When Bitcoin Sneezes, Some Altcoins Can Catch a Cold
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.
When such crashes occur, the price of most altcoins also registers a drop.
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.
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.
Well, I thinks thats the reality we have to face. At some points most of the altcoins still depending on Bitcoin.