RE: Bitcoin analysis of a month.

You are viewing a single comment's thread from:

Bitcoin analysis of a month.

in bitcoin •  7 years ago 

This is a tricky thing to debate. I hold about 20 to 30 different cryptos at any given time. And, in my experience (just over a year now), when Bitcoin goes down, so do the majority of other coins. And, when Bitcoin rises, again, so do the majority of other coins. Until another coin becomes the dominant coin, or until any coin/s can surpass Bitcoin in popularity, price, or marketcap, that will continue to be the case. However, as long as this is the case, it's tough to trust any coin because they all, typically, follow the trend of Bitcoin. So, it's hard for any one person to say that there are coins that are more "trustworthy" than others, because in my opinion, nobody can really say that for certain. And, there are several reasons for that: there are too many people entering and exiting the markets everyday, all with various amounts of money to spend. Nobody can determine that many factors, so nobody can be sure of anything in these markets.

That being said, there are certainly anomalies, and there is still randomness within these markets. For example, I believe there are several low valued cryptocurrencies with far more potential (to rise in value) than Bitcoin. And, this will continue to be the case because of odds (that one coin out of the many is bound to "go to the moon") and because of the psychological aspects (in that more individuals would rather buy a coin for sub $1.00, than buy .0000001 Bitcoin). So, if these factors (and others) continue to divide the investors within these markets, we can continue to decrease the likelihood that cryptocurrencies will fall when Bitcoin falls.

This is just my opinion, though.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

You Explained very well. Thanks for sharing your opinion.

Thanks for the kind reply @aonraza!