Bitcoin tanking and the rest of the market follows - can Bitcoin dominance be broken?
Source of the underlying picture: https://elevenews.com/2018/02/01/why-is-bitcoins-price-down-to-two-month-lows/
It has happened again, like many times before. Bitcoin is down and the rest of the market is following. Why is this still so? Havent we all learned yet that Bitcoin is not the only coin out there? That there are better coins out there? Coins with a use case like XRP or BAT for example... (This is no financial advice! Do you own research!)
Bitcoin is not the whole market. We have a Bitcoin dominance under 40% according to coin market cap.
But still we have the same situation. Why is this so? I mean if you are invested in a coin you have informed yourself about the project, the team, its progress, or at least you should have done so. In this case you can literally give a shit upon bitcoin price.
In my mind the main reason for the Altcoins going down is this: FUD!
Not spread by any government, business entities etc., but based on decicions made by uninformed people. They have not informed thereselfs about the coins they have invested in! They got in because of FOMO and they get out because of FUD (panic selling).
source: https://shop.economist.com/products/buy-buy-sell-sell-signed-kal-print
I think this shows very well that the crypto market itself is just a little kid, doing its first steps towards maturity. And the very first step to becoming an adult is start reading and stop watching stupid youtube videos from kiddy youtubers telling you what to buy.
I am out for today. Thanks for reading