Across the board selling, down >200 and still going. @Pekelo Your not understanding how it works. Yes there is correlation gains, but in cryptoland BTC is the reserve currency. I want in on XYZ coin I'm usually not able to buy via fiat. I need to buy using BTC, hence the need to acquire BTC. Likewise when I'm selling, it's not XYZ/USD, it's XYZ/BTC. Now it's also ETH.
Interesting point, but that effect should be temporary (and works also when getting out of the altcoin) only and last until you transfer between BTC and altcoin. Damn, the bounce was just temporary and we are down $360 from the ATH, this is under 2 hours...
@Pekelo Sure on a micro level it shouldn't have much effect but let's say all the altcoins holders decide to sell, well guess what happens to BTC. Echos of '08. We had that last night.
The volatility is high, but it's nothing we have not seen before. Try to look up history a few months ago.
how exactly are you supposed to treat it as a currency when it is super volatile? you park a million in bitcoin and come back in 1 year, you might be up 200-300% or down 80%
Its a lot more expensive now. In a way, thats a barrier to entry for a lot of folks. I know you can buy fractional amounts, but there's a psychological factor here too. Its why companies do stock splits. Nothing really changes, but shares appear cheaper. It works. So yeah this crashed a few months ago, but there's a big difference between $400 and $2400.