Help a brainlet out

Help a brainlet out

Why do my Alts go down when BTC goes up?

All altcoins are derivatives of BTC, meaning they are based on Bitcoins value (in satoshis).

If bitcoin were to go up a lot while altcoins stayed the same, they would be overvalued in fiat currency.

Say bitcoin doubled from 5k to 10k. Why should OmiseGo double from $8 to $16?

why should it drop

because people are selling their shitcoins to ride the btc to the moon, increase in supply leads to lower price

it doesn't, it remains constant in USD terms but reprices in BTC terms to account for the strengthening of the BTC.

OMG doesnt have a product for one fucking thing LOLOLOLOLOLOLOLOL

>
>because people are selling their shitcoins to ride the btc to the moon, increase in supply leads to lower price

Why sell? That's what I don't understand. Wait it out.

Fuck it I'll buy all their bags

When bitcoin moons, people either dump their shitcoins and go all in on BTC, or double down on shitcoins, and dump their shitcoins for BTC in order to buy even more, cheaper shitcoins, with a stronger BTC

>what is basic economics
>supply and demand

Wait until USA or European government BTFO it

ALTS ALSO DROP SOMEWHAT IN USD VALUE WHEN BTC SURGES LIKE MAD. Alts only rise when BTC is stable for a while. They especially dump when BTC is crashing due to massive FUD and everybody is tethering into USDT .

>it remains constant in USD terms

lmao, nope, a lot of good stuff is being way oversold, plus whales make use of the situation by putting up large sell walls at these times to create even more panic. i love these little moments, it's like a black friday sale.

Money flows in btc from two directions.
1. Fiat
2. Alts

>Why sell? That's what I don't understand. Wait it out.
People tend to do stupid things when they get emotional.

when will we be able to buy most ALTS with fiat?

that way we wouldn't have to worry about forks

what are sell / buy walls?

don't worry about it, i made a nice chart compilation of the currency flows this week. as you can see there's a steady fiat inflow, so that's good. the sudden BTC jumps are from fomoing alt holders...but as you can see alt market cap rebounds extremely quickly as soon as the BTC rush calms down a bit.

a sell wall is when a large holder places a huge sell order at the lowest possible price, so if other holders want to sell they have no choice but to sell for a lower price than that wall. as you can imagine that is especially dangerous if people are already panic selling, because it creates a vicious circle.

ok thanks,

i guess there's a lot more to this than i thought

crypto is the wild west...you better get used to it. don't try to time the market, don't panic sell, don't fomo, you'll be fucking broke in days if you do any of those things.

the alt market grew because bitcoin couldn't sort it's scaling shit out

are you ready for december?

say it with me /biz
hands

of

steel

wrong, price follows highest volume trading pair

but altcoins value often do increase with btc, just not with as much

Because they are literally shit

People only play with them while Bitcoin is sleeping. Bitcoin has awoken.

What happens in December my dude?