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RE: Why I Buy Bitcoin During Crashes Despite Calling it a Bubble
Do you have any theories on why almost every crypto's chart looks identical the last few days? I mean literally identical, take a look on coinmarketcap's list, every chart looks identical. Seems really weird to me.
This is 80% machine trading and they have set their algo's off BTC. We are witnessing the slow purchase of the market by Wall Street. Who ran the cap from around $120 B in August to nearly $800B? Certainly not new investors. What will be interesting is with all these cash balances fattened after todays stock market sell off how much will flow into crypto.
If you don't believe its machine trading how does the entire board go green at the same freaking time, then go straight to red?
It’s largely because everything is tied to BTC at the moment, most of the people who invest in altcoins start by buying BTC, Eth, LTC on established platforms such as Coinbase and then send to a different exchange for conversion to their desired altcoin.
Additionally, BTC is synonymous with crypto as a whole as it is still the most well known.