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RE: Huge Bitcoin Recovery Coming Very Soon?
I'm not sure about bitcoin, but hopefully the altcoins can break free from moving along with bitcoin.
I'm not sure about bitcoin, but hopefully the altcoins can break free from moving along with bitcoin.
Altcoins listed on exchanges are tied to BTC, There's no way around it. There's no breaking free. Without BTC the market doesn't exist. But there are plenty of off-exchange coins that moving along without BTC. It's an interesting time if you know where to look for interesting projects.
Nothing is tied to BTC, if BTC drops the rest will eat market dominance, and go upp like any commodities on any market, if the market does not move.
If the whole market goes down, everything goes down, unless they outperform the market.
If the whole market goes up, BTC can still lose dominance and fall against ALL other cryptos, which has happened... In feb 2017, bitcoin moved sideways and lost 50% of its market, guess how? Other cryptos went up and took the market shares! Do not make it more complicated then it is.
Anyway, remove BTC and nothing changes, we can still buy and sell eth/neo/usdt/bnb etc via other pairs, and the other pairs wont be affected in its value due to this.
ETH is equally worth 400 dollar with our without going via BTC, which no one does any longer.
There are many on excahnge coins as well, moving just fine IT is called gaining market shares, outperforming the market, taking market shares by having a better product.
This is standard market movements and nothing special, BTC is of no relevance!
Peace
I have to disagree with just about every point you made but we all view things differently. Nothing I said makes things more complicated than it is. BTC's market dominance is like 45%. But anyway, All that matters is today, not last year. I just can't see alt coins eating market dominance to take over BTC. If you "remove" BTC form the marketplace, people lose faith and things will crumble. There's only one crypto that could be considered a capital reserve and this is BTC. Additionally, BTC brings in media and this is powerful marketing. This is just my opinion. You have yours and I respect that. Thanks for the comment.
It was higher on a higher marketcap, so btc lost a lot vs the competition already, 50% or so.
Then we are back at psychology, not market fundamentals, which is another thing.
Again psychology, not market fundamentals, I only spoke about the market mechanisms, which has nothing to do with btc, it is like saying GOOGLE stock = the tech sector...Exactly the same thing , which is false, it just traces the sector pretty well, and is the biggest actor. If google falls the tech sector most likely falls, due to the market. But on bad news concerning google or btc rather alone, would make it fall by it self even against an possibly growing/ increasing sector/market.
But you are right in what you say, psychology drives the market at the moment, while the institutional investors are waiting, but once bigger cash arrives, psychology matters less, lets hope for some new companies in the sector :)
Psychology might complicate things, since the aspects are hard to quantify compared to market fundamentals. I think we should use both our perspectives to judge the market fairly :)
Peace & thanks for responding honestly :)