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I wonder why all other cryptos follow bitcoin up and down, though.
by kzrdude 6y ago
I wonder why all other cryptos follow bitcoin up and down, though.
- GekkePrutser 6y agoI think it's because Bitcoin is kind of the 'de facto' cryptocoin. It's the easiest to exchange. Most exchanges exchange to/from bitcoin, not directly between altcoins.
- dmihal 6y agoIf this thread is any indication, most investors don't understand nuances of cryptocurrencies, just Bitcoin and "not-bitcoin". As projects like Ethereum continue to develop, I imagine it will diverge from Bitcoin more. It should also be noted that Bitcoin has been highly correlated to the SP500 this year, despite being a completely different asset class.
- eric_cc 6y agoThey don't always. Bitcoin is the Sun in the crypto solar system - it provides the primary source of value. Many (maybe most) traders trade crypto like Eth against BTC (how many sats is Eth worth?) as opposed to USD or fiat. Check out a chart of Eth sats over time.