Apart from a few eerie situations, the top cryptocurrencies are very closely correlated with Bitcoin; however in the long run this perspective can and will be challenged as other altcoins become more relevant and acceptable.
The accomplishment of BitCoin has prompted the development of numerous Altcoins like BitShares, Ethereum, Dash, DogeCoin, LiteCoin, PeerCoin, Ripple. The majority of altcoins depend on something very similar or comparative to the blockchain innovation of Bitcoin, and plan to further develop specific Bitcoin attributes. For instance, Litecoin means to save the registering power needed for the coin mining; Peercoin intends to work on the productivity of mining and the money's security; Dash focuses on a quicker preparing of exchanges and offers an improved security assurance; BitShares and Ethereum give extra elements, like a computerized stage to run keen agreements. Being new, decentralized and little altcoins with a little market capitalization, their prices vary significantly more extensive than those of standard fiat, like the United States Dollar, Euro and numerous others. To be sure, there are valid justifications to accept that BitCoin and altcoin prices may be associated, considering that Bitcoin is the prevailing virtual cash and the fact that a greater part of altcoin buys are executed in Bitcoin.
Bitcoin reached a new high of 66,000 USD and the global crypto market cap has risen to 2.64 trillion dollars. According to coinmarketcap the market cap of bitcoin has risen to 1.25 trillion dollars which accounts to 47% of the total market cap of the global crypto market. Since 2018, the dominance of bitcoin in the crypto market has dropped but not shadowed by any other coins.
The decrease in dominance of Bitcoin might strike a chord with crypto investors but a recent-historical look at the price movements of Bitcoin and other altcoins can be very easily seen
Some coins may “go to the moon” at some point, but apart from those incidents, their prices will somehow be directly influenced by Bitcoin.
However in the long run the psychology might change as other altcoins claim and prove to be different or better than Bitcoin. This is more about the confidence that rests in Bitcoin which reflects on the entire crypto market. As other coins become oftenly used alongside Bitcoin, in the future the perspective will change.
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