ethereum, this seemed unnecessary👎 to me, but then I thought 🤔 about it and realized that, a large portion of those who are familiar with Bitcoin first learned about altcoins and then learned about Bitcoin.
In other words, since altcoins are often owned/controlled by institutions or individuals, the marketing/advertising of altcoins is 📢 promoted and many new traders interested in trading are primarily introduced to Bitcoin through 🤝 altcoins.

👉 So I want to know from the experts on this topic: Are Ethereum or altcoins really acting as a pillar in the Bitcoin market❓

[Oshosondy]

At one point in the discussion, one of them said that if Ethereum could not survive in the market, then Bitcoin would not survive either, meaning the market would lose buyers and the price of Bitcoin would decrease

Probably they are saying that if bitcoin can not survive the market, that ethereum will not survive the market either because the coins and tokens are following the price of bitcoin. If the price of bitcoin is increasing, ethereum and other cryptocurrencies prices are also increasing. If the price of bitcoin is decreasing, the prices of other cryptocurrencies including ethereum is also decreasing most likely. The difference is that they are more volatile than bitcoin.

So I want to know from the experts on this topic: Are Ethereum or altcoins really acting as a pillar in the Bitcoin market❓

Bitcoin is the pillar.

[Upgrade00]

Since Bitcoin was created before Ethereum, this seemed unnecessary👎 to me, but then I thought 🤔 about it and realized that, a large portion of those who are familiar with Bitcoin first learned about altcoins and then learned about Bitcoin.

There's no data to back up this statement. While altcoins are popular due to the sheer number of them and marketing they do to lure investors in, there is nothing to show that the bulk of those who come in here looking for a quick pump end up in Bitcoin. And also many people who jump on ICO or whatever else is trending arr already familiar with Bitcoin at that time. Even those not actively in the crypto market are familiar with Bitcoin.

Bitcoin dictates the crypto market price actions for the most part.

[KiaKia]

Listen OP,  it is either you heard wrong or the person passing that message don't know what they are saying, it's the other way around, if Bitcoin isn't doing fine no other coins will be able to breath easily.

It's not even because Bitcoin was first created before Ethereum, they are not the same, Bitcoin is designed to work differently, decentralised and completely PoW, Ethereum is centralised and it brings smart contracts too.

This person's point would have made a lot of sense if Bitcoin is running on Ethereum chain, that's when Bitcoin won't survive but this is not the case.

[cryptoaddictchie]

Since Bitcoin was created before Ethereum, this seemed unnecessary👎 to me, but then I thought 🤔 about it and realized that, a large portion of those who are familiar with Bitcoin first learned about altcoins and then learned about Bitcoin.
In other words, since altcoins are often owned/controlled by institutions or individuals, the marketing/advertising of altcoins is 📢 promoted and many new traders interested in trading are primarily introduced to Bitcoin through 🤝 altcoins.

Honestly if ethereum werent created after bitcoin we dont have much narrative today. Bitcoin probably more higher in price and not much of altcoins are present. But would that be good? When ethereum introduced erc20 for supporting dapps tokens that makes the matket have an extension of different utilities out there.

Yes it dilute the competition but open a lot of opportunity to users and community on web3. I wouldnt say everybody gonna regret the creation of secondary ethereum.

[Curious T]

At one point in the discussion, one of them said that if Ethereum 💎 could not survive in the market, then Bitcoin would not survive either, meaning the market would lose buyers and the price of Bitcoin would decrease.〽️

He is saying rubbish. Remove Ethereum from the market and everything would still remain except tokens in it's network, but if you remove Bitcoin from the market, the whole market would come crumbling down. If Bitcoin crashes to zero today, that would be the end of the market. Every other coin would crash too. Bitcoin was already being traded and has already gotten to $300 before Ethereum was launched. Would have Ethereum survived if Bitcoin was never launched?

The video is probably from those days when people thought Ethereum would be as big as Bitcoin. I didn't know abut crypto then, but I've seen a lot of social media videos talk about Ethereum like it was going to compete with Bitcoin. I believe if you remove every other coin from the market, Bitcoin would become bigger more than it already is.

[BlackBoss_]

A long time ago, I watched a video where two traders were discussing BTCitcoin and altcoins.

