Bitcoin is right now $44,517.10 after being around $60,000 at the beginning of April. So, it still seems that it is not easy for Bitcoin to stabilize on the market. I can imagine that a lot of people were scared about it whereas others stood fierce expecting it to rise.
But what coins are still increasing after bitcoin goes down and for how long?
An interesting fact is that before other coins' value can be converted to USD, it must first be converted to Bitcoin equivalent value. When the price of Bitcoin falls or increases against the US dollar, all other coins normally follow suit. Since all other coin rates are based on the Bitcoin exchange rate rather than the USD exchange rate, this is the case.
However, Ethereum and other altcoins might go up when Bitcoin falls. Even though BTC might be viewed as the most secure digital token at the moment by investors in the market, some people decide to switch to altcoins and buying them. On the other side, the fact that BTC decreases makes others stand still or withdrawing their money and not investing in other coins.
Other exceptional cases are those of countries, such as Turkey, where some people decide to invest in BTC instead of their local fiat currency that has fallen way too much.
Anyway, even if some altcoins tend to increase after BTC is falling, they will eventually end up on the same point as BTC after a while. So, what’s the best to do then? In my opinion, I think it is important to keep an eye open on the market, to get informed, and to seize the right moment when to buy or sell.
The fluctuation within cryptocurrencies is something usual and it depends only on our financial intuition to appreciate the direction of a coin or other at a certain point.
