Bitcoin's movements continue to dominate the entire crypto space. When whales move in to buy or sell, almost every other coin/token moves in relative tandem.
That doesn't look like a truly independent marketplace.
In fact, the crypto markets are worse than equities where stocks even within the same category can trade differently based on their corporate performance, analyst expectations, or driven by events/news of the day.
If tokens and coins have actual value, based on their use, their prices should move independently.
One of the key problems with analyzing crypto prices is the lack of actual news on adoption/use cases. Outside of the defi space and NFT trading, many utility coins (file storage, gaming, and energy for example) rarely update how much their services are being used. Without this information it is very difficult to assess whether the services represented by the tokens are being adopted.
Overall, most of the market price movements are still heavily dependent on the king of crypto despite how useful they may be.
When this strong correlation with Bitcoin finally breaks, crypto markets will finally become an actual rival to others.
Photo credits: Maxim Hopman, unsplash and CoinMarketCap prices 7/1/21
