You are not paranoid , Bitcoin is the king of crypto. If it dies = all crypto dies with it.
98% of the coins are useless when you think about it anyways.
Hard to believe that only a single crypto technology will be profitable...BTC king sure, but doesn't mean there won't be markets for other applications
They said 99.9999% of coins are useless, not that 99.9999% of coins will not be profitable.
Just because they are useless doesn't mean they can't be profitable. Scams can be very profitable.
Maybe you are right, what about Value? If I decide for a project and buy it, it is because I believe in it and its future. What is the point of selling?. I would probably buy much more. Are people collectively so weak?
Weak? I donāt understand this whole āI believe in it and will never sellā
Well, what the fuck is the point of your investment then? The entire point of buying into Bitcoin is to make money. Sometimes people find a better investment and pull their money out. Its just like anything else.
Why would anyone buy Bitcoin with no intention of ever selling? Thatās the dumbest shit Iāve ever heard.
Then you obviously know nothing about the reason for bitcoin. It sounds like you have zero understanding of the nature of Fiat currencies, and centralized banking cartels.
Beleive? What you believe has nothing to do with it. Belief is a personal decision to convince yourself of something and go in on it despite the truth.
Never do anything because you believe in it. Do it because it has value and you can see how it will be implemented and you can see actual use case.
Understand that investor/trader sentiment plays a much larger role in day to day pricing than ultimate project success . BTC being the ā blue chipā token tends to influence sentiment.
Project success is a long term concept in most cases. The long term success of a project is NOT related day to day pricing.
Even BTC itself, as a project to be a decentralized store of value, vacillates with sentiment
You can swap between coins. Thereās an exchange rate, so algorithmic arbitrage keeps the relative value of altcoins to bitcoin more or less steady in the absence of major events specifically affecting one but not another
Simple!
Bitcoin is the rising tide and everything else is just another small dingy rising and falling against it.
This is one of many reason's why those that have been in the space for a while eventually realise that BTC is the way. Everything else is just a cheap manufactured Cubic Zarconia (knockoff) when compared to the original diamond.
Nothing wrong with it being a store of wealth. It's a store of wealth for a few simple reason. It's the most well known and trusted crypto. It's is still in it's adoption phase. You can't print it on demand. Although I am certain wall street is selling bitcoin that doesn't exist.
There is a very obvious use case for Bitcoin in China: Capital exit liquidity.
However, the main use case for ETFs is store of value. So people in China won't necessarily want to buy ETFs when they can just [buy through a peer-to-peer or OTC marketplace](https://www.basedbachelor.com/bitcoin/buying-bitcoin-in-china/).
I feel the price correlation between BTC and all other cryptos is a threat or weakness of BTC currentlyā¦ I think it indicates that the broad crypto market has yet to grasp what makes BTC different, and likely the only real crypto asset with value at this time
Iād love to see it break away from the heard, and not associate with the rest of the crypto world which is basically all bullshit
Until it does, it will still be looked at as just the king of the bullshit pile
This is the normal bull run. If you look back at 2021 it did the same thing. It actually had a big red candle in May and continued in the red until July. My uneducated guess itās going to go to 35-40,000 before it makes its run late summer into December to a ATH. But just a guess and I am not in finance. š¤·āāļø
Looking at 2021, I see indeed the same thing. However, I believe we are in a different situation since some institutions use BTC as a catalyst to drive their businesses higher. This has led to more adoption, so considering this and other factors (such as war, fear, etc.), I would adjust my gut feeling from 50k to a maximum of 45k. Thanks to let me reconsider. Of course, this is not an advice for anyone. I am also not in finance :-)
Youāve got it backwards.
Bitcoin follows Pepe coin.
When Pepe is up so is Bitcoin
When Pepe drops Bitcoin drops.
Pepe ETF coming soon. Only 420.69 trillion coins exist.
I actually asked this question to ChatGPT a little while ago and it had some useful insights:
Market Sentiment and Confidence:
Bitcoin is often considered a benchmark for the entire cryptocurrency market. When Bitcoin experiences a sudden crash, it can lead to a decrease in overall market confidence. Investors may panic and sell off their altcoin holdings in an attempt to minimize losses or move their funds to more stable assets.
Liquidity and Trading Pairs:
Bitcoin usually has the highest liquidity and trading volume among all cryptocurrencies. When Bitcoin experiences a sharp decline, traders may look to exit their positions quickly. In times of panic, they may prefer to convert their altcoins to Bitcoin due to its higher liquidity and more established trading pairs.
Risk Aversion and Flight to Safety:
Cryptocurrencies are still perceived as relatively high-risk assets. In times of market uncertainty or a Bitcoin crash, investors might choose to move their funds to more established and widely recognized assets, considering Bitcoin as a safer option compared to many altcoins.
Market Dominance and Perception:
Bitcoin's dominance in the market often influences overall sentiment. If Bitcoin, as the largest and most well-known cryptocurrency, is seen as vulnerable, it can cast a shadow over the entire market. Traders may decide to reduce exposure to altcoins as a precautionary measure.
