THAT The VALUE Of MOST COINS Is ENTIRELY DEPENDENT ON BITCOIN!
I've observed that the prices and #ChartPattern of almost all cryptocurrencies mirror those of Bitcoin. If BTC is bearish, most other coins are also bearish; conversely, if BTC is #bullish they follow suit. I believe this isn't healthy; it feels like a dictatorship by BTC. The market needs a healthy democracy among coins, where all coins are given importance.
Another concerning point is that when BTC's value increases, other coins don't increase proportionally, yet when $BTC falls, all crypto prices decline very rapidly.
The coins that were officially introduced on an exchange for the first time increased in value for a day and then collapsed. The creators spent a huge amount of time, energy, and money building the network. Not only did the creators have hope, but also a number of people were connected with the projects. Unfortunately, all dreams collapsed on the second day. How can we then say that crypto is the future? Only one coin bears all the burden and survives for a long time. Investing all money in BTC is stupidity.
Unfortunately, some coins never recover to their initial values. How is it fair that just one coin dictates the future of all other coins? $ETH is still far from its all-time high, while BTC is trading at high values! Ethereum is the number 2 cryptocurrency. If only BTC is important, then why introduce new coins? Or, how is it fair that only BTC holders dictate a multi-billion dollar market? Leaders should really focus on this matter.
Suppose, in the future, AI, robots, or quantum computers manage to decode or destroy the #Encryption of BTC's code. In that scenario, the entire market would be annihilated simply by destroying 1 coin! How dangerous is that for the crypto world? Just imagine! I am seriously disappointed by this trend!
I think giving margin on BTC trading should be stopped, and BTC holders should be encouraged to take loans against their BTC, allowing them to invest or trade in other cryptocurrencies.
However, many innovations are occurring in the crypto space. I appreciate these advancements, especially the introduction of #Web3 and other features that generally prioritize security. Although, I have even greater hope for networks that offer an alternative to Bitcoin's dominance, allowing alternative coins to be used to purchase other crypto assets, effectively bypassing BTC. I'm pleased to see many new projects working on this policy, such as $SOLV RIF