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RE: Bitcoin (BTC) Evening Update: A Directional Resolution is Needed
Hopefully other coins find their footing when BTC drops a little. It seems alt coins are following BTC’s pattern of shooting up and then correcting and moving sideways and slightly down. But i hope alts break out of this trend soon. They saw huge gains and now those gains are being lost not to sellers. People should be buying these things. Especially at the lows they are reaching recently compared to their all time highs. A lot are down 50%
It’ll keep going down as long as BTC keeps going down. Don’t think alts will go to the moon (or remain stable) if BTC crashes.
If Alts ever want to rival BTC they need to go up when BTC drops. They need to get enough trust that people will hold their money in them not BTC
This won’t happen during a crash (or correction) but gradually, over time, when things are more stable. Though, knowing that every single coin is paired with BTC... Good luck to make alts become more independent... Won’t happen overnight.
I’m not saying it will happen over night. Just that it needs to happen. If alt coins depends on the rise of BTC, Then that defeats the purpose. That means the technology they bring is useless since it only goes up with BTC rises. They need to become independent to have higher success
I don’t disagree but the fact that they’re paired with BTC makes it complicated to change. We’d all be happy if it changed but realistically we’d either need BTC to drop so low that it becomes “irrelevant” or (many) more trading pairs with FIAT.
True. Or for a coin to pass BTC by a long shot and be sustained at that growth. Which may not happen soon, though coins are getting closer
Bitcoin itself is paired with USD, so why the f... do we pair Alts with Bitcoin instead of USD? Bitcoin is nice but an old man compared to some reasonable Alts. For me it is like MySpace or Altavista, still here to stay but it is not the finl crypto answer.
But most people who buy alcoins have to buy them using BTC, so every time someone decides to deposit more to buy altcoins, BTC will be bought, so the prices are closely tied together.
but if BTC is falling you may decide to change some of your position to other altcoin
Very true
I would be changing this positions today and tmrw if everything keeps dropping. I believe alt coins will yield great profits when they see and upswing in the near future. Everything ran up hard recently, its just cooling down.but just as huge gains weren’t sustainable, huge drops aren’t sustainable. So we will see some profits gained back shortly
Means they are in phase, good things knowing BTC will go on a rally in less than a month ;-)