Wondering why Cardano (and many, many other alts) are locked to the second to BTC’s trading value lately (the past 2 weeks). Usually, when BTC goes down, other alts go up - but lately there’s something suspicious going on - and all alts move down with BTC, instead of up. The money is magically evaporating, and then coming from nowhere when it goes back up.
Can anyone offer an explanation (not just trading pairs, because this happens to Etherium based currencies as well). Why are the values are not moving around anymore (alternating between alts and BTC)?
If I watch BTC value, it mirrors ADA’s value to the second. ADA is not allowed to rally up, unless BTC moves up. And even if ADA has a nice value, if BTC drops, ADA goes straight down exactly with it. Do we have a problem with a dodgy exchange? This is only happening recently.
Check any old day of ADA on a graph, and open a BTC chart for the same day, and you’ll be looking at exactly the same chart (+/- only about 10%). Inverse relationships with alts and BTC have vanished, and something is happening lately.
Bots? Dodgy trades? Market manipulation? It’s certainly not human/speculative, because this all happens the exact second BTC moves.