Why Altcoins are related to BTC? Is this tendency over?
Why Altcoins are related to BTC? Is this tendency over?
First thing first. 5 years ago I made a mistake. When I approached this world and read about some projects, I didn’t choose bitcoin. I thought and I think it’s an obsolete blockchain. My mistake was that I couldn’t see it as a store of value.
For that reason I built a small long term portfolio with my internship’s earnings based on ETH, SOL, DOT mainly and 2 more ones. Obviously I’m not rich now. Observing the market during these years I have noticed that when BTC drops, all the altcoins do the same; and vice versa.
If we see ETH, SOL, DOT as blockchains more efficient than BTC one, why their prices are still related to BTC?
Because it’s the first Blockchain, Satoshi’s wallets haven’t moved and are never expected to, and as you said, it’s a store of value that will most likely increase every cycle.
Money goes into BTC, more money comes out and moves into alts, institutional investors sell everything and we wait another 3 long depressing years.