Top 5 Coins and it's similarity

[xiaoyum]

It is not strange thing. In last couple of months bitcoin price dropped dramatically. This caused altcoin investorts to lose trust & interest over their altcoin investments. Now markets are doing better so they start to buy with hope yet again.

[Yuuto]

Usually, the altcoins with the largest market capitalizations will always follow the general movement of the entire crypto market as well as bitcoin itself. Since altcoins are usually traded in BTC pairs, it's no wonder why Bitcoin leads the entire altcoin market as well. Unless there is a drastic event in one particular coin, this is always the case.

Sometimes you do see alts moving apart from bitcoin, i.e. when bitcoin is crashing, alts appreciate.

But these scenarios are rare. As you can see, this bitcoin rally has led altcoins into a period of constant bullishness as well. It's no coincidence that happens.

[m.vina]

All altcoins are directly correlated to bitcoin value. When bitcoin's value rises then the alts usually follow the same trend. This has been a on-going trend which you will on the historical charts of all cryptocurrencies. Until other altcoins gain more exposure and adoption the charts and trends will tend to stay this way.

[Phenoca]

What causing this?

Day traders. I think you can setup a bot to flip altcoins on an exchange. If the margin between two coins fluctuates by a few percentage points then the day trader bots will automatically flip their coins to the cheaper one. Because every time someone buys a single coin the price rises slightly and every time someone dumps their coins the price falls. So the day traders can make profit. Just like in the stock market. Instead of cycling their assets every year or month or week, they try to cycle their assets daily. Lots of demand for one coin on the weekend? Sell. Another coin not keeping up with the others? Buy. Maybe I should run a bot.

[antolinicio1]

It all depends on the price of bitcoin. With any increase in the price of bitcoin or the fall in the price of bitcoin, there are also fluctuations in the prices of altcoins.

[IggySe7ven]

As it shown on the charts top 5 coins are showing prices moving up simultanously:

What causing this? Not only top 5 but it happend to a lot of coins:

Because they all are following the same pattern ("bitcoin") that is why they are moving at the same time, well, almost with a little different of one percent or so.

But ethereum is always going up faster than bitcoin and ripple, and all the other ones who are on the top five.