Im a N00b. I noticed that most of the top altcoins price went down when btc price went down. I bought some bitcoins so i can buy some NEM. I was wondering if I should wait a little while for the price of btc to go back up or would that mean that NEM prices would most likely go up too?
A valid analogy to make noobs understand the situation is to think as Bitcoin as the engine of the entire cryptomarket. Without bitcoin, the trust on crypto as a whole would simply disappear. Im sure due the traction of the current hype on crypto, it's own inertia would keep it going for a while, but if bitcoin had a fatal flaw, the crash would be serious on ALL coins.
Luckily for us, BTC is as safe as it gets, so similarly, when it goes up, the strongest alts also recover, but most people will want to sell alts during a BTC rise, so you much choose carefully.