Why does Bitcoin seem to have a high influence over other cryptocurrencies?

Thomas Kralow

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Quote from: Superdoctor on July 21, 2022, 03:30:06 PM

Over the years, I have noticed that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that altcoins go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

Bitcoin is the first application of blockchain technology, and other altcoins have grown on this basis. Bitcoin represents the signal tower of the crypto world. As the leader of digital currency, there is still an anchor relationship here.

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Quote from: romero121 on July 22, 2022, 03:43:27 PM

It is the one that gave way to the emergence of the term altcoins. If bitcoin haven't come into existence, there could've never been any altcoins. There is a need for a platform that has the ability to eliminate the third party involvement.

Satoshi tossed it through the innovative blockchain technology. Through this Bitcoin blockchain got developed and started to stay dominant in the market. Following bitcoin we started to see the development of more number of altcoins. This is the reason why bitcoin have got high influence over other cryptocurrencies.

Bitcoin creates high influence over altcoins because these coins are definitely cloned from bitcoin. They are formed out from the image and concept of bitcoin. The reason why bitcoin becomes the most prominent coin and altcoins are its followers. Also, bitcoin has the most secured platform, and mostly trusted by the people. The reason why altcoins seem to compete with bitcoin, but until now they have not succeeded over bitcoin.

NoeVri

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In my view, because bitcoin was the first crypto asset to be created in limited quantities, it is also so popular with investors that it has a very large market capitalization that often changes hands between investors because it has lower price fluctuations than other crypto assets.

Newlifebtc

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Bitcoin is the first coin that have name under cryptocurrency and every body first know what is bitcoin in line with any other cryptocurrencies and that is why Bitcoin dominate other cryptocurrencies. During advertisement people do advertise Bitcoin not altcoins because they know that altcoins is second for cryptocurrency

danadc

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One of the reasons why Bitcoin will always be the boss is because altcoins do not have the same success, bitcoin has been around since 2009, altcoins came out later, over the years people know Bitcoin and it is the currency that many knew first, when someone said about digital money, Bitcoin always comes up in the conversation, only those who were able to buy and save in 2009 are the ones who are full-fledged millionaires and I think they will become more millionaires when bitcoin reaches more historical high prices.

virasisog

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Quote from: oaz7t on July 25, 2022, 08:37:04 AM

Eee, it was first to arrive, it's the core coin or what can I say it's more or less original and rest of them are first copies. That's why it's becoming far more concentrated since it provides you with all the excellent features one would want in a tech that is newly formed and becoming prominent day by day.

It's also known as the King of all cryptocurrencies knowing that it was the first crypto that was made. It has reached lots of achievements over the year despite its volatility. It's the most trusted cryptocurrency and with the highest potential among other coins that's why most altcoins rely on it. It will always dominate the market no matter what the season is.

oaz7t

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Eee, it was first to arrive, it's the core coin or what can I say it's more or less original and rest of them are first copies. That's why it's becoming far more concentrated since it provides you all the excellent features one would want in a tech which is newly formed and becoming prominent day by day.

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My main opinion on the reason of the dominance
1. the above 35% consistence dominance in the market of over 12,000 coins.
2. Bitcoin has the largest and richest community in cryptocurrency that produce and help the liquidity
3. The presence in every form of crytocurrency market, all centralized exchanges, on the counter exchange and on peer to peer exchanges.

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Quote from: kotajikikox on July 25, 2022, 04:37:11 AM

Quote from: KennyR on July 24, 2022, 06:13:32 PM

Just think of a leader. He can be the leader of a community or country or to a group of people. Whatever it might be, we can experience the influence of the leader over those people. Why he is a leader, because he have got special qualities and characteristics that the followers doesn't have. This is where a leader differ from the follower. The same is with bitcoin, it have got its uniqueness and the influence is found over the altcoins.

