I Did That - Crypto Edition
(media.communities.win)
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You would think. I don't get it either. From what I gather, companies cover losses with crypto gains. What I don't get is why something like Pirate Coin goes down the same as bitcoin. I doubt anyone with huge pockets are investing into Pirate Coin. It all seems odd and the only thing someone explained to me was that like the dollar is backed by oil, crypto is backed by Bitcoin. Bitcoin goes down, they all go down. How that makes sense, is something I don't get. I thought each coin was independent from one another and that's why Doge went up 1000% when nothing else did a year and two weeks ago.
Things follow Bitcoin or Eth (sometimes) due to being paired to it to buy the alt coin. Not all the time
A lot of (non-fiat) exchanges list the price of altcoins in bitcoin. So it's accidentally pegged to bitcoin, that's my own personal theory. But when the market as a whole panics, they dump all cryptos, not just BTC.
yup that makes sense. I remember seeing the BTC line behind the alt coin line. I never put two and two together.