It doesn’t matter how strong the project of the coin you invested in is, maybe it will resist a little at times, but eventually it will follow the price of Bitcoin. If Bitcoin goes down, the rest will follow.
1 min read
Maybe that’s what makes people call all the other cryptocurrencies as “altcoins”.
I think that it is clear to all of us, and it is also obvious, that no matter how good the project is, if Bitcoin goes down with the price, eventually the entire market will be painted in red.
People say that one of the biggest reasons for this is trading pairs that favor Bitcoin, considering that most trading pairs are in BTC. So when Bitcoin goes down, so do trading pairs.
Another reason is the dominance of Bitcoin, i.e. the number or value of the entire crypto market capital, where Bitcoin leads with 44.2%.
“As of today, the market cap of Bitcoin (BTC) is at $521 Billion, representing a Bitcoin dominance of 44.22%. Meanwhile, Stablecoins’ market cap is at $130 Billion and has a 11.05% share of the total crypto market cap.” – CoinGecko
Most people see Bitcoin as the leader in the world of cryptocurrencies. Bitcoin is literally a market indicator and no matter how good the project you invested in is, possibly in the long run it will follow the price of Bitcoin. If Bitcoin collapses, it would be equivalent to a tsunami in the cryptocurrency market. The crypto market is closely tied to Bitcoin.
submitted by /u/middlemangv
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