Crypto Coins
For a long time, Alt coins and bitcoin were linked in such a way that when bitcoin fell alt coins fell harder. However, what happened when bitcoin dropped from USD 2300 to USD 2000? Alt coins hardly dropped. Has FOMO decrease substantially? Are the people who actually buy alt coins for their potential the ones remaining in the coin? Will the next bitcoin drop to 1800 levels cause alt coins to drop badly or will it be somewhat stable in the altcoin/btc conversion?
Just some example graphs below using my toaster and potato to run.
LTC graph to compare with BTC
SC graph to compare with BTC
In the Siacoin(SC) graph, of course it is arguable that it was already dropping before bitcoin dropped. However, upon closer inspection, it is possible to tell that the steepness of the drop increased. Moreover, when bitcoin hit the support to reverse, Siacoin went up too. Showing the indisputable correlation.
Finally the mothership.
The drop that im referring to.
The graph for SC did decrease but significantly less than previous drops when BTC decided to take a dump.
In this case, the graph for LTC did move in a similar fashion as BTC but overall, while BTC dropped, LTC was being wavey around the same point.
Finally, Daddy.
Conclusion:
Are people finally done with dumping ALTS to BTC to FIAT whenever BTC takes a dump? Presumably Yes for now no one knows if the situation will change when BTC breaks the current support.
Alt/BTC ratio remains means an overall lost in terms of FIAT value but in the Crypto world who cares about Fiat lol. ( I do tho)
The libraries in built dictionary does not recognize so many cryptocurrency related words its sad.
Feel free to read my previous post on my family issues. For anyone concern, my problems have not been solved yet but I decided to work for my money on a topic I am interested in.
Tell me your views on this matter! Feel free to pm me if you are interested in this topic too!
Bitcoin Address: 126ki22kqZAAQDVpuUpstswspf2gtvWozS
Etherium Address: 0xf8e0c1efe4b71d469047bbd201ac28604872e783
LiteCoin Address : LeNENMumUcvr7LwYWPnVn7N4AVTkwnFC
Siacoin Address: d1af0e459cb6953b17addd2f11e9fec76d3ee7fb66522a2a3e803e915a29ec8175ec9e50d586
I noticed this interesting trend as well. Some of the altcoins are going up in relation to BTC but, ultimately, when BTC drops, the altcoins drop even more when compared to fiat. I honestly don't know why altcoins are so affected. If there is panic about the fork, I would have thought the best course of action is to move to a strong altcoin, for example, Litecoin. In hindsight, shorting everything to Tether three weeks ago would have been great but shorting is risky too ... and you can't sleep as its 24/7 activity.
True, some alts are dying tho like waves but alot are stable atm even during the sudden drop to 1950 on bittrex thanks for the comment :) would love an upvote for the post
Let me think about it. Ah ok, why not? :)