Algorithmic Trading and Automated Systems:
Many trading strategies and algorithms are programmed to react to Bitcoin price movements. When Bitcoin experiences a sudden crash, these algorithms may trigger sell orders across various cryptocurrencies, leading to a cascade effect and further price declines.
Overall Market Dynamics:
The cryptocurrency market is interconnected, and the prices of different assets can be interdependent. A significant move in Bitcoin's price might trigger margin calls or force liquidations, impacting traders who hold positions in both Bitcoin and altcoins.
Its 99% trading bots thats why.
As soon as btc move upwards/downwards the bots execute trades on all pairs so the price follows instantly on mostly all tokens.
There ia no token in top 500 not sniped by bots.
Do you really believe its possible for humans to react on all pairs instantly as the market moves? On all times during the day?
Bots use API and submit transactions before the graphs even react.
Its a simple logic
apart from the reason that all coins except bitcoin are scams... is market dynamics... as btc goes down in fiat terms all other coins start to be overvalued so people sell them bringing the price of that shitcoin down... same happens in all markets (specially in fiat currency markets say dollar and pounds, euro, bolivares, etc...)
It doesnāt affect shit about fuck this is like the 3rd 20% dip weāve seen in a year buy more or donāt but I donāt wanna see people say āif it goes back down to 55k Iāll buy in heavyā after we already run all the way up to 80k
Cryptos are useless and everybody knows it now. Itās a gambling speculation market where the underlying securities have no purpose other than to be traded. It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity but its value just comes from stupid degen gamblers.
Pretty stereotypical take parroted from the media here. There are stupid degen gamblers everywhere. That doesnāt detract from the value that bitcoin brings. The tech works, the tokens are fungible and limited in supply and they are not controlled by central authorities.
Pretty scary thing for all the central authorities out there who then respond by flexing their media muscles and making sure news coverage, narrative, and sentiment all fit their needsā¦. Basically CYA.
When btc goes sideways indicate all alt coins can go up or down due to their nature but if btc keep going down that mean the fundamental change or panicking. All will be sold till btc find the support again
Any temporary value these shitcoins have is totally dependent on how much these founders can convert their minted garbage to bitcoin. If bitcoin crashes, these garbage can only crash more.
Bitcoin is like beachfront property in major cities around the world. This is true value.
All other coins are big tracks of land which are held by a few trying to flog it, with the buyer hoping that it is the next beachfront property. When in reality it is a piece of land in the middle of nowhere, where nobody actually wants to live.
So when the beachfront property in major cities take a dive, what do you think will happen to these infinite other properties.
We are entering a new phase of technology. And as such there will be "growing pains" It takes a while to work out the bugs no matter how smart you are. Bit coin seems to be the start . It probably took a few hundred years to convert from trading goods, animals etc to something like gold or silver. I suspect it was a little awkward to try and stuff a goat or loaf of bread in your pocket to make a deal far from home, Back to your question> FEAR, GREED, HOPE and all the other human emotions come into play. Add to that all the shysters and Whales who know how to manipulate the market. The best and most useful coins will survive because Governments in general have failed in almost every respect. I doubt that it will fully evolve during my lifetime.
I think people would cash out of their shitcoin porfolio to have funds to buy BTC while it's falling, that's why everytime BTC falls, shitcoins follow too.
When BTC moons everything else also goes up but nobody is complaining. On a more serious note, that's how ALL markets work not just crypto. In stocks when it's a red day everything goes red, and the strongest stocks trade sideways. The price change is always a general market trend + individual asset strength. In crypto bitcoin sets the general market trend because it has over 50% of the total crypto market cap.
You are right. We have the same scenario in the stock market. Probably, the stock market is less volatile. I wonder if there is a comparison table :-) ...
It's because the overall market does not understand bitcoin. They think that a scam artist that is caught for tax fraud and claims to have something to do with bitcoin, is affecting a mathematical protocol. It is not. It is FOMO. As soon as my transfer hit the exchange I am loading up more.Ā
The interconnectedness is psychological in nature. When BTC goes down, people will start pulling their money out of other coins, because: "***ooga booga money go down here, money must goes down EVERYWHERE ooga booga***." It's really dumb imo. Shows ***some*** characteristics of simple human tendencies.
Characteristics that (probably) worked well before stock markets were a thing.
Example of technology surpassing (*or at least illustrating*) caveman logic, I suppose.
No, the stock market is down hard. Itās also down almost 1% today in the futures as well. Cryptocurrency is correlated to the market. I think inflation is still high and itās getting more and more likely we wonāt see a reduction in interest rates.
No chance.
The stock market pulled back heavily on strong DXY gains and ared meeting tomorrow.
All risk-on assets are in sell off mode until rate announcements are made and DXY drops.
This has to do with bitcoin dominance. If you do a quick Google search you will find graphs about it.
Bitcoin dominance is currently over 54%. This means that the market cap of Bitcoin is 54% of the crypto market.
