Other cryptocurrencies follows same graph as bitcoin, what is your opinion?

[btj]

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

[1714033464]

1714033464

[Angle22]

That's because the coin coins do not want to disappear, I also feel strange on coins like bitcoin cash and bitcoin gold, the coin has a high enough price, whereas the coin is rarely used.

[Herlina]

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

I think that's because Altcoins are mostly traded in Bitcoin/Altcoin pairs and if Fiat price of Bitcoin falls, then the Fiat price of the Altcoins will fall in almost the same amount

[CoinstarF]

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

I think that's because Altcoins are mostly traded in Bitcoin/Altcoin pairs and if Fiat price of Bitcoin falls, then the Fiat price of the Altcoins will fall in almost the same amount

Bitcoin serve as a role model altcoins follows almost all  it's processing this is a good  example of cryptocurrencies have teamwork for a better future of digital currency they separate ways of promotion in return bitcoin and altcoins has a strong foundation to remain in the industry world.

[Hopeman1]

Because most of the time bitcoin affects people's confidence.
If bitcoin falls significantly, people will lose confidence, and other altcoin will be sold at this time, causing the whole market to fall or rise synchronously.

[kwarto]

Because BTC is the top coin being traded for other alts in terms of market cap, volume, and general popularity, it is thus at the center of the crypto economy and has some gravity behind it (enough gravity to have an almost constant relationship with alt prices).

we could not deny that btc gather the biggest money in the marketplace thus any movement to this coin could greatly influence the marketprice..

[jitenrajput]

Firstly, Bitcoin still enjoys the no.1 position even with the advent of 1600+ cryptocurrencies. It emerges as the first choice of investors despite of its limitations and high price. Its high popularity makes people think that the other coins will also follow the same trend.

Bitcoin is considered as the base and altcoins as derivatives. Though better but still the successors. There isn't any technical reason behind your question, it's the behavior of traders which makes this happen.

[freesia_pnp888]

because the price of bitcoin does affect everyone and their wills to sell or hold, which leading to affect other coins, too.

[SONG GEET]

Every coin is traded against bitcoin so whenever there will be big drop in bitcoin's price, every altcoin's price in terms of USD will go down.

Similarly when people start to sell their altcoins for bitcoin to exit with USD out of panic during such drop, altcoin also losses price in terms of bitcoin which make is loss more in terms of USD compared to what bitcoin have lost in last 24 hour.

[Ferry22]

Bitcoin is the parent of all Cryptocurrency currencies, so I'm not surprised if its prices often follow the bitcoin price chart. and I think this is a long time ago. bitcoin up, altcoin go up. Bitcoin down, altcoin also come down.

[jamesbtcearn]

You have to understand who come in the market 1st btc there is no confusions also most of them are following btc because it is the father of crypto market based on this many new coin still doing their graph based on btc and btc is the unique coin also and this have good profit.

[Gotumoot]

You have to understand who come in the market 1st btc there is no confusions also most of them are following btc because it is the father of crypto market based on this many new coin still doing their graph based on btc and btc is the unique coin also and this have good profit.

It is because other crypto currencies is created based on the bitcoin, because bitcoin is the first crypto currency and it is the most trusted and profitable of all crypto currencies, it was like a living legend in terms of digital currency. Its good when other cryptos follow the path of bitcoin, because there are more lot profitable coins that we can invest and get big profit.

[Rebdoomer]

Bitcoin is basically the large ship and the rest of the Altcoins are the small ships that follow it.
If Bitcoin falls, everything falls with it.

[millionaireshs]

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

Probably it is because the arising cryptos were almost the same with bitcoins wherein they introduce themselves as the improve version of Bitcoin. In these idea I believe that it is possible that someday Bitcoin will be beaten by other alts. Some candidates in beating the leading cryto were litecoin, ETH and ripple. It is not surprising someday if all those Bitcoin fans will be go to the said alts.

[Maestro75]

Don't know why it is so that altcoin prices always go down whenever bitcoin collapses. It should be that both go in the opposite direction. Atleast, this will enable traders buy altcoins whenever bitcoin is down.

[Cofee.BLUE]

I noticed on coinmarketcap that many cryptocurrencies follows almost same graph as Bitcoin.

What is the reason behind this in your own opinion ?

It's probably yes. I think most of other cryptos are base and depends on bitcoin movements so if bitcoin are suffered in dumps, for sure that some of other cryptos are also in dump period. There are a lot of proof that some cryptos are has the same movements of bitcoin in the market. Most of those cryptos has the same movements of Bitcoin is none other than altcoins.

[SaiWAFU]

Think of it this way, if a restaurant offers chicken for their meal and there's a bird flu virus, chances are all resto's offering chicken would have lower sales.

The restaurants will be the other cryptocurrencies and bitcoin will be the chicken, as bitcoin was known to be the most popular cryptocurrency.

[DarrinEspacio]

After inventing bitcoin the value of btc is very high that’s why they still holding 1st position in the market based on this many coins come in the market but all coins are followed by btc because btc is the main leader of crypto market and this have good future value which they give to their customers.

[batang_bitcoin]

Don't know why it is so that altcoin prices always go down whenever bitcoin collapses. It should be that both go in the opposite direction. Atleast, this will enable traders buy altcoins whenever bitcoin is down.

What I witnessed before was like that. Bitcoin's movement is opposing to the movement of altcoin charts.

But today it's different, I don't know the exact reason on the changes with the flow of crypto's but these alts are dependable to bitcoin. And if there's an all time high to bitcoin, alts are also in that phase. You can get an example of it last time when bitcoin's price was $19,000.

[btc-facebook]

Usually altcoin follow bitcoin based value except if some altcoin experience uptrend , it means that the demand for that altcoin has increase and may compete bitcoin in the future.

So yeah.. it's depend on supply and demand overall !