I have seen Bitcoin go down in the last few days. And it also affects the price of other coins. As a beginner, I would like to ask the seniors in this forum. Why does Bitcoin greatly affect the ups and downs in the price of other coins?
Thanks in advance.
Because its the main coin or the leading cryptocurrency. Almost all of these altcoins are in pair with btc or so to say that has been related to bitcoin. Its safe to say that whatever bitcoin price, all other coins will be affected to it. Its like in some stocks once a major stocks go down, some companies are also being pulled of. But this isnt always the case, its just my observation on crypto trend and so far, it is what happening when btc going down.