Observing the cryptocurrency market, we found that although most cryptocurrencies have price differences, most of them will fluctuate with the price trend of Bitcoin. When the price of Bitcoin increases, most other cryptocurrencies will also increase, and vice versa.
Is this trend due to large accounts operating on multiple exchanges or countless retail investors carrying price differences? Or is it caused by other operations?
I believe the cryptocurrency market is being affect by the movement of Bitcoin which make every other altcoins to follow it trend. When the price of Bitcoin fall, it will also affect other cryptocurrency coin making them to fall too and when the price goes up every other coins will be affected too.
Since every other coins are built on Bitcoin interface and origin, every crypto coins must concur to it moves. Just like the recent Bitcoin fall from $60k+ to $30k+ making many crypto traders to lost their Trading funds also affect other coins to fall too even though there fall was not as severe as Bitcoin.