When Bitcoin Sneezes, Some Altcoins Can Catch a Cold

brevis (39)in #cryptocurrency • 7 years ago

Bitcoin has experienced some significant drops in value in the last couple of months. The price of the cryptocurrency fell 29.7% in May 25-27, and 25.1% in June 12-15.

Fig. 1. Bitcoin price (USD) between 18-May and 20-Jun 2017 (source: coinmarketcap.com).
BTC price trend.png

When such crashes occur, the price of most altcoins also registers a drop.

Table 1. Variation in cryptocurrency prices during the Bitcoin crash of May 25-27, 2017.
May crash.png

Table 2. Variation in cryptocurrency prices during the Bitcoin crash of June 12-15, 2017.
Jun crash.png

We can draw the following conclusions from the data:

Bitcoin performed better than all other 8 altcoins during the May crash.
With the exception of Monero, all other altcoins performed better than Bitcoin during the June crash.
Therefore, the variation in cryptocurrency prices in one Bitcoin crash doesn't help predict the variation in another one.
There was no correlation between Market Cap and price variation.

#bitcoin #altcoin #crypto #beyondbitcoin

7 years ago in #cryptocurrency by brevis (39)

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goradyne (36) 7 years ago

Well overall, the combined altcoin/bitcoin market caps are tiny, which is great for percentage-wise gains. I had a bunch of monero, they have a great team, but not much usage nowadays.

$0.03

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elemar (38) 7 years ago

Well, I thinks thats the reality we have to face. At some points most of the altcoins still depending on Bitcoin.

$0.03

1 vote