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?
I think the other coins are dependent in the status of bitcoin. Since it is called and categorized as the king of cryptocurrency, most of the coins were depends on its progress like for an example: whenever the bitcoin is pumping to its peak the altcoins were doing the opposite. It is going down. Also, if people see that bitcoin is doing great then they tend to invest in here than to others.