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.
People are speculating many factors that caused this dump. The most highlighted reason is from china's evergrande bad credit case. The largest property conglomerate in China admits it failed to pay its debts.
China's bad news is always success to mke the market shiver.
People also linked this dump to elsavador bitcoin buying but i don't think it's true.
But in the end bitcoin's price dump is usually happen and don't sure what is the real reason, so just take it as a lesson and be careful of future dump. Investing in cryptocurrency is high risk but high return, that's where the fun lies.