Hi to all.
As we all, i am also watching the situation of cardano coins and i would like to ask few questions, regarding this topic. Please consider that am quite new to crypo currency…
I buy some ADA when it was 0,85 and since then the price dropped almost double.
1.) What is defining price of cardano ( or any other ) coin ?
2.) How much is Cardano related to Bitcon or Etherum ( in other words, if one drop down why should the second one drop too ) ?
Let me, explain a bit more why am asking this.
Am watching the ups and downs of BTC / ETHERUM / RIPPLE and CARDANO.
BTC dropped down from cca 16K to 10K and according to this the rest of the coins dropped down also, but why are some coins falling “stronger” and some not. As some example i would like to put ripple.
This coin has fail down from 1,60 to 1,13 ( 2 weeks range ) and in the same time Cardano drop was from 0.73 to 0.49.
When i watch this 2 weeks range, ethereum has also strong ups and downs but the beginning and the end of this two weeks interval, are not so much different. What I ment is, it didnt fall so much like others coins. So, how is all this bonded and what is defining this prize range ?
Mostly, it’s like any other market. But it’s more volatile than most markets, individual coin prices are affected by general pro/anti-crypto sentiment as well as individual factors, and BTC has considerable first mover effects.
I agree with you but if each coin can be represented individually this means that it should not be affected by “global” crypto state… Let’s take our Cardano as example. As you can see today ( and last few days ) all coin prizes are falling down accept Ethereum.
If the crypto coin acts as individual coin on this crypto market, how come that prize of Cardano is falling ?
I mean you got strong base, good project, great idea, good dev team, bunch of supporters etc…
OK, if there is global anti crypto sentiment and if there is something on global scale, i would understand, but then again the Ethereum would fall also… Or ?.
I mean, there is no way that someone would like to “destroy” global crypto market and keep one coin safe…
This would look like conspiracy
It’s really not that simple, far from it. There are many factors, some acting on some coins and not others, some acting on all but to varying extents, some acting in concert, others cancelling each other out…
There are a small-ish number of people in this market who basically own it. They are the people who bought and held BTC very early on. The big Chinese miners, etc… They have vast wealth. Whenever a new coin comes along, they buy in. They own ALL the main coins. Probably they don’t think of the coins individually, but rather that they invested into “the cryptocurrency space”. They don’t favour one over another, they generally sell everything proportionally. It is individuals who came later, who invest in this coin, or that coin.
Hi Martin.
Yes, that would make sense + all the things Rob mentioned.
But then again, if few people are holding lets say 20 biggest coins then they would fight to keep those coins circulating. And for now, it looks like everything is falling down.
I dont know, if we put aside anti crypto sentiment that would like to destroy ALL crypto currency i would say that there is some general market change and because of all criminal stuff related to BTC ( and pressure by India and Korea government ), major players are reaching for some new crypro currency that will replace BTC.
Governments will regulate crypto, the time for that is coming nearer. Many financial regulators in many countries have made really similar noises about this in the last 2 months. It will be discussed at the G20 summit. If you had all your wealth in crypto, at this point you would be thinking of moving half of it into fiat.
As somebody else said – not sure if it was here or elsewhere – if they they find it so hard to reach agreement on things like climate change, what makes you think they’ll agree on regulating crypto?
