I don't think you have a point there, Coinbase for example sell LTC and ETH directly to FIAT, either USD or EUR depending on your account. What is true is that this depends on the pair which you bought your coin, i.e. ETH/BTC, unless you send it to coinbase to put your ETH directly to FIat you will have to go through BTC first.
The problem is not about Fiat or not Fiat but about the correlation between coins, investors see BTC and altcoins as merely the same thing, if BTC goes down they panic and sell the others altcoin, and viceversa.
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100% ture its about the market size and dominance like any market :), many new investors here!
Same thing as google stock vs amazon stock. Lets pretend they are at 1:1 1000$
Market goes down 10%, stocks are speculated down 10% both now worth 900$
Amazon launches a new service, gains market dominance making google fall to 810(10%) and amazon gaining to 990.
Market movements makes them go same direction, dominance in the market produced by the companies separates them :)
This is like saying, if Amazon goes bankrupt, while the tech market is fine, google will die to. not ture sorry!
Indeed, the problem is we have a completely new market, unregulated, full with milennials who barely know to read a chart and manipulated by the mainstream media at will. It even sounds ridicoulous to think a market crashes because there are news about regulation, actually that makes me happy because it means that it is being recognized hehe.