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RE: Bitcoin (BTC) Mid-Day Update: Why the Bottom Could Be Done!!
Maybe the correlation in trend has to do with the fact that most people have to buy BTC in order to buy ALTcoins?
Maybe the correlation in trend has to do with the fact that most people have to buy BTC in order to buy ALTcoins?
Good thought. I hadn't considered, but could be the reason!
I think the correlation is:
Once BTC goes up. If a coin was worth X BTC then automatically at the moment BTC is up, that coin USD value goes up. Because you can trade it and get the same X BTC but BTC worth more USD.