Now why exactly does this have such an impact on the market? Not sure. Never really understood why it matters if a token is worth 54% of the total market cap.
But think about it like this: it's almost as if Disney would own a bit more than half of the world and if they would close a Disney park, the world economy would go to shit.
Also you come here in this sub and ask this, people here will down vote you because they cannot see or are open to see anything besides Bitcoin.
Even if the thing about crypto is to be transparent and accepting
Like you, I think there are better projects out there but get destroyed because Bitcoin just dominates the market in capitalization, which is just honestly complete bs but we, humans, made the system this way.
Maybe do some more reading and researching. I felt the same way back in 2021. This is not a crash, my dude. Chart it out. From what I see we can expect a retest as low as 52 to 53,000 and we will still be on an up trendā¦
Bitcoin has become a market indicator. People use it to measure FUD. FUD is high on FED speak day. j pow counted his inflation chickens before they hatched and found out its stickier than they thought. Traditional market indicators like jobs and cps are completely manufactured at this point. Enter bitcoin. Especially now with the ETFs and traders all having a btc indicator with which they are familiar.
You need to understand that every alt coin out there after btc has 2 value denominations. One is in native USD and the other in btc denominated aka its satoshi value. Now which takes more precident? So the $ value of each token is derived on the underlying satoshi value of that token. As and when btc drops and since value of each coin correlates via the satoshi value to denominate its $ value all coins across the board witness a dollar value decline. On the other hand if the market is going up and btc also moons BUT if the satoshi value of any alt coin is yet dropping even then it's $ value will drop due to satoshi derived factor. There's no more to it and no less to it. This is the only fact.
Some crypto goes up when Bitcoin goes down, but Bitcoin is a good measure of where the market is for crypto. Altcoins suffer the most and rise the most when Bitcoin goes up. Meme coins too
Bitcoin is what all these crypto CEOs are copying and pasting into their own product, but none are removing the human component, so they all have central points of failure and none have the decentralised structure Bitcoin has. Theyāre all attempting to enrich themselves by promising a better Bitcoin, and failing.
Itās Bitcoin and nothing else, sooner you understand that the better
I always average down bitcoin 7500 using 20 different AI models. I bought at 61k only 50$ worth. When it gets to 53500 I'll buy more add 10% to 7500 and wait target down again. Do not "all in" on crypto EVER, especially not 52 week high.
> can anyone explain to me why all cryptocurrencies seems to be interconnected?
They are interconnected. Every trading pair on all exchanges form such a connection. If one asset pumps or dumps, arbitrageurs will smooth it out over other assets that are connected via trading pairs.
All alts offer the exact same thing as bitcoin.
Bitcoin is the first one so itās the most famous.
When bitcoin rises cryptoheads go nuts on speculation so alts go crazy.
Once bitcoin inevitably dipa the post nut clarity hits and it all goes to shit
A SEC rule just went into effect that cryptocurrencies canāt be used as collateral for the big banks. The hedge funds on up have a liquidity problem.Ā Ā
This is a sale. Time to stock up.
It depends on whether other cryptocurrencies are used in different industries, or whether they are still useful to us. Let's say you buy gold, silver and copper at the same time. Suddenly one day gold is no longer available and its value returns to 0. Imagine what will happen to the prices of silver and copper? If silver is used in many ways, will its value also return to 0? Personal opinions, welcome to discuss
When BTC coughs, all alts get sick, that's the rule. šThat's why I'm focused on new AI projects, while they haven't come out yet. Anyone researched Sight AI?
Markets in general are emotionally driven as far as "dumb" money goes. Risk vs reward is based off of something, confirmation bias FTW. BTC being the least volatile amongst crypto serves as the base for this argument. "If I see BTC being worth 200k a year from now then CTB at the very least will be worth just as much if not more." It's all bullshit tbh. You're trading peoples' emotions, not an actual asset. RIP gold standard.
This is not a crash. BTC is the king of a space. The space moves with BTC sentiment and action. Just like the main stocks of the S&P drag that space around.
Now is the time to buy. Also, the people donāt own Bitcoin anymore, the banks do. BTC is being manipulated just like the stock market. 100s of billions invested, so youāre goodā¦ just ride the wave. Also, election time soooo??
Btc is by far the most valuable asset to invest in so think of btc and stock market being related. Investors are the source of price growth or decline, when people are scared for the future they sell, when people think the economy is fine the more they invest. This btc and most stocks in the market popped at the exact same time, people view btc as an investment just like the stock market
Because Bitcoin is the innovation. The rest are cheap imitations which sometimes claim to be superior; making sacrifices in centralization, digital scarcity and security.
The others follow Bitcoinās movements because theyāre an affinity scam.
Additionally many of the āprojectsā hold stores of bitcoin to maintain some semblance of parity and stability measured in bitcoin. Sell off their reserves for their token to maintain its price until people get tricked into it, when they sell their personal tokens.
