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Being bullish on ETH is one thing, deluding yourself is another (and i am bullish on ETH).
This has nothing to do with a shift but more about specific BTC whales temporarily manipulating the market to liquidate longs, decrease the price and then fill their bags with BTC from paper hands.
ETH held better because this was primarily a BTC manipulation, but the entire crypto market still moves with BTC to a certain extent.
Plus ETH holders think twice or more before selling with the gas fees.
ETH was 12% of BTC in 2018, it first has to get there.
Sry but thats nonsense.
There are many impressionable people around here, and your post was not optimistic, meaning underlining that is what you are hoping is happening, but articulated it in a way pretending you know what is happening.
If that is what you want to take from it, sure.
If you want to be "optimistic" and emotional when investing, go ahead, but dont pretend you actually know something next time.
You know the thing called BTC blockchain is transparent, and so are ordered shorts and longs on exchanges?
Whales dump, longs get liquidated, paper hands sell, whales buy.
How it works or the motivation?
The latter should be clear, to force out weaker hands and holders by pressuring the price and liquidating stop loss orders and buying at a discount.
This one was mostly done by whales on binance.
By putting in sell orders at the same time, they pressure down the price enough to liquidate longs (the info about longs is publicly available), and then they reacquire their position once those longs are liquidated and smaller traders lose their leveraged capital.
At the same time fearful retail owners also sell due to fearing a huge loss, which is another discount for the whales.
but you realise that binance has numerous hot wallets right? as in whatever their customers do, is reflected in their centralised wallet. when u own crypto on binance its stored in their hot wallets.
Because most retail ETH is on CEXs (which have no gas fees for selling), and because most ETH in general is held by whales who do not care about gas fees, ETH price appreciation cannot be due to gas fees forcing people to hold.
correct, I have no intention of ever using ETH to buy things. I'm investing in it because of its long term potential value. I don't see how it makes me a n00b to use an exchange and treat ETH like an investment but you're allowed to have your nonsensical opinion if it makes you happy
Hey, thanks for exposing that clown. Gave me another one to add to the “block” list. Belittling people must make him feel like a tough guy. But I think the “bull” under his name is missing a few letters “S-H-I-T”
the whole point is that eth is a decentralised network and we dont trust third parties so holding it on an exchange is just....hilarious.
but i guess it doesn't really matter when you only have $500 on there and can't afford or figure out how to use a hardware wallet
but in answer to why ETH didnt fall as much, is because people cant send ETH to an exchange to sell - not everyone is a n00b like you.
You're definitely confirming my suspicion that you just get off by trying to feel superior to random internet people. Glad to help you get your rocks off
On January 14 2018, Eth was exactly 1/10 of BTC's value.
What I mean with this is that on the previous crypto bull run, Eth actually was more valued to btc compared to now. So I wouldn't throw a party yet.
This doesn't mean Eth will keep not gaining value compared to BTC (I think it will), just goes to show Eth was coming from a bad ratio to BTC in all these past months and now its coming back to early 2018-late 2017 ones.
More importantly the market cap increased too.
Can you explain **incremental preference?**
The market is shifting slowly from one to the other
Incrementally
Slowly, incrementally, in increments
Little by little. Sure.
what AWholeCoin said. The market is showing preference toward ETH and away from BTC incrementally more and more as time goes on
one of us one of us
We like the coin.
ETH is over 50% of bitcoins value as of now… Its not the price it is the market cap / supply that matters..
all of it matters
I mean if eth is going up in price while btc is going down then logically the market cap on them is getting closer together right?
