I just started with buying some crypto coins and have a lot to learn.
But almost every time when Bitcoin is up, al lot of the other coins also go up. And the moment Bitcoin drops , the other coins also drop. Is this just a coincidence or is htis how it always works? Can someone explain this to me?
First of all,there is no connection between the price of bitcoin and altcoins.Every coin's price will be based on their own demand and supply.
But there is an indirect relation between them like when the price bitcoin price increasing it creates positive thoughts among the crypo investors so they will also buy the altcoins in the thought of altcoins price also will go to moon on one day as bitcoin does.So when there is the price increase in bitcoin other coins also increasing.
Well actually from last years pattern, Bitcoin goes up others go down, and when Bitcoin stabilized and go sideways, others will rise.
As you said last year bitcoin price was goes up and others are falling this may happened due to every cryotocurrency jumping from their holdings to bitcoin because there is a rapid increase in the price like bitcoin price jumped from $4000 to $18000 in three months.