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!
This is normal and you no need to worry about that, I tell you about the fact that if the price bitcoin increases a lot and that means the altcoin will lose its bitcoin value, rather than a dollar the bitcoin value will give you the more loss. Since the altcoin market against the bitcoin. If the bitcoin gets pump more people are trying to buy the more bitcoin and try to sell some of their portfolios. That means there will be a correction in the altcoin. That drives the price of altcoin down