Well leader is leading because of its value and that is what bitcoin has and some altcoin dont have, though even the following altcoins are just a tip of an ice berg comparing to bitcoin and this is far different from the size of the support for this number one ranking cryptocurrency.

I only agree with one thing for both of you. Bitcoin is the leader of crypto that's it, but what you are trying to explain doesn't really make any sense and doesn't really answer the question. Crypto is not a human that follows a leader simply because there is law.

Most altcoins follows Bitcoin's price basically because their value is measured and depends on Btc's price. And some altcoins could be bought only with Bitcoin. Once Bitcoin's price drops, most investors would have to sell their alts to Btc and to fiat or to a stable coin.

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Quote from: kotajikikox on July 25, 2022, 04:37:11 AM

Quote from: KennyR on July 24, 2022, 06:13:32 PM

Just think of a leader. He can be the leader of a community or country or to a group of people. Whatever it might be, we can experience the influence of the leader over those people. Why he is a leader, because he have got special qualities and characteristics that the followers doesn't have. This is where a leader differ from the follower. The same is with bitcoin, it have got its uniqueness and the influence is found over the altcoins.

Well leader is leading because of its value and that is what bitcoin has and some altcoin dont have, though even the following altcoins are just a tip of an ice berg comparing to bitcoin and this is far different from the size of the support for this number one ranking cryptocurrency.

Quote from: yazher on July 25, 2022, 04:28:12 AM

Simply because it has some successful history and some kind of anonymity that other coins don't have and also the feature that every coin doesn't have which is its creator is no longer controlling or developing bitcoins features rather the creator of bitcoins lets everyone do their own contribution on how they will use bitcoins like for example using it as a personal asset that no one can touch except its rightful owner and makes it as a mean of payment and others.

and because this is the pioneer in which indicates how strong the support is and how many people trusting this with their money.

We can't deny the fact that despite of thousands of alts created, still bitcoin is the leading cryptocurrency in the market.
Many have attempted to create better performing alts, and yet, people still go back to the original one.
Besides, the creator is still a mystery up until now, and we know, he's not after for the glory or fame or money.
This invention is indeed a game-changer in this generation. And in this market, everyone can participate. No boundaries.

kotajikikox

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Quote from: KennyR on July 24, 2022, 06:13:32 PM

Just think of a leader. He can be the leader of a community or country or to a group of people. Whatever it might be, we can experience the influence of the leader over those people. Why he is a leader, because he have got special qualities and characteristics that the followers doesn't have. This is where a leader differ from the follower. The same is with bitcoin, it have got its uniqueness and the influence is found over the altcoins.

Well leader is leading because of its value and that is what bitcoin has and some altcoin dont have, though even the following altcoins are just a tip of an ice berg comparing to bitcoin and this is far different from the size of the support for this number one ranking cryptocurrency.

Quote from: yazher on July 25, 2022, 04:28:12 AM

Simply because it has some successful history and some kind of anonymity that other coins don't have and also the feature that every coin doesn't have which is its creator is no longer controlling or developing bitcoins features rather the creator of bitcoins lets everyone do their own contribution on how they will use bitcoins like for example using it as a personal asset that no one can touch except its rightful owner and makes it as a mean of payment and others.

and because this is the pioneer in which indicates how strong the support is and how many people trusting this with their money.

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Simply because it has some successful history and some kind of anonymity that other coins don't have and also the feature that every coin doesn't have which is its creator is no longer controlling or developing bitcoins features rather the creator of bitcoins lets everyone do their own contribution on how they will use bitcoins like for example using it as a personal asset that no one can touch except its rightful owner and makes it as a mean of payment and others.

Nrcewker

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Quote from: Superdoctor on July 21, 2022, 03:30:06 PM

Over the years, I have noticed that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that altcoins go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

The reason for Bitcoins becoming so popular is obvious. I mean any one who at first heard about Cryptos is only due to Bitcoins. From this you can measure the popularity of the coin comparing to other alts.
Also most of the alts follows Bitcoins in regards to its price is due to the trading pairs. Bitcoins are vastly used in many exchanges as a trading pair with other cryptos. So whenever there is price fall or rise in Bitcoins, it also followed by the other alts.
In other words many person do transaction on alts for Bitcoins only, so the similar pattern is seen.

peter0425

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do we really need to answer this?

