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?
If you look at the last 3-4 months, the price of alts shot up due to all the uncertainty about scaling in Bitcoin. Now with that resolved, a lot of the money in alts is coming back to Bitcoin. That is why altcoins have been dumped real hard.
Indeed, although altcoin has the opportunity to compete with bitcoin, they are not strong enough to be comparable to bitcoin. In just a short time, bitcoin has made terrible breakthroughs, it is completely overwhelmed the altcoins.
which I think bitcoin affects the crypto market because bitcoin was once its parent and the top bitcoin continues to be the possibility that bitcoin can affect the market through rising prices and will affect investors too in my opinion