Do they really? I often encounter this statement. And i have no idea as to why. This past few days, bitcoin is on the rise and most certainly than not altcoin's price surely follows. I am not saying this is bad but altcoins have very little in common with bitcoin. And they are certainly not carbon copies of bitcoin either. Why the heck is their price so closely connected despite being so fundamentally different?
Yes they do. If you'll analyze the graphs of altcoins and of Bitcoin, you can see major similarities. Even though they are not accurately parallel, the pattern is there. The reason for this is that the altcoins are priced based from Bitcoin and not from fiat. With the direct connection of altcoins to Bitcoin, whatever the trend of Bitcoin, altcoins follows.