All cryptocurrencies were traded in one currency at one time (BTC). While other coins were tempting to speculaters, they did not offer the same promise or tokenomics that Bitcoin offered. However, Bitcoin is their preferred settlement coin.

These things have been changed. Today, stablecoins are a vital $150 billion pillar of the cryptocurrency market. The market sentiment of perpetual futures is amplified and dominates price action. Much more capital, including from institutional funds, has come into the market lately with only a moderate impact on Bitcoin’s price. Many former bulls dismiss Bitcoin now as boring.