Post
Topic
Board Nigeria (Naija)
Re: bitcoin affecting altcoins
by
Prosofina_G
on 19/11/2023, 11:54:03 UTC
Overtime i see that whenever there is a dip in the price of bitcoin, other altcoins tends to follow suit by also dropping in their prices and whenever there is an increase in the price of bitcoin, other coin as well increase in their value. Does it mean that other altcoins cannot be dependent on their own? Like must the activities of bitcoin affect the alternate coins at all time? I really want to understand why alternate coins like BNB, ETH, TWT, MATIC,  XRP,  LTC, DOT, ADA, SOL AVAX and so many other alternate cryptocurrencies are always affected whenever there is a change in the price of bitcoin like can't they be dependent on there own? as they are all cryptocurrencies despite the fact that bitcoin is more volatile than the rest of the cryptocurrencies.
Bitcoin as the case maybe is the controller of the market and as such all cryptocurrencies follows the direction of Bitcoin.
And why is bitcoin the mover of the market because I think bitcoin is the genesis of them all, further investors tends to invest in bitcoin rather than altcoin.