Ninjastic
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Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
BTCMILLIONAIRE
on 10/02/2018, 08:37:15 UTC
⭐ Merited by Dabs (1)
Quote from: somac. on February 10, 2018, 08:33:21 AM
Quote from: BTCMILLIONAIRE on February 10, 2018, 08:28:55 AM
Quote from: somac. on February 10, 2018, 08:09:10 AM
Its been a few days since I've checked all the prices and I must say I am stunned that the alts are coming back so hard.

I hope you're right starmman, but, it just doesn't look like BTC will ever regain its dominance to even the 50% level. Hell, look at ripple up 50%, people were wiped out on that recently and it just doesn't seem to matter. I consider most alts to be shit, but, I guess when it's all speculating it doesn't really matter that they are shit.
Altcoins are predominantly denominated in BTC. So when BTC goes up by X%, alts will usually go up by at least X% as well in terms of USD. This will cause people to think that alts are entering a bull run, which might trigger buy orders that will drive up their price in terms of BTC as well, which will ultimately lead to a price rise above the X% of BTC in terms of USD.

Why is that happening only now and not before?
Volume. There's much more people interested in catching the next "big coin" that buy up altcoins these days. Not too long ago alts were largely frowned upon (for good reasons), but this is slowly changing with innovation and adoption.