This is similar to crypto exchanges, where when BTC starts to drop, the other alt coins go up as people transfer from one to the other. It is a hedge and also a great way to play the changes in btc/ alt coin pair rates.
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COOL :] By alt coins, do you mean like alternative coins or ... ?
Sorry, I got lazy. Other cryptos. We do really need a more descriptive term for them. They are not limited to currency, and they are not just an alternative, they are the future.