Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Paglamon on May 23, 2020, 04:36:25 PM
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San Francisco-based cryptocurrency exchange Coinbase has released research showing that the flagship cryptocurrency bitcoin acts as a gateway for investors to get into other cryptocurrencies.
Coinbase’s research found that while 60% of users buy bitcoin as their first step in the cryptocurrency space, only 24% stick to it. Specifically, investors appear to be more willing to risk their funds on altcoins during bull runs. In 2017, when Bitcoin’s dominance in the crypto space dropped, Ethereum became the dominant asset o the platform with around 50% of the total trading volume.
Justin Mart, an executive at Coinbase, noted:
“This could be for a variety of reasons, but one is largely psychological. As people feel good about their initial crypto investments (into Bitcoin), they branch out to find other possible categorical winners (as evident in the 2017 bull run).”
During bear markets, however, investors turn to Bitcoin again as the “blue-chip” cryptocurrency. The report suggests BTC could be moving towards becoming digital gold.
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Most investors must believe that the prices of altcoins can rise up if there is a bullish in Bitcoin price. Yes, we bet on altcoins, but it is not too speculative if we buy top altcoins. They are much safer than holding unpopular or new altcoins.
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I personally bet on the Bitcoin price that will be increasing some month's letter and becoming the king of the crypto. However, if talking about bullrun of altcoins I think it will only for some coins, not all, moreover the shitcoins.
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Because it's cheap and easyer to trade, Most people can afford 1 ETH and hold it, but a lot of people can't afford 1 BTC.
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It should be borne in mind that many altcoins have already bypassed bitcoin in terms of functionality, including as a means of payment. Yes, bitcoin is now very popular as the first cryptocurrency, but popularity is volatile. Many altcoins are of great importance in real business and perform many useful practical functions. Therefore, it is not surprising that many investors pay great attention to altcoins.
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Obviously when people will be in profit from their btc or eth holdings only then they will be in a position to look at good alts and invest a portion of their profits in alts.
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It should be borne in mind that altcoins are now developing very quickly, so their role will constantly grow. Today, for example, you see popular DeFi projects, tomorrow there will definitely be something different. Bitcoin hasn't offered anything new for a long time. If this continues, it will quickly become obsolete.
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Thats not surprising to me because Bitcoin is too expensive already thats why newcomers are simply looking for affordable cryptocurrencies to buy and because the Altcoins are the majority in numbers it makes sense that Investors are buying it as an option for already expensive Bitcoin.
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On what ever bet that is placed on altcoins for a bull run, Bitcoin seem to drive the entire crypto market and without Bitcoin taken the top on a bull market, altcoins can not have a smooth price increase or bull run. I am waiting to see how altcoins will have its price movement without depending on the bitcoin.
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Bitcoin and ethereum top the cryptocurrency space. Coinbase study found that 60% to 70% of people are interested in investing in bitcoin and they are doing so. Everyone knows that. I think waiting for the high price. In 2017, the price of Bitcoin began to decline. But now the price of Bitcoin has started to rise. And now the popularity and number of investors has doubled.
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Bitcoin and ethereum top the cryptocurrency space. Coinbase study found that 60% to 70% of people are interested in investing in bitcoin and they are doing so. Everyone knows that. I think waiting for the high price. In 2017, the price of Bitcoin began to decline. But now the price of Bitcoin has started to rise. And now the popularity and number of investors has doubled.
Yes. Bitcoin and ethereum have the highest market share in terms of popularity. Bitcoin is the most commonly traded coinbase. Because the number of investors and popularity in Bitcoin is much higher. Bitcoin's popularity and number of investors are constantly increasing. Every country has people in the online world. They know about Bitcoin. Bitcoin has started to be used among various organizations. So most people use Coinbase's Bitcoin Wallet.