Ninjastic
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Topic
Board Speculation (Altcoins)
Re: Ethereum Price Action in relation to Bitcoin
by
batang_bitcoin
on 12/10/2019, 08:27:15 UTC
Quote from: Duzter on October 11, 2019, 11:59:09 PM
Quote from: batang_bitcoin on October 11, 2019, 11:10:31 PM
Quote from: ePesoInitiative on October 11, 2019, 07:05:59 PM
It is because Bitcoin is the most popular cryptocurrency. In fact, many people still don't know other cryptocurrencies exist. They first only know there is Bitcoin which is magic internet money to them. Second, they know it is a cryptocurrency. And the awareness stops there. So traders will always flock to the safest coin in bad times.
I agree with this. It's a fact that when we say cryptocurrency to them, they only know that it's none other than bitcoin. And another thing, if we say blockchain, they'll only think about bitcoin as well.
Wise investors like to get into a safe haven and bitcoin is the proper coin for that.
This is much known reality with the cryptocurrency. Bitcoin is the base, as well as the one that has got proven record on growth. Following bitcoin we've got lot many cryptocurrencies, and very few have reached a level competing with bitcoin. Maybe the newcomers doesn't know it. Ethereum is the one to give competence, but now this is down and it can be the right time for buying as the price will pump high along with bitcoin.
They are newcomers so basically they don't understand the competition and rough market with altcoins. It's okay if they do know bitcoin as the very cryptocurrency that they are investing. It's a good start to them unlike some newbies that were introduced to the market through altcoins that were totally no value. Ethereum is down if you will treat it like as it was always on the top of altcoins or if you're still staying on its all time high price.