I have recently been into altcoin trading. I just want to know, does the price of bitcoin affect the price of other cryptocurrencies as well? How? I really want to know. I have noticed that ever since the bitcoin price pumped up and reached 4,000 USD, the price of the altcoins had gone really really low. I almost lost my invesment due to this sudden drop. Does bitcoin price have something to do with this?
If you look at the last 3-4 months, the price of alts shot up due to all the uncertainty about scaling in Bitcoin. Now with that resolved, a lot of the money in alts is coming back to Bitcoin. That is why altcoins have been dumped real hard.
Yes with segwit activated more of the investors are investing their money in bitcoin rather than in altcoins. There have been people who had predicted this already before August 1 and it's mostly the result of investors regaining their confidence in bitcoin and making huge investment which has also affected altcoins and as a result the drop in altcoins prices.