1. A lot of altcoin volume is concentrated in BTC pairs or alt pairs, so their USD price sort of gets automatically updated to mimic BTC movement
2. Bitcoin is the leader of crypto sphere. It's the most popular coin, the most developed coin, the most adopted coin, it has the largest marketcap. It represents cryptocurrency technology as a whole.
Topic: why does the price of Bitcoin influence other coins - page 2. (Read 359 times)
is it that Bitcoin is the backbone of other coins or their is something connected between Bitcoin and other coins.
please I need explanation.
You basically gave the answer in your thread, Bitcoin is sort of the backbone of the ccryptocurrency market;
Crypto functions as a correlated market and bitcoin being the first crypto coin and holding majority of the market cap of the entire network, means that the price actions of bitcoin influences the opinion of majority of traders and can affect if they are bullish or bearish, which reflects in them following the price actions of bitcoin.
N.B., This does not mean that every single coin follows the price actions of bitcoin and some can rise or fall when bitcoin does the reverse.
Crypto functions as a correlated market and bitcoin being the first crypto coin and holding majority of the market cap of the entire network, means that the price actions of bitcoin influences the opinion of majority of traders and can affect if they are bullish or bearish, which reflects in them following the price actions of bitcoin.
N.B., This does not mean that every single coin follows the price actions of bitcoin and some can rise or fall when bitcoin does the reverse.
I really want to know why any time Bitcoin increases or go high many other coins will go high too and when Bitcoins drops many coins drops too.
is it that Bitcoin is the backbone of other coins or their is something connected between Bitcoin and other coins.
please I need explanation.
is it that Bitcoin is the backbone of other coins or their is something connected between Bitcoin and other coins.
please I need explanation.
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