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, 02:30:06 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, 02:43:27 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.

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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.

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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

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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.

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Quote from: oaz7t on July 25, 2022, 07:37:04 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.

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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, 03:37:11 AM

Quote from: KennyR on July 24, 2022, 05:13:32 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, 03:37:11 AM

Quote from: KennyR on July 24, 2022, 05:13:32 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, 03:28:12 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, 05:13:32 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, 03:28:12 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.

yazher

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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, 02:30:06 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.

Fundamentals Of

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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.

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Quote from: CryptoHeadlineNews on July 24, 2022, 02:01:47 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

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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, 02:30:06 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, 02:04:43 AM

Quote from: Superdoctor on July 21, 2022, 02:30:06 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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Quote from: Superdoctor on July 21, 2022, 02:30:06 PM

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.

Going by your example of a product and it's alternative. It does not hold same for bitcoin. But I will try yo use the product name to explain to you why bitcoin leads and others follow.
Let us use Coca-Cola company as example. Let us say that the Coca-Cola company is the cryptocurrency, coke is bitcoin while other Coca-Cola products are altcoin. If coke is banned, the Coca-Cola company sales will drop drastically even if other drinks are available. Coke is the mother and face of Coca-Cola, but if coke is banned, it will not affect the peak milk company because they are not related.

Bitcoin is the mother and father of cryptocurrency, if the parents didn't provide food, both the parents and the children will starve.

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Quote from: Superdoctor on July 21, 2022, 02:30:06 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.

CryptoHeadlineNews

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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

uneng

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Let's say bitcoin is the main representant of cryptocurrency sector, but not the only member of this sector. So, when people develop interest for bitcoin, it's normal the whole sector is affected positive as well indirectly, and that is when we see the impact and influence of bitcoin over other cryptocurrencies.

It's like a very popular shop localization. People go to the area for that shop in special, but every other businesses around will be benefited as well by that popularity, since people will cross by them and consequently some bucks will drop on their pockets too, although they aren't the main reason why people are there. Somehow it's what happens with altcoins.

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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.

fiulpro

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- We can say that bitcoins is unique but we can't say that other Altcoins are since they are made over the concept of Bitcoins making them variable yet same.
- Bitcoins was the first crypto ever, Altcoins comes and goes but it's Been stron since 2009
- Most trading pairs are pegged against bitcoins therefore the effect is synergistic if one falls the other does too
- It has high amount of profit
- Amazing crypto for trading
- Most people here as well are paid in Bitcoins, the amount of dominance in the market is excellent for bitcoins

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Bitcoin doesn't have a totally systematic and direct effect on the market of altcoins, and if one is attentive enough, one can see major differences. Apart from there being many altcoins doing their own, so to speak, and rising or falling regardless of the market situation, there are also major differences with the top coins. For example, even at a current adjusted growth over the last 7 weeks (it was higher a couple of days ago), BTC grew by 11.4%, whereas Ethereum grew by 31.4%. They both grew, sure, but the difference is immense. There was also a notable difference in early 2018, when Bitcoin was already falling fast from its ATH, while Ethereum reached its own in the middle of January and got pretty close to it at the end of January again. Bitcoin, as that time, had already lost almost half of its ATH value.
But overall there's a strong correlation between Bitcoin and top altcoins because they are often traded in pairs, because Bitcoin is #1 by marketcap, and because this marketcap is a very big share of the total market.

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One of the main reasons: Many humans & possibly bots are contributing energy to power them up. It's quite similar to why certain coin developers choose certain names that will be more commonly mentioned in the future by many people. For example "Hurricane Coin" because of possible increase in hurricane in the future due to increase in extreme weather conditions. As the names related to Bitcoin/crypto are mentioned, coins tethered/connected to Bitcoin with similar names are equally powered up.

You can easily move the price of Cryptocurrencies if you're intelligent enough to combine certain persuasive words with the terms that link crypto together. I doubt anyone can do this presently as people have become too weak and dumb to succeed.

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Altcoins are completely dependent on bitcoin, which is the undisputed leader in all crypto markets.
bitcoin is the most widely used and most popular and also has the largest capitulation, and when the price of bitcoin falls, altcoins fall even more.
so diversification in the cryptocurrency world is a big illusion, and the sooner you understand this, the better for you, because you will be able to fully invest in real signals, the bitcoin revolution and the rest is just noise.

