When do altcoins go bullish or bearish? We have seen this industry continue to thrive with times of ups and downs. Great achievement I must complement yet I see much dependence on the bitcoin industry. Should that bother you? Or putting it this way, should it not bother you?.
Confidence is what gives birth to dominance and there is a need to spread it accross the cryptoverse. Yes I know, some projects are mere pump and dumps with no real vision on th table. Once the news that bitcoin is down by so or so percent, you'll just see the market panic. My friend just told me that bitcoin has turned red and I knew exactly where he was going, he just summarized that the bull market is over for the entire cryptoverse.
We have a lot of reputable crypto projects like for instance the ethereum network,binance, solana (sol) and the rest. Yet their survival has always been traced back to bitcoin and it's green candles. Is it me criticizing bitcoin here? Not at all, bitcoin being crypto's first inception has played a huge part to present blockchain technology and cryptocurrency to the whole world.
Yet the bigger question remains, will the crypto industry shut down assuming bitcoin's market completely flattened? If yes, then how much confidence is there in the altcoin industry and if no, why is everywhere always red when bitcoin changes candle direction? Bitcoin seem to be the 'crypto US dollar' that gives life to every currency.
I feel the reason why we are still moving on a slow pace is the fact that we solely rely on bitcoin to make moves, this in my personal view is overdependence. A lot of crypto projects go red and even go out of the market without a scratch of the bitcoin market, how would this affect the crypto market should in case the top ten or twenty crypto where this independence.
Do we always introduce new investors into the cryptocurrency industry or first bitcoin? Even a lot of developers have shown little to no confidence about what they are building. Bitcoin currently sits as a store of value and a safe haven during uncertain fiat currency times, a very applaudable characteristics that I feel would have bloomed the crypto industry should Altcoin be given such attributes.
Altcoin resilience is good crypto business
If we wish to overturn lots of tables in our pursuit to announce cryptocurrency and blockchain tech, altcoin needs to go beyond bitcoin trend (finance)s. We can't do much with the 'green-green and red-red' market direction. The moment bitcoin just shows red, the sell off immediately begins in the altcoin industry and this is deterring growth and development. Are we not building something of value down here, bitcoin is known for transaction transparency which lots of other projects have shown too and gone beyond to even introduce new innovative features.
We have seen decentralized applications (dapps),decentralized finance (defi), socialfi,tokenization and smart contract being introduced to boost this altcoin industry.
I feel we are not announcing what we are offering in an understandable manner, it's just price and going straight to the point, you can't beat bitcoin with price. Its advantage is the early adoption after its introduction as as we all know a lot wanted to make fortunes so they pushed a lot into this industry. The key for altcoins is innovation, giving investors the need to keep their investment for long term benefits.
Reward can outweigh price if only we can focus on stabilizing the altcoin market, unless for projects that were built for just price. The more investors keep seeing bitcoin controlling the cryptocurrency market direction, the more money that will be channeled into this single project. Truth be told, it will take time to convince lots of investors to change course to see other projects here as a safe haven. It will start from us. The challenge we are having are short term traders who are mainly here to benefit price differences sellng off their holdings in the altcoin industry just when bitcoin waves the red flag.
Not easy to control humans and their finance in the market. Over 80% or more value market price and nothing else. Any day we will wake up to see bitcoin down by 20% without the top five following suit, that's when we should start boasting of altcoin achievements because as it stands it is tied to bitcoin.
To conclude, let me add, the survival of the crypto market should not only be tied to market decision in the bitcoin industry. There is more to offer if altcoin could strategize and surface the needed resilience during tough bitcoin market times. We can't do much if we keep circling about what only bitcoin has to offer. It paved the way and altcoin projects have to take it from here, the earlier we spread investors confidence in the cryptoverse the better, and the right time I feel if not over delayed is now. What can you say about this? Any better suggestion? Or Should bitcoin continue to be the only way maker in the crypto industry?
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