I have eth, Ltc, Btc, xrp and others on a watchlist. They are ALL moving in sync with eacother. What causes this? Massive amounts of algo trades? I don’t understand
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I have eth, Ltc, Btc, xrp and others on a watchlist. They are ALL moving in sync with eacother. What causes this? Massive amounts of algo trades? I don’t understand
herd mentality. When bitcoin moves, traders simply jump on other coins because whats good for one coin is good for other coins. Whats bad for Bitcoin is bad for other coins.
Not how they are moving today...Actually they have been VERY aligned with stock market moves the last week.
Because the majority of trades are btc or eth pairs. Right now you pretty much have to go thru btc or eth to buy other coins. Since the name bitcoin is the main stay that's what most newcomers use not realizing the fees and transaction times are worse for btc than eth. The market is tied to btc for better or worse. Until exchanges start letting you buy alt coins with fiat or there are more trading pairs adopted it will always be tied together. I think it will hurt in the short term but crypto needs to unhinge itself from btc and let coins figure out their own true value.