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

[Silenox]

Bitcoin is the reference for cryptos, and its price ends up influencing the whole market, the most traded pair is usually altcoin / BTC, there are few pairs in fiat that have an expressive volume, and this explains much of Bitcoin's influence on other currencies. Maybe in the future this will change a bit, but Bitcoin remains the main driver of this market.

[jack.anroid]

Bitcoin is the oldest and the most powerful crypto currency. So, the price fluctuation of other currencies also depend on bitcoin. As the price is lower for bitcoin now, the prices are lower for other coins too.

[realcrypto]

99% of cryptocurrency to fiat exchangers only exchange Bitcoin or Ethereum directly to fiat. Bitcoin is use as a  base to know the worth of any altcoins.

[jose111]

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

What is the reason behind this in your own opinion ?

In my own study, I think it is true that some of other cryptos are definitely depends in the movements of bitcoin most specially are altcoins. As we can see, if bitcoin is in the downfall season, altcoins is in the same way too maybe because btc is the founder and the king of crypto that's why some of cryptos are making the same movements of bitcoin.

[budismile]

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

What is the reason behind this in your own opinion ?

You should have understood, Bitcoin became a center for altcoin. if you want to know the movement of coins in the long run or short term, you only need to look at bitcoin charts last year so you can definitely read the market price.
I myself have proved it.
but keep in mind about altcoin, increase and decrease in altcoin prices can be fast and can be slow following bitcoin prices.

[Haxor321]

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 yes that's true that was also I've been notice. When bitcoin goes down some other cryptos are going down too and when btc is pump they are also pump. Maybe they are really depends on bitcoin movements because they know that it has a strong foundation and good potential in the crypto market so that's why they follow it's movements so they can also be successful in the market.

[sinkfish]

well, bitcoin still leading on the market. most of the coin price depends on bitcoin. shouldnt be bigger case if ethereum as main trading crypto.

[Herbert2020]

no, they don't follow bitcoin graphs/charts. what happens is that when bitcoin drops the altcoins drop too so that may have created the illusion that they are following bitcoin but the fact is they really aren't. for example even in drops they are dropping so much faster and bigger than bitcoin. it is not just a small drop like bitcoin had, each of them dropped at least 10-15% where bitcoin dropped only 5%
and as for the other side of the chart, which is the rise, they never follow bitcoin. bitcoin rises while altcoins drop some times and some times they just stagnate until bitcoin stabilizes so they can take their chances for a short term pump.

[v3liana]

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

What is the reason behind this in your own opinion ?

its common things and already happen long time ago, bitcoin does have big impact on cryptocurrency  value. I believe the reasons behind this cause bitcoin has a big dominance when bitcoin drops marketcap drop so much and it makes investors afraid and also make a panic sell.

[Pursuer]

they are not exactly following bitcoin though but everything starts and ends with bitcoin.

the thing is every person that has ever started with cryptocurrencies has seen bitcoin first and wants to own bitcoin. so what they do is that they start reading up about bitcoin and then buy some. but in this process they are exposed to a lot of advertisement telling them how they can buy the "next best thing" or ever sometimes they see "better than bitcoin" advertisements which is luring them into altcoin traps so we end up with a lot of newcomers who have come for bitcoin but went into altcoins with the hopes to make a lot of money.

in other words when bitcoin is growing it attracts a lot of these newbies and these newbies invest some or all of their money into altcoins which may seem like they are following bitcoin but they are not because their rises have always been temporary pumps since the market makers always dump on their heads and get out with their pockets filled with a lot of money which they inject into bitcoin and become so much richer.

[petloer]

Yes it does and it is the tradition since a very long time. All the alts follow bitcoin and bitcoin has a huge influence over the market. So to keep the market in a good condition a special care of bitcoin is a must.

[MatthewNaccarato]

Yes, you are right. The price of other altcoins is dependent on Bitcoin. When the price of Bitcoin falls, the price of altcoins also drops as well.

[paogege]

This is normal, and I think Bitcoin is the mainstay of cryptocurrency. It will naturally decline, while others will decline. Bitcoin dominates the entire market.

[Markmolotok1488]

Unfortunately, this is still so, I hope that bitcoin dominance will decrease, because it hinders the development of other coins. I believe that there should not be such a strong correlation.

[hasmukh_rawal]

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

What is the reason behind this in your own opinion ?

This question has already been asked so many times. You can use the search box to find more relevant answers.
The simple reason behind this is that BTC is the major pair of almost all the cryptocurrencies. Being the first cryptocurrency it has been used to pair with all the fiat currencies as well as cryptocurrencies(altcoins). Whenever the price of BTC falls down, the price of altcoins in terms of fiat will fall down too.
People also panic and sell their altcoins when BTC falls which leads to further decline in their price in terms of BTC as well as fiat.

[microwave]

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

What is the reason behind this in your own opinion ?

In thousand of crypto currency it will expected to have the same graph of Bitcoin but they are not coppied the good feature and good price value of bitcoin. Good promesis they expect to get is not reachable but all you want to get through Bitcoin is always available.

[tunapa]

This is simply because Bitcoin is number one and all other coins tend to follow its market trend .Most times, Bitcoin also affects other coins and they fall Also and vice-versa. So its just a simple analogy.

[shkwarka333]

Altcoins follow bitcoin as trades are held on their basis, that is, in the pair bitcoin\altcoins . Similarly, with most altcoins paired with Ethereum, the problem is identical.

[daarul50]

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

What is the reason behind this in your own opinion ?

The main reason is that the purpose of the investors diverting their assets to altcoin is to get more bitcoin so that altcoin prices follow and may even always be the same graph like bitcoin unless there is a new altcoin that can actually be separated and not bound by bitcoin, the altcoin completely stand alone without seeing any other coins. For that reason, then do not be surprised when bitcoin experiences movement either up or down then altcoin will follow the movement of bitcoin.

[warning_btc]

In crypto world everything is connected to btc.
Many true crypto trader trade only for bitcoin, she dont calculate their income in usd.
But when all top coins falling some new project rise up