destinysaid
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Activity: 42
Merit: 3
Help the needy, do the little things others ignore
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March 19, 2018, 09:25:40 AM |
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Btc is considered the grand papi of all cryptos and as such all other cryptos are somehow, by a magical force, tethered to it.
Ok ok, not by a magical force, the problem is with the exchanges, they mostly use bitcoin as a trading mechanism. While many like idex and and i think binance, (not sure) use eth as well, a majority and infact the top ones use bitcoin as their number one currency.
You have to convert to btc on bittrex.com before you can buy any other coin.
So if btc drops, the psychology is that other coins will drop as we, either because ppl wanna buy more btc with alts, or sell of their alts due to the drop in btc.
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