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RE: Tough Day For Cryptocurrency Markets
When the Entire Marketcap drops (coins get exchanged for fiat ) .. All coins drop will be proportional around $10/15 billion has left the market entirely in the last couple of days due to some whales cashing out profits. This is normal and once the prices stabilize the upward trend will continue.
I tend to agree. There was a time when alts traded inverse to BTC back when it was much more of a closed ecosystem - "money" went back and forth between alts and Bitcoin - but things have changed, especially since the beginning of 2017, and there's clearly a dominant fiat-crypto relationship now in play. Now when there's serious profit taking, everything gets hit.
This is also one of the main reasons why the selective, rotating P&D game is also history since the fiat to crypto influx is just too much for the legacy whales to handle and sort out. Today pump and dump happens across the entire market as fiat comes in and goes out, which I don't think is a reflection of manipulation anymore either, rather a reflection of mass psychology as buyers and sellers skittishly react en masse to price changes they're not fully comfortable with in what they view as a highly speculative environment.
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