Crypto Crash Why BTC Has Strong Influence Over Altcoins
The change in the price is very fast. Bitcoin is currently trading at $25,000.
This is the change in the BTC price in a day. The change was from $28,189 to $25,286. The mark is still red. In my opinion, the Bitcoin price can drop to $20,000.
The Bitcoin price drop influences all altcoins. Only a few altcoins continue to hold the old position.It is an alert for traders, holders, and investors. They should make a quick decision. Will they liquidate their holdings or buy more bitcoins or altcoins when prices fall?The big question for buyers is how much the lowest price will be.
Banks will accept land, gold, silver, and other bullions as collateral in the fiat currency.That makes fiat more stable than cryptocurrency.
The number of merchants that accept cryptocurrency will be an additional asset to the value of crypto. This relates to the regulation. Some countries ban bitcoin and cryptocurrencies as a means of payment but accept them as digital properties. This regulation means cryptocurrencies will never be true money. That is one reason some people still ignore cryptocurrency.
To make cryptocurrency have more value, there should be a strong community of offline businesses that accept payment in the coin. I think if there are more merchants that accept Hive as payment, the Hive price will not be much influenced by the ups and downs of bitcoin.
In the end, bringing cryptocurrency into real life and real business is a way to make a coin worth holding.
Most of the alt coins have reserves of Bitcoin.
And then of course most people think that Bitcoin is the only crypto so when it going goes down they assume everything else does too.
I really can't wait until we break out of the market tether for Bitcoin.
That is true, btc and eth are the most used collateral assets in defi too.
Absolutely so we will see how far things slip however just realized that a highly valuable asset May slip however there is a list of people waiting to capitalize on these downturns.
Just wait if we keep hanging on we might be well rewarded yet again for being patient and accumulating as much cryptocurrency as possible.