Why are Altcoins sinking way harder than Bitcoin ?

2018-8-14 19:11

As Ethereum takes a hard hit and most altcoins follow suit with losses of 15% or more, Bitcoin is taking this crash way better, remaining hovering above the $6200 mark.  

As altcoins take a beating, Bitcoin now commands more than 50% of the total cryptocurrency market cap. This number has been trending upward ever since the Securities and Exchange Commission announced that they were delaying their decision on the approval of a crypto exchange-traded fund or ETF, until the end of September.  After this announcement, Ethereum and the rest of the altcoin market began to sink.

During this sell off Bitcoin held its value much more than Ethereum and most other altcoins.  People within the cryptocurrency community see Bitcoin as a more stable force and many have transferred their funds from altcoins to Bitcoin during this Bear market.  

Another key factor in Bitcoin gaining market cap percentage points over altcoins is the civil unrest and economic struggles in Turkey.  According to Forbes, a huge influx of money is coming into the cryptocurrency market and going straight to Bitcoin due to the economic collapse that is currently occurring in Turkey.

As the Turkish Lira has fallen more than 20% in the last few days, many people in Turkey are viewing Bitcoin as a more stable store of value than any other option that they have.  

Many have asked what will happen to the Bitcoin and altcoin markets if there is a major financial crisis, and what is currently taking place in Turkey could possibly be an answer to that question.  As the value of fiat money in Turkey plummets, citizens are increasingly viewing Bitcoin as the best way to store their savings.

The post Why are Altcoins sinking way harder than Bitcoin ? appeared first on ZyCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 62332.51 (+0.54%)
Объем 24H $20.836b
Изменеия 24h: -2.39 %, 7d: -5.67 %
Cегодня L: $62001.33 - H: $63658.62
Капитализация $1227.584b Rank 1
Цена в час новости $ 6130.86 (916.7%)

altcoins bitcoin way sinking harder cryptocurrency cap

altcoins bitcoin → Результатов: 126


Фото:

Celsius moves altcoins to new wallets in preparation for Bitcoin and Ethereum conversion

Bankrupt crypto lender Celsius Network moved around $70 million worth of altcoins on July 5 following the recent court approval to sell them for Bitcoin (BTC) and Ethereum (ETH). Data from Arkham Intelligence showed that the lender had moved millions of altcoins and stablecoins to different wallets, including those related to crypto market maker Wintermute, […] The post Celsius moves altcoins to new wallets in preparation for Bitcoin and Ethereum conversion appeared first on CryptoSlate.

2023-7-6 23:05


Going full maxi: Tensions flare as Bitcoin expert maintains that altcoins are scams

Coder and Bitcoin maxi Jimmy Song reiterated long-held views that all altcoins are scams — renewing the debate around the inherent vulnerabilities found with centralized projects. Song goes full maxi In a tweet response to Chainstore Labs CEO Bruce Fenton, Song said altcoins are responsible for hindering Bitcoin adoption — adding that they “deserve the […] The post Going full maxi: Tensions flare as Bitcoin expert maintains that altcoins are scams appeared first on CryptoSlate.

2023-5-19 12:15


Фото:

Altcoins are About to See a “Capital Rotation” Event as Bitcoin Rally Heats Up

Altcoins are currently lagging far behind Bitcoin, which is in the process of showing the markets why it is king The benchmark cryptocurrency’s rally has provided tailwinds for other altcoins, but they have yet to reach parity with the momentum currently being seen by BTC One trader spoke about this in a recent tweet, explaining that he is now watching for there to be a capital rotation event out of Bitcoin and into altcoins He […]

2020-12-18 01:00


Bitcoin Explodes Towards $12,000 as Altcoins Plunge; What Analysts are Saying

Bitcoin has been sucking the air out of altcoins for the past few hours, with its price rallying significantly as Ethereum and other altcoins all sell-off This rally has sent it up towards $12,000, which mark fresh highs since its decline from its $12,400 yearly highs first began It does appear that bulls are currently setting their sights on a move past $12,000 Unlike Bitcoin’s previous rally – which came about in tandem with that […]

2020-10-20 21:00


Bitcoin Breaking Out is the Last Catalyst, Altcoins Setting for a Massive Bull Run

The leading cryptocurrency is enjoying the greens this week, trading around $9,900, a level was last seen in early June when it ran up to $10,000. This uptrend came after weeks of price consolidation, during which altcoins rallied strongly, post halving just like bitcoin behaved in the past after halvings. “History is repeating itself.” The […]

2020-7-26 16:40