I want crypto to be ‘decentralised’ outside of traditional banking methods, but, what I can’t seem to understand is why 90% (guess and possible exaggeration) of the market follows bitcoin trend. Everything just follows eachother on the trend like it is all one market. I know that they have small fluctuations etc and other alt coins shoot up from time to time but generally it’s all following bitcoin/eachother trendline.
I can’t see how (example) XRP follows btc when it had its own case use, and steem is another example. Surely steem price is affected by the users, the platform..?
This recent crash is pretty huge and seems to be continuing, but, I feel that something else is going on otherwise the market would be more booming than ever. Cryptos are so much more popular now than ever, even over the part 3 months much more investments into crypto, shouldn’t this be boosting the markets rather than crashing them?
Maybe a Wall Street involvement could help stabilise and grow.? Or maybe I’m insane for saying that as I feel I am, because I want crypto to be outside of world banks, outside of normal control and outside of the ‘governments’ hands!
However, with these types of fluctuations it will be very hard to ever become a legit useable currency or for huge businesses really wanting to make the switch from fiat?
Could be failure of expected ETF or regulation, ppl selling thinking it wont go anywhere. Could be selling pressure from huge holders to drive price down and then buy up low... who knows why... Regulation is supposed to help bring some stability...