Why is bitcoin dragging the whole altcoin market down?

[bergenic]

Hi everyone!

I've recently found this forum and I'm trying to learn more of the crypto world every day. I have followed only bitcoin before but I've recently become interested in altcoins as well. I have one newbie question I'd like to ask from the more experienced altcoin market watchers.

When I look at https://coinmarketcap.com/ site right now I see that practically the entire top 100 list is on red. Quite literally everything is going down, except for bitcoin cash. I know why bitcoin is going down, but I don't understand why it's dragging the entire crypto market down with it. Why would you sell your ethereum or litecoins now as well?  I'd have expected altcoins, or at least the major ones, gain value in this environment. Meaning people who dumped their bitcoin would then move fiat to altcoins as well. But ethereum is down -9%, litecoin -10% and so on and so on.

Why is this happening and is this normal? Since I haven't followed the altcoin market so long.

Thanks in advance!

[Chan8]

Hi everyone!

I've recently found this forum and I'm trying to learn more of the crypto world every day. I have followed only bitcoin before but I've recently become interested in altcoins as well. I have one newbie question I'd like to ask from the more experienced altcoin market watchers.

When I look at https://coinmarketcap.com/ site right now I see that practically the entire top 100 list is on red. Quite literally everything is going down, except for bitcoin cash. I know why bitcoin is going down, but I don't understand why it's dragging the entire crypto market down with it. Why would you sell your ethereum or litecoins now as well?  I'd have expected altcoins, or at least the major ones, gain value in this environment. Meaning people who dumped their bitcoin would then move fiat to altcoins as well. But ethereum is down -9%, litecoin -10% and so on and so on.

Why is this happening and is this normal? Since I haven't followed the altcoin market so long.

Thanks in advance!

Its been like this all month already, after the anouncement of suspending the segwit2x fork, gains have been breathing back some life into alts the last few days.. now that bitmain is selling hardware only in bitcoin cash this maybe has something to do with the pump of bitcoin and price of bitcoin crashing so low in such a short period of time today. Or this can be a price correction in bitcoin thats been long due. But im sure bitmain selling hardware for bch has a big impact on bitcoin price right now. Which cause alts to drop also.

[justin86]

Hi everyone!

I've recently found this forum and I'm trying to learn more of the crypto world every day. I have followed only bitcoin before but I've recently become interested in altcoins as well. I have one newbie question I'd like to ask from the more experienced altcoin market watchers.

When I look at https://coinmarketcap.com/ site right now I see that practically the entire top 100 list is on red. Quite literally everything is going down, except for bitcoin cash. I know why bitcoin is going down, but I don't understand why it's dragging the entire crypto market down with it. Why would you sell your ethereum or litecoins now as well?  I'd have expected altcoins, or at least the major ones, gain value in this environment. Meaning people who dumped their bitcoin would then move fiat to altcoins as well. But ethereum is down -9%, litecoin -10% and so on and so on.

Why is this happening and is this normal? Since I haven't followed the altcoin market so long.

Thanks in advance!

Its been like this all month already, after the anouncement of suspending the segwit2x fork, gains have been breathing back some life into alts the last few days.. now that bitmain is selling hardware only in bitcoin cash this maybe has something to do with the pump of bitcoin and price of bitcoin crashing so low in such a short period of time today. Or this can be a price correction in bitcoin thats been long due. But im sure bitmain selling hardware for bch has a big impact on bitcoin price right now. Which cause alts to drop also.

Thanks for this very clear explanation  I think also these are just short term fluctuations caused by fork etc. True coins always survive whatever happens.

[Aizhen05]

Hi everyone!

I've recently found this forum and I'm trying to learn more of the crypto world every day. I have followed only bitcoin before but I've recently become interested in altcoins as well. I have one newbie question I'd like to ask from the more experienced altcoin market watchers.

When I look at https://coinmarketcap.com/ site right now I see that practically the entire top 100 list is on red. Quite literally everything is going down, except for bitcoin cash. I know why bitcoin is going down, but I don't understand why it's dragging the entire crypto market down with it. Why would you sell your ethereum or litecoins now as well?  I'd have expected altcoins, or at least the major ones, gain value in this environment. Meaning people who dumped their bitcoin would then move fiat to altcoins as well. But ethereum is down -9%, litecoin -10% and so on and so on.

Why is this happening and is this normal? Since I haven't followed the altcoin market so long.

Thanks in advance!

Its been like this all month already, after the anouncement of suspending the segwit2x fork, gains have been breathing back some life into alts the last few days.. now that bitmain is selling hardware only in bitcoin cash this maybe has something to do with the pump of bitcoin and price of bitcoin crashing so low in such a short period of time today. Or this can be a price correction in bitcoin thats been long due. But im sure bitmain selling hardware for bch has a big impact on bitcoin price right now. Which cause alts to drop also.

Thanks for this very clear explanation  I think also these are just short term fluctuations caused by fork etc. True coins always survive whatever happens.

yes i may agree on it there is something that happen like this some dump on altcoin and bitcoin are not but for me i think that there is some dump that can be hapen in bitcoin this coming days maybe we should wait for what may happen next.

