I think right now every market runs according to US market.One reason is it is the largest market financially with companies registered globally and people invest in them from all around the world.Secondly US has the largest number of crypto traders and if there financial condition is not good than they will withdraw or sell their investment.
This isn't really true, it only has a small impact on the cryptocurrency market. Why is bitcoin price in 2017 so high? Was the US stock market also similar at that time? And then how does bitcoin fall free?