I want to share what I learned today with you.
The backbone of altcoins
#Worldcoin ,#Altcoinseason2024 , #altcoin #ETH🔥🔥🔥
One thing in the market that I didn't understand was the reason why all currencies fall when bitcoin falls, and why all currencies rise when bitcoin rises, I kept thinking and reflecting on the fact of a currency that has its principles and nuances throw the entire market into the ground.
In my analyses, even traders use the Bitcoin chart all the time to know when a currency will stop up or down. In my head it worked like this, assuming that Bitcoin was the USA, and Worldcoin was Venezuela, because when the USA is doing badly, what about Venezuela doing badly? Theoretically, the 2 have nothing to do with each other, but it doesn't work like that in the Crypto market.
Now it's clear as water, I learned what everyone says all the time. Bitcoin is a store of value, it is the “backing” of altcoins, therefore in my opinion and conclusion, Altcoins can have any type of usability, but the backing of their value will be Bitcoin.
We can conclude that if the entire store of value in the market is in bitcoin, when Bitcoin falls, all altcoin currencies fall, because Bitcoin is the backing of altcoins, if the backing falls, everything that depends on it will fall.
If you agree or not, put it in the comments.
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