I recently observed that some altcoins are beginning to have their own independent price and do not rely on bitcoin price movement to determine their own movement,who else noticed that??what could be the reason?
I recently observed that some altcoins are beginning to have their own independent price and do not rely on bitcoin price movement to determine their own movement,who else noticed that??what could be the reason?
Yes that’s true. A lot of alt coins are getting visibility now, people are buying and prices are going high.
One reason could be that people are disccovering the use cases for the altcoin and the altcoin is acquiring additional use cases. Utility is important for an altcoin: who wants to buy an altcoin which is useless?
Another reason could be how an altcoin solves a problem older cryptocurrencies have. Many altcoins based on Ethereum allow for faster transaction processing and cheaper gas fees. Some altcoins act to make Bitcoin transactions more private. Then here is Hive and both social interaction as well as the attention economy.
When cryptocurrencies become more established across the board, they won't rely so much on what happens to Bitcoin or Ethereum or even Dogecoin.
Quite true, I also noticed that. BTC seems to be losing its grip on some of the altcoin due to the fact some of the cryptos are developing great use cases leaving people to consider them as a store of value or worth investing in the long term.
We could be seeing more of things in the future as cryptocurrency gain more adoption. BTC might still remain King but other cryptocurrency will develop more utility. Some as at now even offer faster transactions and lower gas fee.
As more and more development and ideas spring up from creatives on how to evolve the digital currency,, more of the breakaways will occurr. I fear BTC might get less attention in the future if they don't keep up with trends
You have actually said it all
You have actually said it all
That is because investors now know better
It depends on the altcoin itself but most altcoins tend to folllw the price movement of bitcoin in my own opinion..