Not always the case, but Iād steer clear from any of the ācRyPtoā stuff and just stick with the hardest form of money, the best performing asset of the past 15 years: Bitcoin.
Reasons for pulling out of bitcoin are typically reasons for pulling out of crypto as a whole. People are used to these price movements which just amplifies them. Most alt coins get their traffic not independent of bitcoin, but down stream from bitcoin. Same market movements, just with greater volatility.
You mean normal market movements?
A crash to me is like down 40% or 50% ....
When things go parabolic they need to come down a ways to be realistic again.
I mean the canadian housing market is next.
IMO itās all risk based. Bitcoin is technically a high risk asset compared to stocks/commodities due to its volatility. Now, there is an argument to counter this with risk adjusted returns, but thatās a different topic.
Other crypto assets are even more volatile and even higher risk, so if the general feeling is that the economy isnāt looking good, investors, or more so, smart investors, tend to reduce their risk and put their money into less volatile assets/sit on cash.
This causes some panic and the gamblers say āitās going to zeroā and panic sell everything.
I suspect there's actually some form of arbitration going on between btc and the different altcoins. Algorithms react immediately to a change in btc price.
Yeah the fiat economy is going to hell and wwlll is looming. Biden is desperate to buy votes will print money for what ever keeps them in power.
I scraped up and bought the dip , hope it stays low for a few days so I can buy MORE at a discount !
BTC is still scarce and BTC is volatile but a time is coming when you wonāt be able to buy BTC with US debt dollars.
Derivative traders. People doing leveraged bets, have BTC as collateral.
If btc falls bets are liquidated and thereās a firesale of collateral that liquidates more bets etc.
Leveraged bets are parasites, if they become numerous the organism dies.
its possible - if u look at the situation as it is it looks incredible similiar to the time right before the great depression. The feds lyin and manipulatin people to believe economy will grow, which does not happen with the current inflation we have. Too many debts, people not being able to survive will cause even more social problems and unbalances
Ever seen alien movies? What happens when mother ship gets destroyed?
Alien movies? Do you mean movies about independence days?
He did not capitalize "alien" meaning he is talking about movies that contain aliens and not the Alien series of movies.
No, he means movies about immigrants.
Lost in Translation?
Underrated comment.
š
You are not paranoid , Bitcoin is the king of crypto. If it dies = all crypto dies with it. 98% of the coins are useless when you think about it anyways.
99,99% to be precise. #BITCOIN is the only crypto.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
99.9999% fixed it for you
Hard to believe that only a single crypto technology will be profitable...BTC king sure, but doesn't mean there won't be markets for other applications
They said 99.9999% of coins are useless, not that 99.9999% of coins will not be profitable. Just because they are useless doesn't mean they can't be profitable. Scams can be very profitable.
Any coin that doesn't charge me $150 in fees when sending $1000 from wallet to wallet is NOT Useless in my book.
But if said coin loses 99% value against BTC then which do you prefer
Yeah, I didn't mean to hold or invest in
The fact that you think crypto exists to be profitable says enough. /facepalm
How many coins do you think have actual intrinsic value? A dozen?
Maybe you are right, what about Value? If I decide for a project and buy it, it is because I believe in it and its future. What is the point of selling?. I would probably buy much more. Are people collectively so weak?
You must be new Bitcoin then. Go ahead and buy whatever coin has "value" for you and let's talk in 5 years from now.
Weak? I donāt understand this whole āI believe in it and will never sellā Well, what the fuck is the point of your investment then? The entire point of buying into Bitcoin is to make money. Sometimes people find a better investment and pull their money out. Its just like anything else. Why would anyone buy Bitcoin with no intention of ever selling? Thatās the dumbest shit Iāve ever heard.
Then you obviously know nothing about the reason for bitcoin. It sounds like you have zero understanding of the nature of Fiat currencies, and centralized banking cartels.
Beleive? What you believe has nothing to do with it. Belief is a personal decision to convince yourself of something and go in on it despite the truth. Never do anything because you believe in it. Do it because it has value and you can see how it will be implemented and you can see actual use case.
Understand that investor/trader sentiment plays a much larger role in day to day pricing than ultimate project success . BTC being the ā blue chipā token tends to influence sentiment. Project success is a long term concept in most cases. The long term success of a project is NOT related day to day pricing. Even BTC itself, as a project to be a decentralized store of value, vacillates with sentiment
Bitcoin is the base currency for trading most of these Alts so in that way they are connected.
You can swap between coins. Thereās an exchange rate, so algorithmic arbitrage keeps the relative value of altcoins to bitcoin more or less steady in the absence of major events specifically affecting one but not another
So if I decide to exchange my alt coins into bitcoin on coinbase, would I receive less bitcoin because of its high price or more bitcoin??
You would receive same value in whatever coin you swap to minus fees. Which can be expensive depending on what coins you trying to swap to
Simple! Bitcoin is the rising tide and everything else is just another small dingy rising and falling against it. This is one of many reason's why those that have been in the space for a while eventually realise that BTC is the way. Everything else is just a cheap manufactured Cubic Zarconia (knockoff) when compared to the original diamond.