[kryptqnick]

Hi everyone!

I've recently found this forum and I'm trying to learn more of the crypto world every day. I have followed only bitcoin before but I've recently become interested in altcoins as well. I have one newbie question I'd like to ask from the more experienced altcoin market watchers.

When I look at https://coinmarketcap.com/ site right now I see that practically the entire top 100 list is on red. Quite literally everything is going down, except for bitcoin cash. I know why bitcoin is going down, but I don't understand why it's dragging the entire crypto market down with it. Why would you sell your ethereum or litecoins now as well?  I'd have expected altcoins, or at least the major ones, gain value in this environment. Meaning people who dumped their bitcoin would then move fiat to altcoins as well. But ethereum is down -9%, litecoin -10% and so on and so on.

Why is this happening and is this normal? Since I haven't followed the altcoin market so long.

Thanks in advance!

Its been like this all month already, after the anouncement of suspending the segwit2x fork, gains have been breathing back some life into alts the last few days.. now that bitmain is selling hardware only in bitcoin cash this maybe has something to do with the pump of bitcoin and price of bitcoin crashing so low in such a short period of time today. Or this can be a price correction in bitcoin thats been long due. But im sure bitmain selling hardware for bch has a big impact on bitcoin price right now. Which cause alts to drop also.

Thanks for this very clear explanation  I think also these are just short term fluctuations caused by fork etc. True coins always survive whatever happens.

I hope altcoins will recover but I think that Chan8 rather explained why bitcoin cash is going up and bitcoin is a bit down, not what's happening with altcoins, for it's not just about segwit2x. The previous fork, bitcoin gold, promised people some free btc, so people decided to dump alts and invest in bitcoin quickly. Then others saw the price is growing fast and they also bought some more btc. Maybe they even bought btc for altcoins they had, because it's really easy to do that on exchanges. Altcoins don't have their good time since Chinese ico regulations news this September. Neo dropped 2x back then and other people started panic of everything going down and so other coins went down as well. No solid alt has recovered fully since then. Yet there -10% don't really mean much, it's rather usual to see sometimes green and sometimes red.

[cryptodagger]

Pulling is the right word,if the btc pumps or dip the alts goes dump,when the btc goes sideways the alts market will surely pumps.

[kripto para]

because they have straight correlation. btc and alts usually fall together. history showed us that every time.
alts are nothing without bitcoin. it's like bitcoin is father, alts are small children, they always (in negative terms) follow their father.

[sathvik112]

because they have straight correlation. btc and alts usually fall together. history showed us that every time.
alts are nothing without bitcoin. it's like bitcoin is father, alts are small children, they always (in negative terms) follow their father.

Kripto para is exactly right.
Bitcoin is the father of crypto currency.
If there is no bitcoin then to my confirm estimation other crypto currencies will take a fall down.

bitcoin price is based on the demand of we public as per economic fact.

[johstacy]

The bitcoin falls and the Cash increases. In principle, the altcoins must wake up and take flight madly. But it was CASH that seized the championship now. Fast exchange, small commission. I'm waiting for this hollow "CASH" to fall and the altcoins will rise in price.
but it's growing.

[cryptonianz]

Cause whenever bitcoin is moving drastically this affects the altcoin market.

Welcome to crypto, there is nothing stable, nothing logical. Price trends change and the great thing is that it can happen any time of the day, any day of the week!

[bergenic]

because they have straight correlation. btc and alts usually fall together. history showed us that every time.
alts are nothing without bitcoin. it's like bitcoin is father, alts are small children, they always (in negative terms) follow their father.

Thanks! This (and other replies too) helped me to understand the situation.

Never experienced this kind of roller coaster with any serious investment I've had with WAVES. I bought it first time ever Nov 8th around 4. In 24 hrs it had gone long past 5. And now take another 24hrs and it's soon back to 4   But I'm sure this won't be the last of this kind when being invested in alts.

[chaoscoinz]

Altcoins are directly dependent upon Bitcoin, in order to survive. You can't just sell altcoins and convert them directly into fiat, unless of course, you're lucky enough to know someone who's looking. It's just not optional at the moment, so in order to cash out you altcoins, you must use a medium of exchange. You must trade your altcoins for etheruem, or Bitcoin, with Bitcoin being the main medium of exchange. Once you obtain the Bitcoins, then you can  convert your Btc, or ethereum into fiat.
     When the Bitcoin price falls, usually a majority of the altcoins price falls as well. People sell off their stake of altcoins in order to profit before the price of Bitcoin falls any further. If you can't convert Bitcoin into fiat, you won't make any profit, and so because Bitcoin is the go-to medium, in order to cash out into fiat, people will short their stake and get out soon, intead of risking a huge loss, being that Bitcoin is highly volatile, and affects other coins. So when you see Bitcoin rise in price, altcoins usually rise along with it. It's all supply and demand. If Altcoins had an option to convert directly to fiat, the price of Bitcoins rise, or fall, wouldn't directly have a huge impact upon altcoins. Unfortunately,  theres not really any option but to trade for Bitcoin in order to cash out.
   Bitcoin acts as a pillar of stability for all other coins. As Bitcoin thrives, and more people start adopting it, the market volume grows, and naturally people will start to pick up altcoins. If Bitcoin falls, and less people become involved,  people won't have much faith in altcoins, and their prices will fall.
The more people demanding Bitcoin, the more likely some will invest into altcoins as well. Boom, or bust! After all, Bitcoin is the standing column,  and foundation for todays crypto currencies,  if Bitcoin fails, and an alternative doesn't arise that can take its place, then all other altcoins will fail as well.
      So lets hope that Bitcoin continues to become massively adopted,  and accepted,  because the future of modern crypto currencies depends on it.

