Can Bitcoin bottom out while alt coins thrive?
Bitcoin is surging but alt coins are going nuts at the moment. I consume a lot of information every day and everyone seems to be bearish. So my question is, is it possible that alt coins will break away from Bitcoin, Bitcoin domination will go down and alts continue to surge?
- Bitcoin can bottom out to the bears
- Alts can go back to new ATH
and...then the alts will have a capitulation and a new fluctuation to Bitcoin?
This is perhaps only a dream..What do you think?
(This is wish thinking after a few gin & tonics)
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What many people don't understand is how the market is structured. The main trading pairs are BTC, USDT and ETH. Bitcoin markets have the most trading pairs by far and many alt-coins ONLY trade for Bitcoin. This creates a price tethering effect that amplifies alt-coins gains in up markets and losses in down markets. True gamblers invest into alts while more cautious types always hold Bitcoin as a hedge and for long term investment/store of value.