👉 So I want to know from the experts on this topic: Are Ethereum or altcoins really acting as a pillar in the Bitcoin market❓

The pillar in cryptocurrency market is Bitcoin which decides a general trend and capital flow, trading volume in cryptocurrency market as well as market sentiment. While Ethereum, even as a biggest altcoin, is severely affected by Bitcoin price movements and trends. If Bitcoin is bearish, Ethereum can not have a long lasting bull run. While from a bear market and its bottom range, Bitcoin will always recover firstly, then start its bull run and trigger Ethereum to following and take off.

Your question is very opposite with the fact in cryptocurrency market.
Ethereum or altcoins or shitcoins of Bitcoin market? Really, it will never happen this way.

[348Judah]

At one point in the discussion, one of them said that if Ethereum 💎 could not survive in the market, then Bitcoin would not survive either, meaning the market would lose buyers and the price of Bitcoin would decrease.〽️

This is another reason to why we must not believe on anything we see online or hear people say about bitcoin or any other alts, but in the actual sense to what he said, reverse is the case, bitcoin determines the performance of any other coin except when we are already in the altcoin season, it is not possible that ethereum take the lead while Bitcoin follows, bitcoin is the main reason for cryptocurrency and ethereum is just an added advantage for those willing to take the risk to invest on it as altcoin.

[Hardyrobust]

It is wrong for anyone to think that without Ethereum that bitcoin won't be in existence. Bitcoin has been in existence even before ethereum. There maybe a kind of correlation between bitcoin and ethereum, were by an increase in price of bitcoin will lead to an increase in price of ethereum and it is not the reverse of it. If ethereum is declining is as a result of bitcoin also declining in price. Bitcoin is actually acting as the pillars for all altcoin especially ethereum.

[pawanjain]

A long time ago, I watched a video where two traders were discussing BTCitcoin and altcoins.
At one point in the discussion, one of them said that if Ethereum 💎 could not survive in the market, then Bitcoin would not survive either, meaning the market would lose buyers and the price of Bitcoin would decrease.〽️

Since Bitcoin was created before Ethereum, this seemed unnecessary👎 to me, but then I thought 🤔 about it and realized that, a large portion of those who are familiar with Bitcoin first learned about altcoins and then learned about Bitcoin.
In other words, since altcoins are often owned/controlled by institutions or individuals, the marketing/advertising of altcoins is 📢 promoted and many new traders interested in trading are primarily introduced to Bitcoin through 🤝 altcoins.

👉 So I want to know from the experts on this topic: Are Ethereum or altcoins really acting as a pillar in the Bitcoin market❓

Ideally, it should be the exact opposite. Since bitcoin was created before altcoins, it has the potential to survive on it's own.
It has done that already and thus, even if Ethereum or other altcoins crash, bitcoin will still remain.
In fact, I think bitcoin will pump way harder because all the money will flow out of altcoins and move to bitcoin since people trust it the most.

[SquirrelJulietGarden]

Ideally, it should be the exact opposite. Since bitcoin was created before altcoins, it has the potential to survive on it's own.
It has done that already and thus, even if Ethereum or other altcoins crash, bitcoin will still remain.
In fact, I think bitcoin will pump way harder because all the money will flow out of altcoins and move to bitcoin since people trust it the most.

When talking about cryptocurrency market crash, it's usually starts with Bitcoin. Even reasons can be from any centralized platform like an exchange, an altcoin project, whatever, they have most of money in bitcoins and when they have problems they dump bitcoins first or their business treasury will be liquidated with biggest capital from Bitcoin part.

Then big altcoins like Ethereum will crash with similar reasons, while for shitcoins, their crashes won't affect cryptocurrency market too much.

[bitbollo]

I would not point too much on correlation. Every time these correlations have a clear explanation ... backwards.
There are some intrinsinc cases where this is present, but this is not always possible to measure (unless you are using specific tracker).
There is a clear underline between the two assets but at the ends these are completely different.

I couldn't forget one of Senior Executives of a big pharma, replying like an expert = "No, bitcoin is the past, now there is Ethereum."
Well done!
After 10+ years has become likewise fun  

Did you still see correlation in the long term?
Definetely these two coins have an opposite trends more longer is the timeframe take in consideration

[BlackHatCoiner]

No, this is backwards. Ethereum and the altcoin casino exist because of bitcoin's attention -- not the other way around. If every altcoin went to zero tomorrow, bitcoin would be just fine. The correlation you see on charts is liquidity flowing in and out of the same risk-on bucket, not some pillar holding bitcoin up.