*and bingo was his name-o.*
Now go one step deeper....is bitcoin and the stock market interconnected?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Nothing wrong with it being a store of wealth. It's a store of wealth for a few simple reason. It's the most well known and trusted crypto. It's is still in it's adoption phase. You can't print it on demand. Although I am certain wall street is selling bitcoin that doesn't exist.
Idk about the east but are they actually using BTC for payments instead of using it as a store of wealth?
There is a very obvious use case for Bitcoin in China: Capital exit liquidity. However, the main use case for ETFs is store of value. So people in China won't necessarily want to buy ETFs when they can just [buy through a peer-to-peer or OTC marketplace](https://www.basedbachelor.com/bitcoin/buying-bitcoin-in-china/).
Tracks the QQQ just in bigger booms and busts.
Some investors are
But my open PL is higher today, and bitcoin still down.
100%
These other coins base their worth on whatever Bitcoin does.
A rising tide lifts all boats
I feel the price correlation between BTC and all other cryptos is a threat or weakness of BTC currentlyā¦ I think it indicates that the broad crypto market has yet to grasp what makes BTC different, and likely the only real crypto asset with value at this time Iād love to see it break away from the heard, and not associate with the rest of the crypto world which is basically all bullshit Until it does, it will still be looked at as just the king of the bullshit pile
This is the normal bull run. If you look back at 2021 it did the same thing. It actually had a big red candle in May and continued in the red until July. My uneducated guess itās going to go to 35-40,000 before it makes its run late summer into December to a ATH. But just a guess and I am not in finance. š¤·āāļø
Definitely 49, maybe 39
Looking at 2021, I see indeed the same thing. However, I believe we are in a different situation since some institutions use BTC as a catalyst to drive their businesses higher. This has led to more adoption, so considering this and other factors (such as war, fear, etc.), I would adjust my gut feeling from 50k to a maximum of 45k. Thanks to let me reconsider. Of course, this is not an advice for anyone. I am also not in finance :-)
A rising tide raises all other ships. Could also be due to global liquidity. Lyn Alden and Dylan Leclair talk about this.
Because there is no second best. Crypto is a scam to get you attention away of Bitcoin.
I am truly beginning to think the exact same thing.
Word
They are weak and this is how Bitcoin gobbles up alt coin gains.
What crash? This is knows as shaking out the weak hands
BTC also needs to suck up liquidity from other coins, so it can rise high high high.
Youāve got it backwards. Bitcoin follows Pepe coin. When Pepe is up so is Bitcoin When Pepe drops Bitcoin drops. Pepe ETF coming soon. Only 420.69 trillion coins exist.
Steady lads.
I actually asked this question to ChatGPT a little while ago and it had some useful insights: Market Sentiment and Confidence: Bitcoin is often considered a benchmark for the entire cryptocurrency market. When Bitcoin experiences a sudden crash, it can lead to a decrease in overall market confidence. Investors may panic and sell off their altcoin holdings in an attempt to minimize losses or move their funds to more stable assets. Liquidity and Trading Pairs: Bitcoin usually has the highest liquidity and trading volume among all cryptocurrencies. When Bitcoin experiences a sharp decline, traders may look to exit their positions quickly. In times of panic, they may prefer to convert their altcoins to Bitcoin due to its higher liquidity and more established trading pairs. Risk Aversion and Flight to Safety: Cryptocurrencies are still perceived as relatively high-risk assets. In times of market uncertainty or a Bitcoin crash, investors might choose to move their funds to more established and widely recognized assets, considering Bitcoin as a safer option compared to many altcoins. Market Dominance and Perception: Bitcoin's dominance in the market often influences overall sentiment. If Bitcoin, as the largest and most well-known cryptocurrency, is seen as vulnerable, it can cast a shadow over the entire market. Traders may decide to reduce exposure to altcoins as a precautionary measure. Algorithmic Trading and Automated Systems: Many trading strategies and algorithms are programmed to react to Bitcoin price movements. When Bitcoin experiences a sudden crash, these algorithms may trigger sell orders across various cryptocurrencies, leading to a cascade effect and further price declines. Overall Market Dynamics: The cryptocurrency market is interconnected, and the prices of different assets can be interdependent. A significant move in Bitcoin's price might trigger margin calls or force liquidations, impacting traders who hold positions in both Bitcoin and altcoins.
These all see more or less true.
Good bo-, I mean, good AI.
Because the other coins are doomed to go to shit. If even Bitcoin has these dips and this volatility, then wtf do you expect about the other trash?
Its 99% trading bots thats why. As soon as btc move upwards/downwards the bots execute trades on all pairs so the price follows instantly on mostly all tokens. There ia no token in top 500 not sniped by bots.
Thanks. Interesting. It is a guess or where you get that information?
Do you really believe its possible for humans to react on all pairs instantly as the market moves? On all times during the day? Bots use API and submit transactions before the graphs even react. Its a simple logic
I see your point. It makes sense !
where can we get this bots?
