Watching the markets closely and I find it interesting that while BTC has been trending up slightly over the past week, the majority of other alts are down or just wavering...could this be why BTC is trending up? Everyone is focusing on that? I thought it was interesting as normally we see everything move in tandem together but this time I'm not sure whether to invest in any alts given they seem to be going their own way...
Actually pretty good question but a never ending one as there is no fixed link even between the oldest of the alt coins and Bitcoin, its all in the minds and I guess usage of the participants spread over crypto.
So last year we had the BTC blockchain split happening and people wanted to hold BTC for that duration and also there was a large influence on alt coins prices rising quite alot as alternatives to BTC.
This year I see the main feature as being that BTC has fixed the order in its own house and reduced transaction fees dramatically. If alt coins have one person its to easily and cheaply pass value which BTC is already doing quite well hence maybe leading to the lower prices. Genuine innovation and use is required to justify pricing long term
Yeah, it's really hard to form patterns when there's really so little history to look at. People have talked about alt season but there's really only been one big one that culminated around Bitcoin's ATH - most alts have simply not been around long enough to really see discernible patterns emerge.
By that same definition, Bitcoin has always held its own trend. There's no other coin it follows. Rather than rely on the cryptomarket, it's the entire crypto market that gets pulled along by Bitcoin. Of course, the way it spiked and then dropped over the past month was largely a move alts didn't immediately follow, but it still generally gave momentum.
I'd agree with that. Bitcoin has clearly carved out its own path but the altcoins just like to imitate it whenever possible. The usability of Bitcoin makes it more attractive to regular investors and that's why it tends to follow its own trend. Altcoins might follow too, but they won't keep up for long.
It's also hard to see where crypto is going because of that lack of data. Try looking at a weekly or monthly chart and you'll be scratching your head. The only info you have are the past few candlesticks because there's no long term trend. We can only look at short term trend lines on hourly and daily charts.