As we all know about the importance of bitcoin in the virtual currency market and we have seen how bitcoin price impact on other crypto currency market All cryptocurrency starts falling when bitcoin price goes down and the same happen when the price goes up that’s why we called bitcoin “The King of Cryptocurrency”.
Mr. Chad Pankewitz, the CEO of Coinage said, that the Altcoin price should not be dependent on bitcoin. He said, because of bitcoin, market is not working as it should be.
Every day new projects and tokens are entering in the market and the market is depend on bitcoin and it looks like it will not change soon.
He added, that there are some other important cryptocurrencies like Ethereum (ETH), Ripple (XRP) or Litecoin (LTC) with strong projects should not be dependent on Bitcoin’s price. He also believes, if we use a stable currency like Tether and stay away from bitcoin that would be used much more than now.
He also said, that the volatility of bitcoin is a big issue when the investor enters in the market and compare dollars with decimal numbers in the value of bitcoin.
Cryptocurrencies like Bitcoin Cash, Litecoin and Ethereum can be the real competitors to Bitcoin, but they could not surpass it in market cap and they all have a shared market capitalization of $61.5 billion dollars, while Bitcoin (BTC) has more than $100 billion dollars market value.
Now, the market is in a bear trend since the beginning of this year, and Bitcoin has fallen under $6,000 dollars, touching its lowest point in months.