I've read this forum for a while and watched many youtubers speaking about the trend of Altcoins, often saying that Bitcoin drags the price of Altcoins up and down... saying "Look at this page all the altcoins are Greens, it's amazing" !
But it's normal, as all the altcoins have no USD exchanges and most of the marketplaces trade Altcoins with BTC!
For this reason the price of the BTC is the main factor of the trend of the Altcoins.
Let's take for exemple ADA, today ADA has been listed in red with -10% most of the day, but if you look at the satoshi price of ADA for the last 24H the change was +6.40% not negative.
This is why when bitcoin lose 20% of it's USD value in one day, most of the Altcoins appears in red... but it does not really means that the Altcoins have lose against the BTC, it's just that to appear in green the Altcoins must have gained at minimum 21% against the BTC, if it gains only 18% it will apears at -2% on the coinmarketcap.
Or am i completely wrong ?
That means the ada try to make a correction in the bitcoin value, Ada lost in dollar value but get stronger in bitcoin value due to the recent bitcoin correction. as you can see the trend will depend on the bitcoin itself. You can try to see another altcoin too which already gained a lot of value not only in bitcoin but in dollar value too.