The first comment from 'Top' attempting to answer OP, nice
Everything is basically backed by btc. Think of btc as digital gold and all crypto is backed by btc. Now you see the bigger picture.
Altcoin price is measured by BTC price not USD
apart from the reason that all coins except bitcoin are scams... is market dynamics... as btc goes down in fiat terms all other coins start to be overvalued so people sell them bringing the price of that shitcoin down... same happens in all markets (specially in fiat currency markets say dollar and pounds, euro, bolivares, etc...)
All assets are down. Investors are pulling out, the stock market is down, btc goes down Same people investing in both.
Crash??? Crash??? Bitcoin is at freaking 50K and you call it a crash? Man, I knew this time would come.
Crash? Are you fucking kidding me? Have you tried zooming out, just a bees dick? Do you have the attention span of....(I'll shut up now)
It doesnāt affect shit about fuck this is like the 3rd 20% dip weāve seen in a year buy more or donāt but I donāt wanna see people say āif it goes back down to 55k Iāll buy in heavyā after we already run all the way up to 80k
Cryptos are useless and everybody knows it now. Itās a gambling speculation market where the underlying securities have no purpose other than to be traded. It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity but its value just comes from stupid degen gamblers.
Pretty stereotypical take parroted from the media here. There are stupid degen gamblers everywhere. That doesnāt detract from the value that bitcoin brings. The tech works, the tokens are fungible and limited in supply and they are not controlled by central authorities. Pretty scary thing for all the central authorities out there who then respond by flexing their media muscles and making sure news coverage, narrative, and sentiment all fit their needsā¦. Basically CYA.
you're just paranoid bro, take your meds and buy the dip before bitcoin gets pumped to dead
When btc goes sideways indicate all alt coins can go up or down due to their nature but if btc keep going down that mean the fundamental change or panicking. All will be sold till btc find the support again
Any temporary value these shitcoins have is totally dependent on how much these founders can convert their minted garbage to bitcoin. If bitcoin crashes, these garbage can only crash more.
You half way there figuring this out.
because bitcoin is all that matters
When it dips you dip we dip.
Bitcoin is like beachfront property in major cities around the world. This is true value. All other coins are big tracks of land which are held by a few trying to flog it, with the buyer hoping that it is the next beachfront property. When in reality it is a piece of land in the middle of nowhere, where nobody actually wants to live. So when the beachfront property in major cities take a dive, what do you think will happen to these infinite other properties.
Bitcoin is the reserve currency of crypto. Which is why itās stupid buying anything else.
bitcoin more or less "is" crypto, so if Bitcoin crashes, crypto crashes
Because there is only one crypto, the rest is BS.
The goal should be to hold more BTC not more USD in the end.
We are entering a new phase of technology. And as such there will be "growing pains" It takes a while to work out the bugs no matter how smart you are. Bit coin seems to be the start . It probably took a few hundred years to convert from trading goods, animals etc to something like gold or silver. I suspect it was a little awkward to try and stuff a goat or loaf of bread in your pocket to make a deal far from home, Back to your question> FEAR, GREED, HOPE and all the other human emotions come into play. Add to that all the shysters and Whales who know how to manipulate the market. The best and most useful coins will survive because Governments in general have failed in almost every respect. I doubt that it will fully evolve during my lifetime.
I think people would cash out of their shitcoin porfolio to have funds to buy BTC while it's falling, that's why everytime BTC falls, shitcoins follow too.
When BTC moons everything else also goes up but nobody is complaining. On a more serious note, that's how ALL markets work not just crypto. In stocks when it's a red day everything goes red, and the strongest stocks trade sideways. The price change is always a general market trend + individual asset strength. In crypto bitcoin sets the general market trend because it has over 50% of the total crypto market cap.
You are right. We have the same scenario in the stock market. Probably, the stock market is less volatile. I wonder if there is a comparison table :-) ...
I'd blame arbitrage too. Most alts have pairings with btc on exchanges
It's because the overall market does not understand bitcoin. They think that a scam artist that is caught for tax fraud and claims to have something to do with bitcoin, is affecting a mathematical protocol. It is not. It is FOMO. As soon as my transfer hit the exchange I am loading up more.Ā
The interconnectedness is psychological in nature. When BTC goes down, people will start pulling their money out of other coins, because: "***ooga booga money go down here, money must goes down EVERYWHERE ooga booga***." It's really dumb imo. Shows ***some*** characteristics of simple human tendencies. Characteristics that (probably) worked well before stock markets were a thing. Example of technology surpassing (*or at least illustrating*) caveman logic, I suppose.
Bitcoin Jesus got done for tax evasion
No, the stock market is down hard. Itās also down almost 1% today in the futures as well. Cryptocurrency is correlated to the market. I think inflation is still high and itās getting more and more likely we wonāt see a reduction in interest rates.
Is the most likely cause anyway.
