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❕NEWS Many of the altcoins are suddenly falling as bitcoin rising.

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Sadak

Sadak

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As bitcoin is rushing towards it's 30k landmark, many of the altcoins like litecoin, DASH, bitcoin cash etc are starting to fall drastically suddenly. They are decreasing by 3-6 % each. What is causing this fall?
 
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There's probably a lot of people that sold their holdings already because 2020 is about to be over, either they wanted a fresh start or its because of what they are saying that in early month of a year most coins would suffer from a fall then rise again by end of the year
 
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I think is demand, people prefer doing business with bitcoin than others crptocurrency. Another factor is popular, promotion and its acceptability.
 
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BullyMaguire said:
There's probably a lot of people that sold their holdings already because 2020 is about to be over, either they wanted a fresh start or its because of what they are saying that in early month of a year most coins would suffer from a fall then rise again by end of the year
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That might happen as we always see the price of bitcoin to go for a huge drop around January. So it's possible for bitcoin to drop to 20k and again start to ramp up towards 30k-35k
 
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It is common for altcoins to fall while Bitcoin is rising. I think many people have witnessed this situation many times.
Additionally, there may be many altcoins making good profits even if bitcoin falls.
 
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Sadak said:
As bitcoin is rushing towards it's 30k landmark, many of the altcoins like litecoin, DASH, bitcoin cash etc are starting to fall drastically suddenly. They are decreasing by 3-6 % each. What is causing this fall?
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Especially tron token. Aside Ethereum, others are not doing well at the moment. I suspect people are converting their tokens to Bitcoin leading to a decrease in altcoins.
 
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robertsmark said:
The major reason is that traders/investors are going towards Bitcoin more than Altcoins which is causing these results.
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Yeah bitcoin is ramping now so lots of investors are getting interested to invest on it rather than altcoins. On the other hand the much popular altcoin XRP is dead now.
 
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It was bound to happen. As bitcoin is rising, people are investing their money in bitcoin rather than any other crytocurrency. Many are even exchanging other crytocurrency for bitcoin.
 
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Saitama said:
It was bound to happen. As bitcoin is rising, people are investing their money in bitcoin rather than any other crytocurrency. Many are even exchanging other crytocurrency for bitcoin.
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Yeah you have pretty impressive analytical skills buddy. Exactly kinda this is happening currently also paypal's contribution is in large amount though. It helped bitcoin in the starting of the bullish rush much.
 
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Greatuz said:
I want to believe that the reason why other coins are dropping is value compared to Bitcoin is that their demand is not as high as that of Bitcoin. This is simply the law of demand and supply taking place.
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I totally agree with you and there is a shortage of supply in bitcoin right now. I think most of the other altcoins do not have a supply problem.
 
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Sadak said:
Yeah you have pretty impressive analytical skills buddy. Exactly kinda this is happening currently also paypal's contribution is in large amount though. It helped bitcoin in the starting of the bullish rush much.
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It is really good that bitcoin has been doing good. But, do you think it is okay for other crytocurrency like LTC, BTC cash to drop like this?
 
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Saitama said:
It is really good that bitcoin has been doing good. But, do you think it is okay for other crytocurrency like LTC, BTC cash to drop like this?
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No definitely not , this is hampering the the cryptocurrencies though not too much but enough for the investors on other cryptocurrencies to change mind and join bitcoin.
 
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Sadak said:
No definitely not , this is hampering the the cryptocurrencies though not too much but enough for the investors on other cryptocurrencies to change mind and join bitcoin.
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Yes, it definitely ruining business for other crytocurrencies. But, this is a great example for many big businessman and celebraties who are thing of creating their own currency
 
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Saitama said:
Yes, it definitely ruining business for other crytocurrencies. But, this is a great example for many big businessman and celebraties who are thing of creating their own currency
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I don't know whether opening new cryptocurrencies will benefit them much if their fans are in large numbers. I think new coming cryptocurrencies also cutting down some investors from the popular altcoins and bitcoin also.
 
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Although altcoins have not risen as fast as bitcoin it is not all doom and gloom. Bitcoin rose by 18.05% in last 7 days. Ether rose by 15.77%. Polka rose by 60.77%. BNB rose by 11.45%. Theta rose by 41.44%.
Litecoin fell by 3.81%. Although bitcoin is the main crypto money can be made with others.
 
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leithy said:
Although altcoins have not risen as fast as bitcoin it is not all doom and gloom. Bitcoin rose by 18.05% in last 7 days. Ether rose by 15.77%. Polka rose by 60.77%. BNB rose by 11.45%. Theta rose by 41.44%.
Litecoin fell by 3.81%. Although bitcoin is the main crypto money can be made with others.
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I think bitcoin is best choice for investment for many investors as it is not much volatile and don't goes for any sudden drop but other cryptocurrencies sometimes drop like waterfall. So I glad that some cryptocurrencies were able to rise correspondingly with bitcoin but I thought litecoin will be much benefited but litecoin is not getting much profit.
 
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Some of them has risen back for example altcoins like ethereum , litecoin , Bitcoin cash and others have risen very well within this past few days .
 
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Yeah litecoin is 9% up right now, pretty impressive backup from litecoin and by the way bitcoin is ramping towards the landmark of 35k buddy. All the altcoins will also move I think.
 
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Sadak said:
Yeah litecoin is 9% up right now, pretty impressive backup from litecoin and by the way bitcoin is ramping towards the landmark of 35k buddy. All the altcoins will also move I think.
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I am quite surprised to see how Bitcoin has had up to 4000$ increase in price in a day . Earlier today it was at $30,000 . Now it is at $33k plus
 
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Josemendez said:
I am quite surprised to see how Bitcoin has had up to 4000$ increase in price in a day . Earlier today it was at $30,000 . Now it is at $33k plus
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Yeah following this rise litecoin and ethereum is also ramping. Currently bitcoin has fallen to 32k but I think bitcoin will again start to ramp towards replacing it's all time high of 33.3k tomorrow.
 
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