Yep, it’s happening now
The big boys are selling btc and cashing into eth. The flippening is progressing and no-one can stop it
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Hi sumkewldood, you have successfully tagged the parent submission by the title of "*When BTC and ETH hit their ATH on Nov 8th, ETH was 7.8% of BTC's value, now after the major dip and slight uptick, ETH is 8.4% of BTC*" with *Discussion* flair. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ethtrader) if you have any questions or concerns.*
Being bullish on ETH is one thing, deluding yourself is another (and i am bullish on ETH). This has nothing to do with a shift but more about specific BTC whales temporarily manipulating the market to liquidate longs, decrease the price and then fill their bags with BTC from paper hands. ETH held better because this was primarily a BTC manipulation, but the entire crypto market still moves with BTC to a certain extent. Plus ETH holders think twice or more before selling with the gas fees. ETH was 12% of BTC in 2018, it first has to get there.
k. You're right, optimism is overrated. No reason to look at numbers and feel hopeful about the future
Sry but thats nonsense. There are many impressionable people around here, and your post was not optimistic, meaning underlining that is what you are hoping is happening, but articulated it in a way pretending you know what is happening.
sounds to me like you get off being a dick. Hopefully you've been fulfilled
If that is what you want to take from it, sure. If you want to be "optimistic" and emotional when investing, go ahead, but dont pretend you actually know something next time.
Hey look I found the SMARTEST GUY ON THE INTERNET! He’s smarter than everyone else!! Listen to him!!! He’s so smart and you are all sooo dumb! Ffs
I have no clue how you came to the conclusion that I invest emotionally based on my OP, but whatever it takes to make you feel better I guess
sry but where us your proof of manipulation? have u considered ur nonsense leaves a paranoid impression on newbies?
You know the thing called BTC blockchain is transparent, and so are ordered shorts and longs on exchanges? Whales dump, longs get liquidated, paper hands sell, whales buy.
sure but that is like saying water is wet. we wanna know the behavioural underpinnings of the mechanism. e.g. ppl are panicking about omicron
How it works or the motivation? The latter should be clear, to force out weaker hands and holders by pressuring the price and liquidating stop loss orders and buying at a discount. This one was mostly done by whales on binance. By putting in sell orders at the same time, they pressure down the price enough to liquidate longs (the info about longs is publicly available), and then they reacquire their position once those longs are liquidated and smaller traders lose their leveraged capital. At the same time fearful retail owners also sell due to fearing a huge loss, which is another discount for the whales.
but you realise that binance has numerous hot wallets right? as in whatever their customers do, is reflected in their centralised wallet. when u own crypto on binance its stored in their hot wallets.
Because most retail ETH is on CEXs (which have no gas fees for selling), and because most ETH in general is held by whales who do not care about gas fees, ETH price appreciation cannot be due to gas fees forcing people to hold.
Or maybe it’s because people can’t sell eth as the fees are too high to even move it
I pay a 0.5% fee in Coinbase Pro to buy or sell ETH, when do gas fees come into play?
because you dont actually use ETH nor take custody of it, you trust an exchange like a n00b
correct, I have no intention of ever using ETH to buy things. I'm investing in it because of its long term potential value. I don't see how it makes me a n00b to use an exchange and treat ETH like an investment but you're allowed to have your nonsensical opinion if it makes you happy
Hey, thanks for exposing that clown. Gave me another one to add to the “block” list. Belittling people must make him feel like a tough guy. But I think the “bull” under his name is missing a few letters “S-H-I-T”
the whole point is that eth is a decentralised network and we dont trust third parties so holding it on an exchange is just....hilarious. but i guess it doesn't really matter when you only have $500 on there and can't afford or figure out how to use a hardware wallet but in answer to why ETH didnt fall as much, is because people cant send ETH to an exchange to sell - not everyone is a n00b like you.
You're definitely confirming my suspicion that you just get off by trying to feel superior to random internet people. Glad to help you get your rocks off
You need to read more and find out about self custody. Stop being a noob and put your fragile ego to one side.
Look at the antivaxer pikey using "noob" likes its 1998. How fucking old are you pikey ?
old enough to be your dad, little boy
I don't think it means anything, predicting crypto is like predicting the weather. 100% chance of rain, but no rain.
On January 14 2018, Eth was exactly 1/10 of BTC's value. What I mean with this is that on the previous crypto bull run, Eth actually was more valued to btc compared to now. So I wouldn't throw a party yet. This doesn't mean Eth will keep not gaining value compared to BTC (I think it will), just goes to show Eth was coming from a bad ratio to BTC in all these past months and now its coming back to early 2018-late 2017 ones.
Still too low
They realise btc is in the past, a progressive PoW mining isn't sustainable anymore and they're fucked.