GreatArkansas

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Quote from: Superdoctor on July 21, 2022, 02:30:06 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.
(....)

One of the reasons why I am avoiding a lot of altcoins these days, the percentage when the market recovers are really far from Bitcoin. I also believe that this is the power of having a high market capitalization.
If you compare to other altcoins, the percentage of dumps when whole market is dumping is very huge to altcoins and when market recovers, other altcoins pump is not too huge compared to Bitcoin.

TravelMug

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It's because:

1. Bitcoin is the prime mover of cryptocurrency, so obviously it has dominated the market, and so with that it has influence every crypto that we have right now.

2. There is a symbiotic relationship between bitcoin/altcoin. That's why all tradings are BTC/X altcoin.

Darker45

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There's an overall sentiment of the crypto market and no other coin represents the market but Bitcoin. So if there's something that affects Bitcoin, it must also affect altcoins to a significant extent. There's no reason why altcoins are insulated from factors that affect Bitcoin. After all, they share the same crypto ecosystem.

As a matter of fact, even macroeconomics affect Bitcoin. So if Bitcoin is affected by this factor then altcoins will also be affected.

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Quote from: Superdoctor on July 21, 2022, 02:30:06 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.

There are simply too many reasons for why this is the case, a great deal of the coins in the market do not really offer any improvement over the code of bitcoin and as such they move very similar to bitcoin, the market dominance of bitcoin is very high and in fact it is even higher than what we believe, a great deal of coins only have a trading pair with bitcoin which makes them susceptible to its price movements, a great deal of altcoins are terrible and they have no future and as such they are entirely dependent on the way bitcoin moves, there are even more reasons but I suppose you get my point.

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Quote from: Superdoctor on July 21, 2022, 02:30:06 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.

Since bitcoin dominates the whole crypto market, whatever its movement affects the whole coins in the market too. When bitcoin price consistently dumps, suddenly the whole crypto market becomes bloody. And once bitcoin price surges and skyrocket, the rest of altcoins follow and end up with a positive price too. We will all know when the crypto market is bullish because the first sign shows directly from the price of bitcoin.

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Quote from: Superdoctor on July 21, 2022, 02:30:06 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 is always the price- more and more people are using and purchasing BTC which affects its price on the market. Being the first cryptocurrency ever made, it already has established its name on the market. Think of it as the first phone company ever made. No matter what happens, you are at least guaranteed, by some security, that many users would somehow trust it due to its influence world-wide to the point that there are countries using it as legal tender.

While this may be the case, also remember that other cryptocurrencies depend their price on the price of BTC. Though there may be exceptions, this is considered the general rule.

Rigon

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Bitcoin is the very first cryptocurrency to exist and is the cryptocurrency king.All markets are regulated based on these coins.We have noticed that every time Bitcoin goes down but all coins go down in price.Again whenever the price of bitcoin started to rise since then but all ALTS coins started to rise.This is a good relationship between the markets for Bitcoin.And for every coin there will be a Bitcoin effect.

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Quote from: NeuroticFish on July 21, 2022, 03:16:29 PM

This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.

That's a very important reason. Another one is that all the legislation is made for bitcoin first, or for all cryptocurrencies but with bitcoin in mind.
Any legal problems bitcoin faces will impact other cryptocurrencies sooner or later. It's the same with financial products. When a bitcoin ETF is finally approved the next logical step will be to create one for some of the larger altcoins.

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I've always noticed that when bitcoin goes down, the price of altcoins goes down and when bitcoin goes up, everything goes up too. but in my opinion it is caused by people's psychology, because I also when trading on altcoins always pay attention to bitcoin, whether it will go down or up, and it is proven that the ups and downs of prices always follow bitcoin.

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For the same reason most markets move in tandem - the financial sectors are intertwined and they all generally move in the same direction, despite slight deviations individually.

You can look at the market caps of each currency if you want to determine relative power over the crypto market. For obvious reasons, Bitcoin has the most control.

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Even before bitcoin, there were different approaches and findings on financial transactions over cryptography. Nothing worked out, and the innovation of bitcoin made the change. Initially there is no big support and acceptance, but the technology backing made it more stronger.

