Bitcoin Leads Crypto Price Plummet
By Nicolas Abington | Crescent City Capital Market Analyst Intern
If you’ve been paying attention to the crypto markets for the past couple of days then you’ve been seeing nothing but red. While these fluctuations in price are somewhat regular, it’s important to note the trend that occurs around Bitcoin’s price changes.With the slow launch of Bitcoin futures from Bakkt a day prior, Bitcoin lead a plummet in prices with almost all of the tradeable coins taking substantial hits to their price. Bitcoin’s dominance has crowned Bitcoin as the cryptocurrency leader since its start in 2009 and doesn’t look to change anytime soon. But why? While many people understand that are better coins in the market place for doing what Bitcoin does, nano with feeless and quick transactions for example, they’re also just as many reasons for Bitcoin’s continued dominance. Some of the most apparent reasons for Bitcoin’s continued dominance include:
- Bitcoin is the gatekeeper coin meaning before you purchase any other type of token you always start by trading in Bitcoin
- Institutional investors are slow to adjust to crypto’s emergence and the only way they have is by investing in Bitcoin. The futures exchange is just the beginning in a long line of investor’s support for the market dominator.
- Bitcoin has the first-mover advantage and the largest number of users. Its ability to build trust in the market place will only become more important as more useless coins attempt to make waves in their ICO’s
While Bitcoin is not the best in its class it certainly leads it so if we hope to be successful traders we have to make sure that we always have at least one of our charts focused on Bitcoin all the time.
Sources
“Bitcoin Will Remain The Undisputed Cryptocurrencies Leader For A Long Time”-Sylvian Saurel-9/17/2019
https://medium.com/@ssaurel/bitcoin-will-remain-the-undisputed-cryptocurrencies-leader-for-a-long-time-5b97513af3e8
“Bitcoin Price Crashes to $8,000 One Day After Bakkt Futures Launch” -Max Moeller-9/24/2019
https://beincrypto.com/bitcoin-price-drops-below-9000-one-day-after-bakkt-futures-launch/