Quote from: rickadone on May 04, 2017, 07:45:19 PM

Quote from: panju1 on May 02, 2017, 01:41:11 AM

Quote from: stevano on May 01, 2017, 11:32:11 PM

There are aspects that make bitcoin users more and more convinced that bitcoin is a good place for investment so now bitcoin prices are rising in the market!

Bitcoin's price is going strong, but not as strong as the alts in the market. Altcoins' price are shooting through the roof. It doesn't matter which alt you pick. Most of them have given phenomenal gains in the last 2 months.

Im not sure Id agree with you, it seems like btc is whats driving altcoin prices, not the other way around. Take a look at any price chart over time of the stable altcoins, not just the BS ones that shoot up in value really fast and depreciate over the next couple weeks.

Long term, most of them keep rough pace with BTC. At this point, Bitcoin has become like an index fund for cryptocurrency, reasonably stable compared to its alternatives, and a good overall indicator of the whole market.

I think I figured out how to break down a lot of what we've been seeing with the market recently.

Shitty cryptos are the new gold rush, and everyone wants to get in on 20%+ rises in value that seem to happen every so many days. As such, they pump value into them at an ever-increasing pace. How do they buy these alts though? Through Bitcoin. So they buy Bitcoin and go to work farming money off of alts. This just kind of all got compounded through Bitfinex shitting itself.

For people with Bitcoin, it's like selling the shovels for the gold rush. And anyone earning Bitcoin is making $x amount of shovels per [period]. If they want they can get involved and start shoveling themselves, but they have a much more secure income.