Quote from: mjdamgaard on Today at 11:43:30 AM

The fluctuations of the price of Ethereum does seem to follow those of the price of Bitcoin as far as I can see. The way I see it, perhaps as naive as I am, this indicates that these fluctuations are due to investors' overall confidence/regard for cryptocurrency fluctuating (put in simplified terms), whereas the relative regard for value of Ethereum vs. the value of Bitcoin remains comparatively constant in the meanwhile.

You seem to think that this is wrong. Is this an opinion you see mirrored elsewhere? Am I simply out of the loop in terms of how cryptocurrency is valued?

Is its price not ultimately based on how useful the investors foresee it to be as currency, and thus how many people will draw utility from the it and use it as a means of payment, in the present as well as in the future?

You also talk of some mechanism that ensures that the price of Bitcoin will never fall below a certain threshold. Can you perhaps provide a link or reference explaining this, or can you elaborate a bit more? It seems a tad unbelievable to be quite honest, but I'm happy to be corrected.

firstly. the linkage of the movements of the bitcoin and ethereum market are clear that ethereums market is shadowing bitcoin. because bitocin has known market cycles and if ethereum was independent it would not be following bitcoins market cycles. so when it does follow bitcoins market cycles, its obvious that its ethereum thats the follower

also its not a case of bitcoiners dumping their bitcoin to move to ethereum and stay with ethereum. its instead a financial action called arbitrage where by traders loop around the markets to get back to their base currency to repeat opportunities
again
when bitcoiners sell for $$ they then buy eth and then sell eth for btc to get back to btc again

...
as for the certain thresholds. you can use the market history.
for instance if you measured the hashrate average of 2021-2022 and worked out rational lowest global electric prices and calculated out the (then) generation of asics to come up with most economic global mining cost you will then see that the 2022 period tested the bottom.
this can be seen in other times to when the market bottoms were tested.
you can then do the same for the most expensive regions and get a top(premium) and then see the periodic tops being tested. such as the 2021 ATH as well as other ATH

this is where the international market of bitcoiners know these numbers where those in the most expensive regions will happily buy all the way to the top if the market swayed in their direction but even they have a cut off point where they decide things are getting a lil too crazy
and as said a few times now about the periodic bottoms that when bitcoin cannot be acquired any cheaper people stop selling for less and it creates the supportive bottom no one wants to cross

its called economics
same applies to many assets that have real world costs. things like gold is backed and has a bottom the market wont go below due to the mining costs,

there is actual reasons why markets bottom out at certain levels periodically and topout at certain levels periodically
bitcoin topped out at $70k in 2021 for good economic logical reason..
bitcoin in 2024 has a higher window than you think right now and has not actually tested the top yet(thats the fun of next year) its currently being held down at the $70k level by whales that only have trade algo patterns that only work based on old limit data so they are holding it back until the market cycle is ready to push forward, which would be around the time the miners with lengthy hardware and electric contracts that expire and they evaluate their coins earned vs their next contract cost to calculate how much to sell coin for, for the next market cycle in 2025
(there are reasons ATH happen a year after a halving)