People who are seriously invested in bitcoin have no interest in shitcoins.

[dansus021]

I think this thread should be in Altcoin Discussion but this is my thought and based on my experience every major altcoin like ethereum always follow bitcoin price in the normal market, if bitcoin pump then ethereum is also pump and vice versa, but sometimes is just hit different.

Sometimes ETH could double the bitcoin percentage price. Lets say bitcoin today up 5% Etherum could make 10%, or when altcoin season occur when this happen Etherum can act alone didnt care bitcoin price, if the BTC price is stable or up ETH could double or even triple the price of bitcoin

[MusaPk]

Are Ethereum or altcoins really acting as a pillar in the Bitcoin market❓

Bitcoin is the only leader in crypto market and all alt coins are dependent on Bitcoin for their price. We have seen that in case Bitcoin price goes, the price of alts also go up. This tells us that Bitcoin is providing necessary support to alts not the other way. We have also seen that despite enormous growth in price of Bitcoin, same was not seen in the price of Ethereum. One of main reason for this is that Bitcoin is only decentralised currency in crypto market, while rest all are more or less centralised.

[pawanjain]

Ideally, it should be the exact opposite. Since bitcoin was created before altcoins, it has the potential to survive on it's own.
It has done that already and thus, even if Ethereum or other altcoins crash, bitcoin will still remain.
In fact, I think bitcoin will pump way harder because all the money will flow out of altcoins and move to bitcoin since people trust it the most.

When talking about cryptocurrency market crash, it's usually starts with Bitcoin. Even reasons can be from any centralized platform like an exchange, an altcoin project, whatever, they have most of money in bitcoins and when they have problems they dump bitcoins first or their business treasury will be liquidated with biggest capital from Bitcoin part.

Then big altcoins like Ethereum will crash with similar reasons, while for shitcoins, their crashes won't affect cryptocurrency market too much.

So you mean to say is any startup or company holding bitcoin in it's portfolio will dump bitcoin first during a time of crisis.
I don't think so. Even if they have a huge chunk of their assets in bitcoin, I don't think they will dump it all.
May be some of it but they will be choosing other options to survive the crisis instead of selling it all because bitcoin is what will help them sustain their growth and survival in the long run.
They might sell it all only when there's no other option left and use their bitcoin as a last option.

[uneng]

It's Bitcoin which drives this market in every directions. Ethereum just face the consequences of Bitcoin's tendencies, just like every other altcoins. ETH would be nothing if Bitcoin lost traction. The same is valid for the entire crypto market.

You can see this by checking charts' history. Always Bitcoin was pumped, the market in general faced the same positive consequences. And once Bitcoin was dumped, the whole market suffered as well. That is the correlation, and I don't believe it's going to change anytime soon, because Bitcoin's influence is overwhelming in this market. Its influence can't be replaced by any existing altcoins in a way a reversal on the correlation could be explained.

[Alphakilo]

It's Bitcoin which drives this market in every directions. Ethereum just face the consequences of Bitcoin's tendencies, just like every other altcoins. ETH would be nothing if Bitcoin lost traction. The same is valid for the entire crypto market.

You can see this by checking charts' history. Always Bitcoin was pumped, the market in general faced the same positive consequences. And once Bitcoin was dumped, the whole market suffered as well. That is the correlation, and I don't believe it's going to change anytime soon, because Bitcoin's influence is overwhelming in this market. Its influence can't be replaced by any existing altcoins in a way a reversal on the correlation could be explained.

I would like to believe that Bitcoin is like the central bank of all crypto currencies and that's including altcoins.
Although they move as a body that makes up the crypto currency ecosystem, Bitcoin doesn't rely on Etherum or other altcoins to exist because it is the first, the top leader, has a $21 million cap and miners would keep mining Bitcoin till that cap is complete even if Etherum or other altcoins dump to zero.

[legiteum]

It's Bitcoin which drives this market in every directions. Ethereum just face the consequences of Bitcoin's tendencies, just like every other altcoins. ETH would be nothing if Bitcoin lost traction. The same is valid for the entire crypto market.

I agree, but I would add that Bitcoin, ETH, and the broader crypto markets all follow the broader markets in general these days.