Bitcoin is the king of the cryptocurrency world with a market share of more than 50%. That already explains that the role of Bitcoin is very important.
there are some speculations that can be the learning material that I quoted from
https://cryptocurrencyfacts.com/2017/10/19/why-do-altcoin-prices-often-follow-bitcoin/Speculative Theories on Why AltCoins Follow Bitcoins Price :
- It could be that all prices are based on Bitcoin as a gold standard because the market is young and that the days of follow the BTC price are going to end soon.
- One could speculate that given these events, true democratic free market psychology in a speculative market apparently behave very much like a herd. Way more than I would have expected.
- Perhaps, people are so nervous about the bottom falling out of coins that any change to BTC causes a panic when the price declines, but any spike causes everyone to rush to Bitcoin (especially when forks are on the horizon).
- Perhaps, someone(s) is meddling with the markets (for example by spoofing all major coins on major exchanges). This might possibly cause all the coins to fall in line and would explain why they are often in-line, but not always. Ive seen the markets being spoofed, but it is unclear how much of the movement is natural and how much is spoofing.
Perhaps there is a magic leprechaun who lives inside the blockchain orchestrating everything. Im not sure, which is why this page is speculation and theory and not hard fact.