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?
Probably yes. I think some exchanges settle for a bitcoin to alt coin trading scheme and not other alt coins. The price would usually spike for bitcoins and this will be in favor for bitcoins since the price movenent will be as active as the alt coins being sold.