Bitcoin, Ethereum, Cardano, and 5 of the other TOP TEN cryptocurrencies by market capitalization have performed an aggressive "market correction." Bitcoin's market dominance remains at 42% as the majority of the crypto market follows the line chart of the $871B asset. Last weekend may have been a great time to go stablecoin as the line charts fell off the page in just a couple of hours on Sept. 7th.
However, Solana maintained positive momentum as an outlier to the trend. SOL reached the ATH of $197 before it would suffer it's 25% retreat like other assets. The retracement would come after the rogue asset climbed to a level that would help render exit to many positions. If you have been following Solana, and you exited a position, odds are that you have already found re-entry near the $150 mark when the 1-hour stick wicked.
At this point, consider the simetri in these various charts. Coins that have separate blockchain programs, separate developers, separate and various missions according to the white paper they publish. The picture above is a small portion of top 100 coins and except for the stable coins and a few performers like SOL; you need only look a 1 chart to see the performance in the vast majority of the top coins.
How does this happen? What market force can turn this seeming diverse chaos into a chorus? Who is pushing the buttons to make all these coins behave identically?
We can claim supply and demand. We can claim social media and the pump and dump crowd. But; is there some force that would cause these projects to assume a path such as the bird flocks that weave and climb and dive in such a fashion they look like waves in the ocean but for the wind blowing in various direction.
Or would this force happen to be a group think crowd? How does this occur? Your thoughts?