Do you think Bitcoin price movement always affect both Silver and Gold Price
It is not new that that bitcoin serve as the dominant giant coin in the Crypto space. It dictates the price movements of major coins in the crypto space.
In fact as a trader, if you can read the price movements of Bitcoin, you can definitely read the price movements of other coins except in rare or some cases where some coins go against the trend of the general movement of the dominant giant coin bitcoin.
I have done to realise that whenever there is a massive green movement, most altcoins tend to move upward and whenever there is a red movement, most altcoins tend to downward. I guess that is what ones gain been the money accumulation in the Crypto space.
Bitcoin has the major money bag in the Crypto space compared to any other altcoins so it is expected. But one thing that I am not yet sure of is does actually the bitcoin price movements affect gold and Silver.
Recently whenever there is a drop in bitcoin price, both silver and gold drop in Price as what happened last few weeks ago and vice versa.
Not it begins to make me wonder that are both silver and gold still under the wing of bitcoin price movements.
What do you think?
Do you think Bitcoin price movement always affect both Silver and Gold Price?
i dont think Bitcoin price or movement affect the price of precious metals, they are different and havew different market.
Yea I was thinking that also at a point because I think they have different market
Both types of assets function for similar objectives. The difference being one is favored by Baby boomers and the other millennials with over lap more or less in of those in between. Someone may have done an actual survey.
Yea but I don't really think bitcoin affect the price of silver and gold
It doesn’t at all. Maybe that changes in future but only when I want it to be so. I’m the Fed nice to meet you.
I think there's little correlation between BTC and gold as BTC is risky asset while gold is a store of value.
I prefer gold most of the time due to the value gold retain compare to Silver
No correlation at all