Coins are bleeding. Men are crying. Some are laughing. Some are thinking. Some are fighting. Some are regretting. Some are optimistic. Some are pessimistic
We all have ways of reacting to things in life.
We are currently going through a bear market. More than 90% of coins have drastically dropped following the bearish price movement of bitcoin. I always wonder why this happens. When bitcoin rises, altcoins follow and when it retrenches, other coins also reduce in value. Are these coins attached to bitcoin
Well, I think most exchanges out there use bitcoin as a reserve currency attached to other altcoins, maybe because it's the father of all coins and has the most volume and so on. Or am I saying jargon
People move the market. If bitcoin is coming down and almost all altcoins follow, does it mean investors are pulling out at both ends? If I have 2 bitcoin and I sell off 1 to buy hive, I suppose that should be a plus to hive. If others also follow suit, I think only bitcoin should suffer at that moment and those coins invested should rise
But the thing is, I don't think it happens the way I calculated it. Of course, I believe that demand and supply drive the market, but this bitcoin issue that drags other coins along in its journey is worrisome
Even ethereum also followed the bitcoin as it dips. I remembered that the last time ethereum did below $3,000 was January 10th, and it was just $2,947.68. As of today 22/01/2022, ethereum is $2,434.23, as at the time this article was published. This means the fall of bitcoin also affected ethereum because bitcoin has dropped to $35,249.21
Are we playing cards here?
As the market is painted red, some coins are showing green, but very limited. Does it mean these coins are different from others or are not affected by the bitcoin movement
The point line is this. When the head is shaking, the body cannot be balanced. The moment the big investors start pulling their funds out from bitcoins, other investors also sell their holdings. This is not limited to only bitcoins. altcoins are included. I think that's why bitcoins seem to carry other coins along when it's going bullish or bearish
But this is the time to buy more
Some days ago, all my coins on trust wallet started doing well, but as of now, they are all drowned in the river of blood according to @edicted
. But this is never the right time to sell. Buy and buy and buy. We all know that there's always a bear season. Maybe that's what we are experiencing. There's always time to sow and reap. different seasons, different harvests
I believe that no matter how bearish the market seems to be now, those who take the advantage to hold and buy more would smile. If bitcoin is painting the whole street red, let's take the advantage of the red street and get a series of apartments at a cheap rate. The street would come back to normal and at that time, we can rent out at a higher price
If there's any insight on why other altcoin price react to the price movement of bitcoin, please don't hesitate to state it in the comment section. I think we need to know.
Thanks for reading.
This is ckole the laughing gas.
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