Bitcoin as the Pioneer crypto currency ? not mentioning how much investments are inside and how support this gather over the years?

if those answers aren't enough then this is not answerable at all.

Bitcoin will always be the most influential currency and most safer and most trusted currencies in the world.

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Why even ask? It is expected. It is common sense that Bitcoin, being the first and probably the one and only decentralized cryptocurrency in the whole wide crypto market should be the one having the strongest influence over all copies and fakes and scams. There's nothing surprising about it. On the contrary it would be a complete surprise if any of the altcoins would have a strong influence on Bitcoin. That would be a world made upside down.

Newlifebtc

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Quote from: CryptoHeadlineNews on July 24, 2022, 03:01:47 AM

One reason why other coins follow suit in the fall in price with Bitcoin is that Bitcoin is an important trading pairs to all coins on exchanges, and whatever affect it's price, it is likely to affect others, since it is the coin with the most market cap and mother coin to which others now exist

Bitcoin is the father of all the coins I believe that with the level of cryptocurrency no body will like to suspend it investment with any other cryptocurrency. Bitcoin is the coins that have value and the coins that is regarded is the coins people value to invest with because bthe life is still active to go

KennyR

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Just think of a leader. He can be the leader of a community or country or to a group of people. Whatever it might be, we can experience the influence of the leader over those people. Why he is a leader, because he have got special qualities and characteristics that the followers doesn't have. This is where a leader differ from the follower. The same is with bitcoin, it have got its uniqueness and the influence is found over the altcoins.

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In fact, all altcoins are basically built on the ideas of bitcoin and it can be said that the cryptocurrency market would not exist without Bitcoin. Looking at the market, you can easily see that the value of bitcoin is dominating the market, accounting for almost 50% of the market capitalization, so it is not surprising that bitcoin is dominating the rest of the market.

In addition, currently bitcoin is the most widely used and accepted cryptocurrency, with the highest demand so there is no doubt about its position in the market.

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Quote from: Superdoctor on July 21, 2022, 03:30:06 PM

Over the years, I have noticed that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that altcoins go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
But being that a product can be the first of its kind to be made (just like Bitcoin) and other companies may decide to produce similar product;( just like alts) but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

Bitcoin is the blood in the crypto market. It’s the only coin that drives the whole crypto market and that all altcoins after bitcoin are built from the image of bitcoin. Not surprising why many of the new projects these days attempt to be as useful as bitcoin. But that is not happening right now. Instead of having a healthy competition in the market, most altcoins nowadays have been developed from greed and selfishness, the reason why they are not focused on their utility case and long term profitability. In the end, only bitcoin survives and meet the most demand in the crypto market.

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Quote from: NotATether on July 24, 2022, 03:04:43 AM

Quote from: Superdoctor on July 21, 2022, 03:30:06 PM

Over the years, I have noticed that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, its expected that altcoins go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.

It is primarily because of the traders rather than the hodlers.

They group all cryptocurrencies in one category, thus when one big cryptocurrency makes very high gains (e.g. BTC), they buy up the other big cryptocurrencies, and it has a kind of knock-on effect on the market.

That type of thing happens in all of the cryptos and all of the markets. If there is a good case to be made about the current situation we are in, that's what we are doing right now with the investments we do together just like the hedge funds does it in the stock market.

I get that it may not be something some people like and could call it a manipulation but at the end of the day we couldn't be really saying it's a bad thing considering how it has been a situation in the stock market before as well and why we wouldn't be really caring about it there, so we shouldn't care about it here neither. This is of course my personal opinion, maybe I am wrong but it feels like that would be the greatest idea to do right now, to let it go.

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