Crypto Does The Bitcoin Price Have An Effect On Other Coins As Well?

[Good-Guy]

Bitcoin is without any doubt the biggest cryptocurrency out there. It was the very first cryptocurrency to be invented in the year and all those people who invested in Bitcoin became rich. After bitcoin was created, many other cryptocurrencies were also created. Some of them were created by individuals and some were created by corporations and even many countries and governments also created their own cryptocurrencies. I have also noticed that whenever the price of bitcoin increases, the other coins also increase in value to some extent and when bitcoin decreases, the value of other coins also decrease in value to some extent. Do you think that Bitcoin has an influence over the price of other cryptocurrencies because this is a pattern I have noticed. What do you have to say?

 

[Sherman198]

I think it does because when Bitcoin is rising and people are buying Bitcoin for fear of missing out, they as well buy some of the major coins as well after purchasing Bitcoin and the same thing goes to when Bitcoin is experiencing bear run and when some panic sellers are selling their Bitcoin, they also sell some of their other cryptocurrencies too, I think that's where those follow rise and follow drop occurs.

 

[Ahmedo24]

This question is rhetorical to a very reasonable extent because everyone who is very active and informed about cryptocurrency we know that Bitcoin is the bedrock of all cryptocurrency and the effect on his price affect all other cryptocurrencies though not in the same percentage, we can see how crackdown on bitcoin by China cracked every other coin.

 

[Mika]

Generally speaking, it was tought that when bitcoin price goes up, alt coins will go down and when altcoin goes up bitcoin will go down. This co-relation was due to the fact that bitcoins were used to buy alt coins. But now you can buy alt coins with cash and this co-relation does not work.

 

[Wisdom01]

I have noticed it too , because when Bitcoin is falling you hardly see some other coins moving high except for those leverage tokens like ethdown and others , I think bitcoin demand in the market is high and it's paired with many currency , this might be the reason it move in same direction with other coin

 

[Alexandoy]

It is just like follow the leader in the crypto coin industry. Since Bitcoin is the accepted leader in the pack for sure its own price in the market will be a big influence for other coins. But my take on Bitcoin is the whales that are playing with the market price. They can directly affect the price when they buy or when they sell.

 

[Sheeeesh69]

Bitcoin is the don, the grandfather. Yes it is true that the bitcoin goes as a crypto currency is follow however as the market Occurrences increases and the white paper and practical uses different I think we will see through the separation of the markets