1. Ethereum (ETH)
Technical Relationship: Ethereum is based on smart contract technology and is used to develop decentralized applications (dApps). Although Ethereum is somewhat influenced by Bitcoin, it is also seeing an independent role due to its widespread use in decentralized finance (DeFi) and smart contracts.
Independence: Ethereum has different uses that are independent of Bitcoin, such as decentralized finance (DeFi) applications and dApps, which gives it some independence from Bitcoin’s movements.
2. Ripple (XRP)
Technical Relationship: Ripple is a project focused on transferring money across borders quickly and at low cost. Ripple differs from Bitcoin in that it is not just a “currency” but also a payments network.
Independence: Since Ripple is primarily aimed at financial institutions and banks, it sometimes moves based on its own news or legal developments more than Bitcoin does.
3. Litecoin (LTC)
Technical Relationship: Litecoin is a “brother” to Bitcoin in terms of design, but it is considered faster in transactions. However, it does not have the same degree of dominance as Bitcoin in the market.
Independence: Although Litecoin is still influenced by Bitcoin, it sometimes moves independently due to its practical uses such as electronic payment.
4. Cardano (ADA)
Technical Relationship: Cardano is a project that focuses on improving the technical and developmental aspects of the blockchain through the Proof of Stake mechanism, which is more efficient than Proof of Work like Bitcoin.
Independence: Because of its focus on solving problems such as scalability, speed, and use in decentralized applications, Cardano may appear to be a currency with independent movements from Bitcoin at times.
5. Polkadot (DOT)
Technical Relationship: Polkadot is a cross-chain protocol that enables interaction between different blockchains. It focuses on improving compatibility between different blockchains.
Independence: Since Polkadot aims to improve the overall blockchain ecosystem structure, it sometimes moves independently of Bitcoin’s movements.
6. Stellar (XLM)
Technical Relationship: Stellar is similar to Ripple in that it aims to improve cross-border payments, but it differs in the way it works.
Independence: Like Ripple, Stellar has independent uses in payments between financial institutions, which may reduce its exposure to Bitcoin volatility.
7. Tether (USDT)
Technical Relationship: Tether is a stablecoin pegged to the US dollar. It is not pegged to Bitcoin in terms of market cap or volatility.
Independence: Since Tether is pegged to the fiat currency (US dollar), it is not affected much by the movement of Bitcoin, but it is widely used as a safe haven for traders in the cryptocurrency market.
8. China Link (LINK)
Technical Relationship: Chainlink is a project that focuses on connecting smart contracts with real data from the outside world through what is known as “oracles.”
Independence: Due to its use in DeFi applications and in linking information to smart contracts, it may be less affected by Bitcoin movements compared to other currencies.