The market is far too irrational. I personally believe the value in a crypto is equivalent of what the maximists are most willing to pay for it. So in this way, BTC is the parent of all crypto. No matter what, there are maximist who believe it will overtake it and become the dominant crypto in existance by becoming the global currency.

So the value is determined by these people. Now how do these people value the crypto? Their confidence in the token is ultimately what made them want to pay some lower floor. Now what does their confidence come from? I think it comes from 1) development on the block chain, 2) number of users on the blockchain and 3) use cases. So in this point of view, BTC confidence comes from number 2 and 3. They believe in the number of people buying into BTC and the use case is that it will become the new global currency that everyone will transact in.

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