The rise in the price of BTC (Bitcoin) has certainly had an effect on the market. With its increasing value, there has been a surge of interest and investment in this digital currency. This has led to a ripple effect on other cryptocurrencies as well, driving up their prices as people seek alternatives to Bitcoin.
Furthermore, due to its global reach and impact, fluctuations in the price of BTC can also have an influence on traditional financial markets. For example, when BTC experienced a sharp decline in 2018, it also caused stock markets around the world to drop.
So guys what are your thoughts about current situation.
There is no doubt that the cryptocurrency market moves along with Bitcoin, like every cryptocurrency, but I don't think that other financial markets, such as the stock market, are influenced by the movements of Bitcoin or other cryptocurrencies and these are just common myths that people have. Bitcoin has no direct connection with any economy or financial market other than the cryptocurrency market and if two markets fall or rise at the same time, it can only be a coincidence and nothing else.
The current situation of the cryptocurrency market is normal if you ask me. The market has been in the bear run for the last two years or so, and the market started recovering from that just in 2023, we are just in the recovery phase at the moment and anticipating a bull run in the next couple of years.