Slowly it gained it's value through the demand to supply approach. Later the involvement of common people started to take place considering it an investment and store of value. Following this more cryptocurrencies came into existence keeping bitcoin as the reference.

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No currency lives the cryptocurrency reality more or even as bitcoin! I don't know if you understand what I mean by this but living the cryptocurrency real is being truly anonymous and a decentralized means of operation. This is what bitcoin is mostly about, from its founder to the various individuals that owns a satoshi out there. Now this is something that altcoins around the cryptospace could never be proud of. They've all got bitcoin to emulate and benefit from but non of it is sure to come close to what bitcoin represents. Bitcoin is freedom and haven't been around for over a decade, bitcoiners have come to trust in the currency to be absolute.

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Quote from: Superdoctor on July 21, 2022, 02:30:06 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.

When you are the first or shall we say that ones who had invented or had existed in terms of something having that revolutionary aspect likes decentralized and anonymous then this is something that cant really be forgotten and being the first would really be giving that huge impact and getting that main attraction or attention by the masses or by the community thats why whenever it do make out its price whether in bullish or bearish then it would simply be dragging out the entire market into the same path or trend.It might not be 100% precision since there are coins which are moving into different path but most likely this is really the case.
Reason? there's soo much trust and support from the community on bitcoin despite its tech or characteristics is less better than with those modern or new blockchains but people cant really just forget
on what this project had made out.

Okorieuky

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Bitcoin is a unique cryptocurrency because of its glorious history spanning more than 10 years. Compared to alternative cryptocurrencies, people view bitcoin as being more trustworthy. Second, without any time restrictions, practically anyone can send and receive money around the globe using bitcoin.

harapan

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Quote from: NeuroticFish on July 21, 2022, 03:16:29 PM

This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.

Yes OP and also use the Search Engine you will find all the necessary information needed. Bitcoin is without argument the best coin and no one can deny that. Even Elon twitting about anoth coin can not make you compare any more shit coins and sub coins to Bitcoin.
One can so the altcoins movement with the movements of Bitcoin in both directions. Since they are first created they have always stood out with comparing to other coins.

Dunamisx

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Quote from: Superdoctor on July 21, 2022, 02:30:06 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. .

Bitcoin is the first digital currency and if not for anything that should be the first reason why it need to be the lead over all over cryptocurrencies, take a look at the value and price, here you could deduce how high the difference is compared to other cryptos, if you take a look at most of the investor, they have bitcoin as thier main focus coin to invest, they do this in other to play safe with their entire investment from crashing with altcoins.

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Quote from: NeuroticFish on July 21, 2022, 03:16:29 PM

This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on the bitcoin price in USD.

This happens to be the most valid explanation to thos questions, a lot of threads have been made on this topic before and members have given their various experiences and explanations about this. But the primary reason why altcoin price always depends on Bitcoin for its price movement is that most altcoins are paired with Bitcoin on the most exchange so whatever affects the price of Bitcoin will have a reflection in the altcoin market.

Fortify

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Quote from: Superdoctor on July 21, 2022, 02:30:06 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 was the first and that is likely to keep it as the primary cryptocurrency for a long time to come. People use it's price as a gauge and it usually has at least a loose correlation with all others as you've seen. Many people will use the price of Bitcoin to figure out which way the market is moving and if it's going up they'll start pouring money into other cryptocoins as well, hoping to find the next unicorn to ride. You try to associate logic to the movements and might be able to come up with some rough ideas, but it gyrates much like the stock market - it's using massive pools of information along with the prevailing emotions of every buyer & seller at any particular moment.

NeuroticFish

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This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.

The Cryptovator

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It's normal, when Bitcoin is affected, the whole cryptocurrency market will be affected. Many reasons behind that, mainly panic. When people start to cash out from exchange then the Liquidity starts dumping. So traders start to move funds from each coin to others or push in Bitcoin. Traders are afraid when Bitcoin starts dumping, so they sell their holdings to secure their portfolio. That's how more dumps happen. Keep in mind, that Bitcoin is the mother coin, psychology works here.

Superdoctor

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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.

Topic: Why does Bitcoin seem to have a high influence over other cryptocurrencies? (Read 600 times)