why alts prices move same as btc price? sample - chainlink price and btc price

[chattingtut]

why alts prices are linked to btc price?

sample - chainlink price and btc price


sample of price of btc and link:
1 hour ticks

October, 2nd - October 11th

compare big price up and down  movement periods

btc price chart
https://ibb.co/QPXQCj5

link price chart
https://ibb.co/sPq207g

i dont see in description of LINK any info that bind its price to btc - but i see this at picture

why are   they same?

[jossiel]

Sometimes they do are connected. There is a big pair for most altcoins to bitcoin and that's why they are becoming connected to each other. And if an altcoin is falling, traders tend to sell their alts for bitcoin and that's why we see bitcoin goes up.

But there are also times that you will see them not attached to each other and go the opposite.

[benthach]

all of alts are paired with bitcoin on all exchanges, unless a particular coin have disruptive news and innovation then it would pump higher in bitcoin pair but if not then it would stay relevant to bitcoin

[seleme]

The short answer is correlation and the single price tick in BTC charts can reflect on alt charts as double change. There is a similar correlation between other financial tools, check the BTC and Gold charts for comparison. If you put the Gold chart along with Link vs BTC charts the general view will flash on your mind due to heavy dependence on each other. If the general market is bearish and there are stubborn buyers trying the pump the market, these groups of traders are market makers who wanna make a fake price action which can trap new users. The trapped users will be used for liquidity and the bearish market will continue until the demand/supply equilibrium point on the charts.

[poodle63]

there are too many factors why the price connected and I think it's purely because market sentiment. It's not a strange event because it has happened so many times. ETH price also usually tailing btc price but there are times when alts price decreasing meanwhile btc price increasing. Same thing happened when alt development team making some innovation or huge upgrade that makes it got pumped even if btc got dumped. another case is if btc got pumped so hard its market dominance rise significantly the alts usually got dumped.

[shinratensei_]

Some people have mentioned correct reasons for that but in my opinion, if almost all of the top coins will always be correlated with bitcoin. People will try to buy in when bitcoin shows a good sign and they didn't wanna be the late joiners. They were taking the bitcoin chart as an indicator to determine the trend and when it shows a green candle and they will be rushing for altcoin.

Just look at how so many coins are also following the bitcoin too and link is not the only one.

[bitmover]

why alts prices are linked to btc price?

Because all altcoins depends on bitcoin adoption, success, security, etc.

If somehow thigns go bad for bitcoin, altcoins are dead as well. Actually, they will die first.


Additionally, the whole market is looking for bitcoin, not altcoins.
Nobody really want to accumulate chainlink tokens (maybe some small investors) , but whales just want to hold it to get more btc later.

[Kang TB]

why alts prices are linked to btc price?

Because all altcoins depends on bitcoin adoption, success, security, etc.

If somehow thigns go bad for bitcoin, altcoins are dead as well. Actually, they will die first.


Additionally, the whole market is looking for bitcoin, not altcoins.
Nobody really want to accumulate chainlink tokens (maybe some small investors) , but whales just want to hold it to get more btc later.

but not all altcoins price will move same as bitcoin price, only a good and reliable altcoins that will follow the movements on bitcoin price
for sure shitcoins will die, and because of that we must choose carefully an altcoins to hold buddy

[Bitcoin_Arena]

You forget that most if not all the top altcoins are paired to BTC. So whenever there is a rise in bitcoin price in USD or USDT terms, that means there is a rise in the value of the ATLCOIN/BTC pair in USD

That why you see what you think is a correlation in the price movement in USD value, otherwise if in actual sense the LINK value against BTC has been dropping over time as the BTC price rises. If it was a real correlation in price, then the LINK/BTC price range line would be in a fairly straight horizontal line.

This is a one-day graph of LINK/BTC pair to show you a clear picture of what I  mean.

[illnino]

However, Bitcoin remains the most dominant cryptocurrency in the world. But if competition among cryptocurrencies begins to increase , it is possible that the capitalization of the bitcoin market will decrease, and money will start to go to the altcoin market.

[bttmember]

It is due to overall market volume and capitalization effect, even if you will compare eth chart with bitcoin you will see similar pattern so i would say that all these coins are correlated yes at times they move differently byt there are many factors and individual news that effect each coin individually too.