Bitcoin, the most well known cryptocurrency in the crypto-market is still the undisputed king when it comes to market cap value. Bitcoin has been in the market from 2008-09 and the most successful cryptocurrency which has seen its ups and downs but still remains people’s number one choice when it comes to ROI.
Satoshi Nakamoto allegedly known as the creator of Bitcoin, the first digital currency circulated in crypto-market has created value for its holders since its inception and thereby reaffirming people’s faith in cryptocurrency and providing a future path for creating a decentralised financial network. One can go for Crypto mining or can use crypto exchanges like Bitcoin Up to get their hands on Bitcoins and other Altcoins.
Bitcoin’s Influence
At the time of writing this article, Bitcoin’s price is at $61,000 and we have seen every time market sees an uptrend in pricing of Bitcoin, the pricing of Altcoins (Other Crypto currency grouped together) follows in general the same price trend and vice-versa. It seems Bitcoin has become like an Index for other Cryptocurrency to follow.
One can say indirectly, pricing and volatility in the Bitcoin affects the pricing of other Altcoins as well. Bitcoin has become industry standard which other cryptocurrencies are following unknowingly.
Top 3 Reasons for Bitcoin’s Influence on Other Crypto Coins
#1. First Crypto Currency
Bitcoin is the first crypto currency which came into existence and the most successful one/traded also. Bitcoin’s ROI is off the charts which has attracted people from all over the world to trade in crypto market. Bitcoin’s popularity has attracted people to opt for Bitcoin Mining which has followed mining of other crypto currencies as well.
#2. High ROI
From $0 to $61,000/Bitcoin in a decade, has made people Millionaires which attracts people to invest in Bitcoin and other cryptocurrencies. People who are holding Altcoins at prices ranging from $0-$1 are having a vision on the sincerity of fundamental success of cryptocurrencies in near future, just like what Bitcoin has performed in past.
#3. Inspiration for Framework of Altcoins
Various Altcoins like Litecoin, Bitcoin Cash, Bitcoin Gold, etc. are built on the framework of Bitcoin and aims to be the affordable version of Bitcoin. Though Bitcoin remains the king, the idea is to have simpler, lighter version of Bitcoin in the circulation.
Bitcoin is the First Crypto Currency which has put other cryptocurrencies on the map and have made them popular among masses and since Bitcoin we have seen various popular and accepted crypto currencies like Ethereum.
A bubble or a wonder, it remains a topic of debate among experts in cryptocurrencies but it has been a decade and Bitcoin is still holding and ruling the Crypto-market.