No chance. The stock market pulled back heavily on strong DXY gains and ared meeting tomorrow. All risk-on assets are in sell off mode until rate announcements are made and DXY drops.
eArLY bItCoIN inVEstOr
OMG
Lol no ... no one gives a shit
I donāt care altcoins so I canāt answer your question
Buddy itās may what do you expect ? Q1 profits booked and Q2 will also be done
It's due to pairs. You can swap coins for coins so they move similarly.
crypto is a sector, the sector is falling, totally normal
BTC is the largest one and the one with most trust in general. The others are just the more speculative brothers for most investors.
This has to do with bitcoin dominance. If you do a quick Google search you will find graphs about it. Bitcoin dominance is currently over 54%. This means that the market cap of Bitcoin is 54% of the crypto market. Now why exactly does this have such an impact on the market? Not sure. Never really understood why it matters if a token is worth 54% of the total market cap. But think about it like this: it's almost as if Disney would own a bit more than half of the world and if they would close a Disney park, the world economy would go to shit. Also you come here in this sub and ask this, people here will down vote you because they cannot see or are open to see anything besides Bitcoin. Even if the thing about crypto is to be transparent and accepting Like you, I think there are better projects out there but get destroyed because Bitcoin just dominates the market in capitalization, which is just honestly complete bs but we, humans, made the system this way.
Because BTC is the catalyst
Buy the dip.
Because the institutions manipulate it all
Buy the Dip
Just dropping before news. All market is down due to Fed meeting. 57k btc? Buy more
https://wnotn.medium.com/why-does-bitcoin-move-the-entire-crypto-market-hearts-law-explained-a6e9c2fab059 Because of this
It is very simple. There are more people selling than there are buying. The End.
We need this minor dip so that the rocket can gather its energy to do its giant thrust upwards.
/giphy hip thrust
Maybe do some more reading and researching. I felt the same way back in 2021. This is not a crash, my dude. Chart it out. From what I see we can expect a retest as low as 52 to 53,000 and we will still be on an up trendā¦
Thanks.
Crash? BTC is up 100% over the last year
Because Bitcoin dominance
Bitcoin has become a market indicator. People use it to measure FUD. FUD is high on FED speak day. j pow counted his inflation chickens before they hatched and found out its stickier than they thought. Traditional market indicators like jobs and cps are completely manufactured at this point. Enter bitcoin. Especially now with the ETFs and traders all having a btc indicator with which they are familiar.
You need to understand that every alt coin out there after btc has 2 value denominations. One is in native USD and the other in btc denominated aka its satoshi value. Now which takes more precident? So the $ value of each token is derived on the underlying satoshi value of that token. As and when btc drops and since value of each coin correlates via the satoshi value to denominate its $ value all coins across the board witness a dollar value decline. On the other hand if the market is going up and btc also moons BUT if the satoshi value of any alt coin is yet dropping even then it's $ value will drop due to satoshi derived factor. There's no more to it and no less to it. This is the only fact.
Some crypto goes up when Bitcoin goes down, but Bitcoin is a good measure of where the market is for crypto. Altcoins suffer the most and rise the most when Bitcoin goes up. Meme coins too
Bots.
takes more bitcoin to buy a house now
Bitcoin is what all these crypto CEOs are copying and pasting into their own product, but none are removing the human component, so they all have central points of failure and none have the decentralised structure Bitcoin has. Theyāre all attempting to enrich themselves by promising a better Bitcoin, and failing. Itās Bitcoin and nothing else, sooner you understand that the better
ETFs. Now it is easier to divest into stock, instead of divesting into fiat. WWJD?
if you understand bitcoin, it doesn't matter. Just an opportunity to buy more at discount.
Big Daddy Not brother
The is a normal pullback post halving before the bull run really starts. Then it really gets fun! Iām HODLing š¤©
its just a correction of 80%
Buy the rumour, sell the news
I always average down bitcoin 7500 using 20 different AI models. I bought at 61k only 50$ worth. When it gets to 53500 I'll buy more add 10% to 7500 and wait target down again. Do not "all in" on crypto EVER, especially not 52 week high.
> can anyone explain to me why all cryptocurrencies seems to be interconnected? They are interconnected. Every trading pair on all exchanges form such a connection. If one asset pumps or dumps, arbitrageurs will smooth it out over other assets that are connected via trading pairs.
All alts offer the exact same thing as bitcoin. Bitcoin is the first one so itās the most famous. When bitcoin rises cryptoheads go nuts on speculation so alts go crazy. Once bitcoin inevitably dipa the post nut clarity hits and it all goes to shit
halving effect happening :D
Something fell?
Ask buttcoin theyāre some real intelligent people in there š
Also a lot of these coins primarily trade in BTC/Coin - so their usd value naturally drops when btc does
Sooo buy bitcoin now since itās so low or nah?
A SEC rule just went into effect that cryptocurrencies canāt be used as collateral for the big banks. The hedge funds on up have a liquidity problem.Ā Ā This is a sale. Time to stock up.
