Will The Crypto Market Change?
Greetings Steemian's
I've been studying some charts today, and I really don't like what I am looking at. Really, honestly, I've been looking at these charts for days, trying to find an inclination that I am wrong in my analysis, and I really cannot conclude that I am indeed wrong. I wish I was wrong, but no matter how much I look at these charts, one thing becomes apparent to me.
Bitcoin is Boss!
Why?
I mean really? I could sit here and list a whole bunch of reasons why this crypto shouldn't be king, but most of you already know the reasons if you're into crypto at all.
I suppose if it was a digital asset only, a means of equity in the form of encrypted code, sure... Treat it like a stock.
But no, screw that!!! We all know crypto has so much more potential than this. It can be used for a medium of exchange for consumer goods. Why limit it to a digital (stock) asset.
Keeping bitcoin in the front kind of limits crypto as a whole if you ask me.
But what do I know? That is pure speculation on my part.
So I am looking at this New York Coin. I wish I could say I like what I see, but honestly, I don't. I still have hopes for at least a good pump and dump coming, given this fork that's in the works. Let's have a look at the charts.
That's one day for New York Coin.
Notice anything similar for one day with Bitcoin?
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I see somewhat of a pattern there myself.
Let's look at a year on the chart.
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Now one year on the Bitcoin chart.
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See any similarities? I sure do, and I don't get it.
I'm still learning the ropes in this crypto trading game, but my guess is, most crypto's follow the bitcoin trend right now. This may deviate in the future, and I hope it does, but for the time being , it seems to be the norm. So now is probably a good time to search for crypto's that don't follow the trend. Are they out there? I don't know, because I am only studying a couple at the moment, but I am planning to branch out, because I want to make some profitable crypto trades.
I am open to comments, opinions, advice, or whatever you would like to say regarding the crypto market. Even if those charts don't look the same to you and you think I'm crazy ಠ_ಠ
Have a good day everyone.
Much love,
@futuremind
I guess it's because of trading pairs.
On most exchanges, you need to move a coin to bitcoin before you can move it to another coin because there is no trading pair for "random good coin - random crap coin" for most exchanges. So the value of bitcoin actually directly affects the value of other coins in this way, and the bad part of bitcoin does not hurt anyone here, you aren't sending that out of any address, they remain in the exchange.
To be honest I don't really like that, but that's how most exchanges work /shrug
You know, I really never thought of that. It really makes perfect sense. I think in order for it to change, the public interest for altcoins is going to have to increase enough to offset the demand for bitcoin. Eventually this should work out bitcoins influence. In theory.