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Seeing red? FUD that! Here's what you should have bought instead of Bitcoin last week
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We’ve argued many times in the past that the correlation between Bitcoin’s price and the market capitalization of hundreds of altcoins makes very little sense.
Whether you buy into the idea that Bitcoin is digital gold, or a payment mechanism, or both, it doesn’t have a whole lot in common with Ethereum, Shiba Inu, or FTX’s native exchange token.
Well, whether we like it or not, big moves in the price of Bitcoin define crypto markets.
Before Bitcoin slid from the latest all-time high above $68,000 back to the region of $55,000 last week, dragging most altcoins down with it, the crypto market had seen six straight weeks of virtually uninterrupted growth.
But as soon as the market turns red, as it did last week, many traders tend to succumb to
Read more on cointelegraph.comAbout this in other media
Bitcoin too volatile to be adopted as legal tender, says BoE chief cointelegraph.com /2 years ago
Bitcoin tumbles nearly 8% as new coronavirus variant shakes markets business-standard.com /2 years ago
Explained: Why IMF does not support El Salvador’s use of Bitcoin as legal tender cnbctv18.com /2 years ago
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