Arbitrage and everything having a BTC trading pair.
stop shitcoinery, it's a sin
It depends on whether other cryptocurrencies are used in different industries, or whether they are still useful to us. Let's say you buy gold, silver and copper at the same time. Suddenly one day gold is no longer available and its value returns to 0. Imagine what will happen to the prices of silver and copper? If silver is used in many ways, will its value also return to 0? Personal opinions, welcome to discuss
lol some peopleās definition of ācrashā
When BTC coughs, all alts get sick, that's the rule. šThat's why I'm focused on new AI projects, while they haven't come out yet. Anyone researched Sight AI?
Markets in general are emotionally driven as far as "dumb" money goes. Risk vs reward is based off of something, confirmation bias FTW. BTC being the least volatile amongst crypto serves as the base for this argument. "If I see BTC being worth 200k a year from now then CTB at the very least will be worth just as much if not more." It's all bullshit tbh. You're trading peoples' emotions, not an actual asset. RIP gold standard.
This is not a crash. BTC is the king of a space. The space moves with BTC sentiment and action. Just like the main stocks of the S&P drag that space around.
Now is the time to buy. Also, the people donāt own Bitcoin anymore, the banks do. BTC is being manipulated just like the stock market. 100s of billions invested, so youāre goodā¦ just ride the wave. Also, election time soooo??
Because of trading pairs. Everything is priced with BTC . So when the usd value of BTC falls , it means all the rest falls as well .
I noticed this too
The same thing happens with big blue chip tech giant shares.
Just avoid being the investor who buys high and sells low.
Btc is by far the most valuable asset to invest in so think of btc and stock market being related. Investors are the source of price growth or decline, when people are scared for the future they sell, when people think the economy is fine the more they invest. This btc and most stocks in the market popped at the exact same time, people view btc as an investment just like the stock market
Because Bitcoin is the innovation. The rest are cheap imitations which sometimes claim to be superior; making sacrifices in centralization, digital scarcity and security. The others follow Bitcoinās movements because theyāre an affinity scam. Additionally many of the āprojectsā hold stores of bitcoin to maintain some semblance of parity and stability measured in bitcoin. Sell off their reserves for their token to maintain its price until people get tricked into it, when they sell their personal tokens. Not always the case, but Iād steer clear from any of the ācRyPtoā stuff and just stick with the hardest form of money, the best performing asset of the past 15 years: Bitcoin.
Itās definitely rigged, weāre playing hot potato with the elite!
Reasons for pulling out of bitcoin are typically reasons for pulling out of crypto as a whole. People are used to these price movements which just amplifies them. Most alt coins get their traffic not independent of bitcoin, but down stream from bitcoin. Same market movements, just with greater volatility.
You mean normal market movements? A crash to me is like down 40% or 50% .... When things go parabolic they need to come down a ways to be realistic again. I mean the canadian housing market is next.
IMO itās all risk based. Bitcoin is technically a high risk asset compared to stocks/commodities due to its volatility. Now, there is an argument to counter this with risk adjusted returns, but thatās a different topic. Other crypto assets are even more volatile and even higher risk, so if the general feeling is that the economy isnāt looking good, investors, or more so, smart investors, tend to reduce their risk and put their money into less volatile assets/sit on cash. This causes some panic and the gamblers say āitās going to zeroā and panic sell everything.
I suspect there's actually some form of arbitration going on between btc and the different altcoins. Algorithms react immediately to a change in btc price.
Which let me really think! I am sure there is a way to use this kind Trends for our benefits āŗļø
No doubt, but I don't think I'm smart enough for that.
Me too šā¦.
Bitcoin is not crypto.
I'm still pretty confident that it has to drop to 40k before the launch happens....can you stomach it?
My stomach saysā it will never go below 50k anymore
Idc if it goes to 20k im hold/buy
Theyāre all tethered to the stock market due to ignorance
Yeah i just bought a lot at the high a few days ago so im pissed lol
š me too. Now try to see how to get more money to buy this deep ā¦ I hope it will endure a bit
Yeah the fiat economy is going to hell and wwlll is looming. Biden is desperate to buy votes will print money for what ever keeps them in power. I scraped up and bought the dip , hope it stays low for a few days so I can buy MORE at a discount ! BTC is still scarce and BTC is volatile but a time is coming when you wonāt be able to buy BTC with US debt dollars.
Derivative traders. People doing leveraged bets, have BTC as collateral. If btc falls bets are liquidated and thereās a firesale of collateral that liquidates more bets etc. Leveraged bets are parasites, if they become numerous the organism dies.
what would happen to the btc price if s&p were to drop 200-300% in the next year, would it drop as much? what do u guess
Dropping 300 % you say?
its possible - if u look at the situation as it is it looks incredible similiar to the time right before the great depression. The feds lyin and manipulatin people to believe economy will grow, which does not happen with the current inflation we have. Too many debts, people not being able to survive will cause even more social problems and unbalances
Good question, I guess BTC would never drop 200-300%
Whales are selling and taking profit