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?
Now as I see it, many hid under this date and took a wait-and-see position. On the one hand, and now the price is acceptable for the purchase, so that may have a positive impact on your balance sheet.
I think Bitcoin doesn't directly affect the other crypto in a sense that some of the crypto currency has its own platform and can stand alone without the help of any crypto currency, But some Crypto are affected by the decrease of value in Bitcoin, Some users said that Bitcoin is the core for other crypto currency when it is not.