Price Watch: Bitcoin still has influence over the crytocurrency price

According to a report of CNBC, Ripple’s CEO confessed that Bitcoin still has influence over the crytocurrency , but it will end soon as the market become rational and ordered. However, if we take a glimpse of the price chart of Bitcoin today, we can still sense the correction between bitcoin and other tokens.

 

1.Bitcoin

According to the chart, the price chart slide a little in the mid night but soon came back to the higher price range and maintain the upward momentum. In conclusion, it heads for the better and gets out of the downhill trend. The real-time price of Bitcoin,then, stands at $7,582.62, much higher than the $7318 price level days before.

 

2.Mineum

We also see a momentum in Mineum. It shows a vertical upward trend when Bitcoin started to appreciate around 6:00 am then stands at the price of level above $0.024.

 

3.Rubies

If we take a glimpse of the chart of Bitcoin and then compares with the Rubies one above, we will find what the curve resembles the Bitcoin one. Same as Bitcoin, the token starts to go up around 6:00 am and then maintains a flat but upward price move, albeit a mild one.

 

4.CompuCoin

As we can seen from the chart, CompuCoin has climbed up slowly from $0.0032 to $0.0033 by the time of 15:00 pm. We can still feel the impact from Bitcoin.

 

Summary

To sum up, if you observe the price trend in the whole crytocurrency market, it’s easy to find that things recur over and over again, that is, when Bitcoin price declines, the whole market head toward a downhill direction simultaneously and vice versa. Though it is not necessarily rules for all the tokens, for we also report some tokens which stay strong while the market saw a slump, it’s true for most of the tokens in circulation.

 

Why? The price change in Bitcoin is not only the symbol of the change of people’s attitude for the token itself, but of the attitude towards the whole crytomarket. What is more, there are hundreds of tokens which is interconnected with Bitcoin in some way.

However, what I want to mention is the bitcoin price change is not the only factor that decides where the crytocurrency  industry to go, upward or downward. For a crytocurrency or and blockchain that provides supports, what matter most is whether it has practical usage or not.