Can Altcoins Influence Market Pricing?March 9, 2019
The price of crypto assets like ICON (ICX), Enjin Coin (ENJ), Litecoin (LTC), and Kyber Network (KNC) went up by 30 percent through 100 percent. It is also widely seen that the momentum of the alternative cryptocurrencies has a method of influencing the price sustainability of Bitcoin.
Do alternative coins have a ground of their own? Not really. Despite, the performance of alternative coins has a method of moving the momentum of the crypto assets.
Living up to the hype is difficult for any cryptocurrency. This is true whether it is about Bitcoin or TCAT tokens because real-time investment trends are to be based on reality for sustainability.
Every alternative coin is launched with a hope that some big thing will happen, but only time unfolds the reality. It has been time and again proved that in the sea of Altcoins, Bitcoin continues to lead the trend. However, the price of several Altcoins is championing in the rally. Some of them are valued above the Fibonacci retracement zones while others are undervalued.
Altcoins come up with forks and splits. Some hackers are attacking smaller cryptocurrency networks to disrupt the ecosystem of the coin. Mining profits, orphan blocks, and not everyone agree with Altcoins, and they do not want to support them.
When competing in a free market, there are predatory pools who particularly interfere with the Altcoins market by illegally attacking blockchain using hash power. Some miners mine the chains that are required to defend the Altcoin chain from attackers and in turn sell their rewards for Bitcoin. However, this Altcoin industry just like any other participant in the cryptocurrency ecosystem is quick to adapt to new changes.
The latest in the line of threats for cryptocurrencies is the strategy of orphaning blocks creating chaos in the cryptocurrency exchange. Recently several mining pools are hiding their identities thus leading to a comeback of unknown miners.
It has been a prevalent trend for Altcoins to fall in the bear market and outperform in the consecutive bullish run as a general tendency; however, this is not the case with every kind of Altcoin. The use case and the sentiments of the existing user base of the individual cryptocurrency have a role to play in determining the price trend.
As a general rule Altcoins follow the trend of Bitcoin price movements; however, each of these coins develops a range unique to their market place and use case that they are focused on promoting. The real use case ultimately finds its way to sustain itself in the market.