Over the last couple weeks, when bitcoin goes up in dollar value, alt coins generally go down in BTC value. The reverse is usually true especially for the higher market cap alt coins. Bitcoin has been dropping all day with many of the alt coins holding their value and even going up (BTC value).
The alts just took a plunge in their BTC value after bitcoin went down around $14,000. My suspicion is that since the bitcoin transaction congestion has been so high, people can't move their bitcoin to add buying pressure to the alt coins on exchanges and finally, it just bottomed out. To me, it looks like an alt coin sale, but without stored bitcoin supplies accessible one can only look and not buy.
Having ethereum would be a solution, but it can be hard to come by if you want to convert your bitcoin to ethereum and it's on sale. What a situation and what a disappointment. If this theory is true, bitcoin really could be controlling the market in some unfortunate ways and discouraging people from involvement in alt coin trading.
Let me know what you think below!
bitcoin can scale without bigger blocks. https://steemit.com/bitcoin/@sames/here-are-all-the-plans-bitcoin-plans-to-scale-without-increasing-block-size Bitcoin block chain is testing the limits on how it turns out. Altcoin test tech. Bitcoin test usage. To big blocks are dumb https://steemit.com/bitcoin/@sames/1-tb-blocks-this-got-to-be-a-joke
they can trade within platfrom
Yes, but storing bitcoin on exchanges is risky...
does not stop people does it?
People are just taking their profits now. Just buy more and hodl their lose :)
It has been crazy today and not too many people talking about it yet...
Too busy crying?
Bitcoin up Alts down.
Bitcoin down Alts down.
Bitcoin up Alts up.
Bitcoin down alts up.
Bitcoin sideways alts up.
Bitcoin sideways alts down.
Bitcoin sideways alts sideways.
All combinations are possible. Not sure which ones are most probable. Seems like the last few weeks that bitcoin sideways is best for alts but I am not sure. Normally, I would be trading alts for bitcoin at this point but with nearly everything down, I'm a fan of hodl.
Bitcoin sideways alts down. means people are trading their profits for altcoin for bigger returns.