Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Adam Gil on November 29, 2022, 08:56:33 AM
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Blockchain technology is growing rapidly and is changing each day as new initiatives are launched along with new entrepreneurs and users join the fold. We can see how FTX downfall has impacted the crypto market. Many claim that Bitcoin never got effected and its price surge is just an crypto winter phase.
Is Bitcoin really separated from all this? What is the role other cryptocurrency play within the Bitcoin ecosystem? And how do different communities view this?
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Blockchain technology is growing rapidly and is changing each day as new initiatives are launched along with new entrepreneurs and users join the fold. We can see how FTX downfall has impacted the crypto market. Many claim that Bitcoin never got effected and its price surge is just an crypto winter phase.
Is Bitcoin really separated from all this? What is the role other cryptocurrency play within the Bitcoin ecosystem? And how do different communities view this?
Bitcoin is only impacted slightly on the short term based on price actions, because of fear of loosing entire fund but I think bitcoin is on it own. Bitcoin is separated and other cryptocurrency is there to bring competition on the market. Many communities on the crypto space may view it differently but it does not affect the growth and development of bitcoin in my opinion. In the past many individuals has criticized bitcoin but today many of are now promoters in one way or the other.
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I do not think that FTX could have affected the price of bitcoin in this way. FTX today, what tomorrow? This is just a hype so that the price of bitcoin can be reduced. It is happened. Soon, all the giants of the cryptocurrency industry will burst, because they will become bankrupt? No, this will not happen.
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In the cryptocurrency market, everything is interconnected. Bitcoin influences the behavior of altcoins, and altcoins influence Bitcoin. Bitcoin is just one of many types of cryptocurrencies, although it is the most powerful due to its high level of capitalization. But the influence of altcoins on bitcoin is somewhat less. Therefore, scandals like those that happened with FTX have a short-term effect on Bitcoin. Now we already see that bitcoin, and after it the other cryptocurrency, is again gradually growing in price.
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There are many long term investors and they hold Bitcoin for many things.
New altcoins are a development of the Bitcoin Blockchain, because Bitcoin does not have smart contract technology like Ethereum, new altcoins are always there because investment interest continues to grow and see how well the functions of the developed ecosystem can work.
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I would not say it is separated from all the negative things happening in the market but definitely though it got impacted by the collapse of FTX it is for sure shielded from the so-called contagion effect. We have to remember that Bitcoin is at the core of the cryptocurrency movement and when people's trust and confidence can be diminished due to many factors then it is somehow feeling some effects likewise. Now, the collapse of FTX does not mean that Bitcoin can be following the same and it is because basically FTX is just another platform operating in this industry...or we could say that it is just here doing business. When a big retail empire can implode, it would not mean that the retail industry will follow the same though somehow it can be dragged into it to some extent - this example is quite true with FTX and Bitcoin. As to altcoins, am sure they are just following the potential of the market though there are some that are really providing valuable and needed alternatives and it is up to the market to follow and use them - with many that will just evaporate in the coming years.
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Blockchain technology is growing rapidly and is changing each day as new initiatives are launched along with new entrepreneurs and users join the fold. We can see how FTX downfall has impacted the crypto market. Many claim that Bitcoin never got effected and its price surge is just an crypto winter phase.
Is Bitcoin really separated from all this? What is the role other cryptocurrency play within the Bitcoin ecosystem? And how do different communities view this?
Bitcoin has had a major influence on the advancement of transaction and financial systems, Bitcoin and altcoins cannot be separated because some altcoin ideas support payment methods using Bitcoin, such as the fork of the Bitcoin network providing a solution for high transaction fees on the network.
The important role of Bitcoin is Blockchain, from there altcoins were developed and many things can be developed on the blockchain, for example DeFi and Metaverse.
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according to me all altcoins just follow what bitcoin is doing, and according to me it's not great, I mean there are more useful projects around their but everything just revolves around btc , and I fear that if bitcoin would ever fails in the coming feature then it would also be the end of those other good alts also, which in my opinion is not fair.
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Bitcoin is king of crypto market. All the altcoins directly or indirectly get hit when bitcoin price drops and reason could be anything.
Like you mentioned the bitcoin price was down because of crypto winter and now we see that bullisg trend has made BTC price to surge above $17K.
Popular crypto trader Jason Pizzino recently claimed bitcoin price prediction of $23,000 in Q1 2023 (news source Coinpedia). Now how is altcoin related to this bitcoin system?
Well, Pizzino said that the weaker altcoins are likely to descend if the Bitcoin price maintains a significant upswing ahead.
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Blockchain technology is growing rapidly and is changing each day as new initiatives are launched along with new entrepreneurs and users join the fold. We can see how FTX downfall has impacted the crypto market. Many claim that Bitcoin never got effected and its price surge is just an crypto winter phase.
Is Bitcoin really separated from all this? What is the role other cryptocurrency play within the Bitcoin ecosystem? And how do different communities view this?
Bitcoin is only impacted slightly on the short term based on price actions, because of fear of loosing entire fund but I think bitcoin is on it own. Bitcoin is separated and other cryptocurrency is there to bring competition on the market. Many communities on the crypto space may view it differently but it does not affect the growth and development of bitcoin in my opinion. In the past many individuals has criticized bitcoin but today many of are now promoters in one way or the other.
I believe that both Bitcoin and Altcoins are the same in terms of Price action whether it was caused by FUD or a normal bear market circle but the difference is that Altcoins are more likely to fail in this type of market condition (Bear market) because they are more centralized projects than Bitcoin. The market was already in a downtrend before the FTX issue and this incident could only collapse Alts than Bitcoin.
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Bitcoin is king of crypto market. All the altcoins directly or indirectly get hit when bitcoin price drops and reason could be anything.
Like you mentioned the bitcoin price was down because of crypto winter and now we see that bullisg trend has made BTC price to surge above $17K.
Popular crypto trader Jason Pizzino recently claimed bitcoin price prediction of $23,000 in Q1 2023 (news source Coinpedia). Now how is altcoin related to this bitcoin system?
Well, Pizzino said that the weaker altcoins are likely to descend if the Bitcoin price maintains a significant upswing ahead.
That's the fact, bitcoin will always being the trend centre
We know about it.
Altcoins price is always depending on bitcoin progress
As you said, at winter bitcoin is struggling, I think altcoins too.
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FTX cannot shutdown BTC but BTC can shutdown some of altcoins and ruin the life of many once Bitcoin drastically rapidly dump unextendedly. As we know Bitcoin leads market condition either it goes to red nor green. Only the token that controlled by whales and manipulator could go against the market condition.
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Blockchain technology is growing rapidly and is changing each day as new initiatives are launched along with new entrepreneurs and users join the fold. We can see how FTX downfall has impacted the crypto market. Many claim that Bitcoin never got effected and its price surge is just an crypto winter phase.
Is Bitcoin really separated from all this? What is the role other cryptocurrency play within the Bitcoin ecosystem? And how do different communities view this?
Bitcoin will survive as the King of crypto currency, I agree with this opinion.
Potential altcoin will more popular and also survive.
So, FTX is not the reason we must worry about crypto, crypto will have brighter future