[dumplingsandsushi]

One of the biggest problems in the crypto world right now is basically only BTC can be liquidated into fiat (real life cash).
There are some exchanges that do ETH or LTC to fiat but it is mostly BTC.

All of the altcoins are acquired through BTC, so that is how the connection makes all prices plunge.
What is going on right now happens every couple months or so, but inevitably, BTC jumps back up and reaches new heights.
One of the things to be very careful of is to not panic sell when prices plunge.  BTC will not die and still has tremendous room to grow so it will eventually go up.

Probably one of the smartest things to do when prices dip is to time your BTC purchases with these price corrections.
Don't wait too long though, because the price can spike up very quickly sometimes in a mere hours.

[marks1976]

because they have straight correlation. btc and alts usually fall together. history showed us that every time.
alts are nothing without bitcoin. it's like bitcoin is father, alts are small children, they always (in negative terms) follow their father.

Thanks! This (and other replies too) helped me to understand the situation.

Never experienced this kind of roller coaster with any serious investment I've had with WAVES. I bought it first time ever Nov 8th around 4. In 24 hrs it had gone long past 5. And now take another 24hrs and it's soon back to 4   But I'm sure this won't be the last of this kind when being invested in alts.

Nope, I believe it caused by the launch of the bitcoin gold network, The bitcoin segwit 2x gets cancelation that means if there will be only a chance to gain their money through the bitcoin gold and many people are moving their money to the bitcoin gold and bitcoin cash. But i don't check what already happened with bitcoin cash.

[richan]

I think derived it value from altcoins hence the downward trend. Bitcoin Fork has resulted in this downward trend.

[Zufox]

I hope that now everything will be stabilized and the altcoins will go to growth. The main part of my investments in altcoins and while they are just beginning to grow. The bitcoin has again gone into growth. What is now affecting its growth?

[Paecga129]

Bitcoin is dragging the whole altcoin market down because all these other coins base their value off of Bitcoin. I'm not sure why anyone in cryptocurrencies right now would not know that any other cryptocurrency bases their value off of the value of BTC which means BTC is king. It is sound money and it will always be that way because of the people and effort being put into the network.

[kripto para]

Never experienced this kind of roller coaster with any serious investment I've had with WAVES. I bought it first time ever Nov 8th around 4. In 24 hrs it had gone long past 5. And now take another 24hrs and it's soon back to 4   But I'm sure this won't be the last of this kind when being invested in alts.

oh, waves! every person i know invest waves one way or another. some bought from ico some bought at the top. in the long run everybody win from waves. we saw a lot of 3-6-3-5 dollar moves, it's normal for waves just like its name.
if you don't know how to trade just hold your coins in safe wallet. check them out next year or 2.

[stromae]

Bitcoin is dragging the whole altcoin market down because all these other coins base their value off of Bitcoin. I'm not sure why anyone in cryptocurrencies right now would not know that any other cryptocurrency bases their value off of the value of BTC which means BTC is king. It is sound money and it will always be that way because of the people and effort being put into the network.

Reason: When bitcoin makes upper trends, mote traders and whales come to bitcoin and buy it. With that will they buy bitcoin? Of course they will sell their altcoins to buy bitcoin. That's how it works.

[stripykitteh]

Hi everyone!

I've recently found this forum and I'm trying to learn more of the crypto world every day. I have followed only bitcoin before but I've recently become interested in altcoins as well. I have one newbie question I'd like to ask from the more experienced altcoin market watchers.

When I look at https://coinmarketcap.com/ site right now I see that practically the entire top 100 list is on red. Quite literally everything is going down, except for bitcoin cash. I know why bitcoin is going down, but I don't understand why it's dragging the entire crypto market down with it. Why would you sell your ethereum or litecoins now as well?  I'd have expected altcoins, or at least the major ones, gain value in this environment. Meaning people who dumped their bitcoin would then move fiat to altcoins as well. But ethereum is down -9%, litecoin -10% and so on and so on.

Why is this happening and is this normal? Since I haven't followed the altcoin market so long.

Thanks in advance!

People want to make money, that is why people dump their altcoins when the price of Bitcoin goes up.