I will try to answer it in short because the list of factors is long like: the first one is everyone in the market has different opinions and ideology of BTC and ALTs. They think of BTC as the king while the ALTs as Minister. Whenever the price of BTC will increase it means the sentiments of market will change. For example if people have invested in BTC when the price was around $25k then the dominance of BTC will increase which put 6 or 7 different possibilities on the last like if high BTC (d) means lower prices of ALTs, etc.
So, when the BTC . D will be high the last might be lower and when the price of BTC will high holders and traders will try to book profit and dominance might decrease and once it will decrease the price could increase. So the sentiments of market and Profit/loss ratio also depends.
Sometimes, investors are looking for opportunities that could earn them huge profits amid the high risk included so they do for ALTs instead of BTC. Which means BTC was not their first choice due to less volatility and ALTs was their first choice which ill increase the ALTs dominance this te prices of ALTs will increase.
Topic: Factors that make Bitcoin determine price of other cryptocurrencies - page 2. (Read 205 times)
July 06, 2023, 01:44:37 PM
July 06, 2023, 01:03:54 PM
Since I am not very familiar with bitcoin and I fell behind for a spell since I was too busy with school, I am making an effort to absorb what I learned while studying it.
I am aware that the value of other coins is affected by the price of bitcoin, which is the first and most well-known cryptocurrency. How and why various cryptocurrencies respond to variations in the price of bitcoin baffles me.
I need clarification on this, kindly.
I am aware that the value of other coins is affected by the price of bitcoin, which is the first and most well-known cryptocurrency. How and why various cryptocurrencies respond to variations in the price of bitcoin baffles me.
I need clarification on this, kindly.
First of all this isn’t the board for this discussion, move this to bitcoin discussion board.
The reason you give is actually the most important, as the base of cryptocurrency, bitcoin which is also the largest or biggest cryptocurrency coin base on market cap and adoption rate, many of these Alticoins are tied to it. The most important that after halving period that move up the market is news that surrounds the market and as such if a positive news is released about bitcoin it affects other Alticoins because most of Alticoin investors believes that should bitcoin survive then they have an opportunity to also survive and as such they accumulate these Alticoins as positive news touches bitcoin.
Also also Alticoins on most exchanges are paired with bitcoin and need to purchase it first before they can actually swap them to their preferred Alticoins.
July 06, 2023, 12:52:03 PM
Since I am not very familiar with bitcoin and I fell behind for a spell since I was too busy with school, I am making an effort to absorb what I learned while studying it.
I am aware that the value of other coins is affected by the price of bitcoin, which is the first and most well-known cryptocurrency. How and why various cryptocurrencies respond to variations in the price of bitcoin baffles me.
I need clarification on this, kindly.
I am aware that the value of other coins is affected by the price of bitcoin, which is the first and most well-known cryptocurrency. How and why various cryptocurrencies respond to variations in the price of bitcoin baffles me.
I need clarification on this, kindly.
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