Before i begin with what i want to share, please do understand that i am no expert of crypto in anyway and that what i would be sharing is my general knowledge and understanding of some few things i have come to learn through steem-ghana and the crypto academy lessons.
.webp)
Within this week we say bitcoin plummet after it hit the 61,000 high and the results of that was what interest me the most. I saw friends who are more into crypto trading, spot and futures trading post on their statuses how bitcoin is killing them in their trades, you would see all kinds of imojis and short funny clips about market movement and all that and after going in to find out what all the fuss was about that was when i learnt the drop had caused alt coins to also fall
It made me wonder why this was so and it turns out the bitcoins influence on the alt coins is so because it was more or less the pioneer in digital assets, sentimental analysis is such that when bitcoin is going up traders get hope that other coins would have a future and in the same vain when it is plummeting people panic and take out their monies to stables coins and the like causing it to fall fall some more.
I believe the basic concept is, if bitcoin works out and survives the others would but then also doing some reading in trying to actually understand certain thing which i still really don't understand alot i learnt some coins managed to steer from the effect of bitcoin's movement, even steem and sbd at a point in time wasn't that much affected, the question is how is this so? What is really accounting for that? Does this mean that in the near future altcoins can become truly independent of the master crypto?
I am just a simple girl, seeking to learn more and understand as much as can in my capacity as a steemian, a crypto enthusiast and a health profession although the latter part may not even apply here. Any ideas and knowledge worth sharing i would gladly welcome. It was fun sharing and i hope you had fun reading too. Many thanks to all the professors for their wonderful lecture and shoutout to @sapwood.
I don’t really know much bout crypto... with my observation I see it that way too...all the other coins rise and fall respectively with Bitcoin. Maybe I need to dig into that to find a reasonable reason 😅✌️
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit