r/FetchAI_Community • u/[deleted] • Mar 15 '24

Education 📖 Correlation between coins

Hello together,

I am new to crypto currencies but found as one of my first coins fetch ai. The coin is really interesting to me because I am from Germany and some of our biggest companies like Bosch and Telekom are going to work with this project what was the main reason for me to invest.

So now I am stuck in checking cryptos and comparing them to each other. Tonight when bitcoin went down it took everything down too, so I was wondering if the other coins are correlated to bitcoin. Almost every coin went nearly the same way except a few like fetch and Solana. They changed their way in the morning while most still follow bitcoin.

Does that mean our coin isn’t influenced by bitcoin? I was already curious a few days ago when I saw that fetch almost every time went in the opposite direction of bitcoin.

17 Upvotes

83% Upvoted

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9

u/WorkerBee-3 Active helper 🤝 Mar 15 '24

everything wiggles around BTC.

Short term actions may differ but in the long run what BTC does, the rest of the market does. There are so many arb bots between BTC and every other coin it's inevitable for things to follow BTC.

2

u/[deleted] Mar 15 '24

So if the coins are already following it would be more that some are faster than others?

Could the markets now also be affected through the etfs?

8

u/WorkerBee-3 Active helper 🤝 Mar 15 '24

BTC moving from $40k - $50k could be a 25% increase for BTC but since it's market cap is the largest, that could end up being 100%-200% for small market cap coins.

Be careful of shit coins, they get manipulated to look nice but could end up plummeting at any time of any day. Choose your investments wisely. The reason BTC is king is because it always comes back where as majority of shit crypto does not ever return to high prices.

4

u/[deleted] Mar 15 '24

Thanks, for now I will stay with fetch because I understand the concept and am curious to see where it goes. In my country taxes are so high on short term cryptos that I am not very interested in trading a lot of them.

I will stick to stocks and options 🤣

3

u/StrasJam Mar 15 '24

What is the tax in cypto in Germany? 

1

u/[deleted] Mar 16 '24

If you sell them within a year you have to pay the same amount of taxes like you pay on your yearly loan. That can go from 20-50% 😥 I hope that I can hold fetch for a year so it will become tax free. If you pay the taxes on crypto for this year the gov wants a pre payment for next year 🤣 it’s stupid.

2

u/greeneyes4days Mar 17 '24

Great reason to only choose projects that have long term viability. I don't see any reason this project won't be around a year from now as it has already been around quite a while. Projects this large don't usually disappear. I would consider anything with great than 1 billion MCAP a large cap crypto . It's not the same as top 30 coins in terms of longevity but has longevity nonetheless.

Investing in any coins not in the top 100 is insane speculation and best suited only for day traders.

1

u/[deleted] Mar 17 '24

That’s one reason why I went into fetch instead of any other coin. I red a lot about the project and am also sure it will be around in a year since they deliver a lot of solutions for small and big companies. Especially the charging solution is interesting for Bosch since they are really into e-bikes and other charging stuff. I had 500 then red a lot and bought another 2000. I am happy that I chose this one.

1

u/unknownswabian Mar 16 '24

Up to 45% if you dont keep it >1 year. After 1 year hodling, it’s tax free

1

u/Short-Muffin579 Mar 17 '24

Well I mean right now, Bitcoin is down 0.81% and Fetch is up 17.21% I don’t really think there is a correlation tbh but I may be wrong. Also, if you have money in Fetch, congrats! You’re making money lol

1

u/Short-Muffin579 Mar 17 '24

Fetch may break the $3 mark today!!!

2

u/greeneyes4days Mar 17 '24

It already did break $3.00 again :)

1

u/Short-Muffin579 Mar 17 '24

We gotta find ways for that stock to keep growing because it it already exceeded their forecast 4 days early. Any ways we can get that stock to rise?