How does Bitcoin affect to the other cryptocurrencies?

[udana123]

Many people say that the prices of the alternate cryptocurrencies are reducing because of the reduction of BTC prices. Bitcoin is know as the first crypto currency but other alternative currencies such as Eth, Ripple, Lite works as individual platforms. Therefore how the other crypto currencies depend on BTCs?

[Predator25]

Many people say that the prices of the alternate cryptocurrencies are reducing because of the reduction of BTC prices. Bitcoin is know as the first crypto currency but other alternative currencies such as Eth, Ripple, Lite works as individual platforms. Therefore how the other crypto currencies depend on BTCs?

I think because it is the dominant cryptocurrency as of now. The other cryptocurrencies are directly proportional to the bitcoin when it comes to the value per each token. So if the bitcoin price rise high the other cryptocurrency as well and vice versa.

[covfefe_]

Bitcoin is the cryptocurrency. That's what people believe. A token worth investment that can rise 10 folds in a matter of months.
And if you are tired of bitcoin or think that you've missed the train, there are other less known options called altcoins.
A 41% market dominance of bitcoin with 1000s of coins in market explains it simple.

[Bitmore]

In my opinion bitcoin is an indicator. If everything is good with bitcoin, then all altcoins feel good. So I understand this situation.

[JerryJam]

I don't think the price of bitcoin affects other cryptocurrencies.  The price of cryptocurrencies as well as the price of bitcoin is influenced by certain factors. This is the cost of electricity transaction cost or the cost of creating mining farms. All these factors affect the price of all cryptocurrencies equally. But the most important factor is still supply and demand.

[azizsatrasia68]

Many people say that the prices of the alternate cryptocurrencies are reducing because of the reduction of BTC prices. Bitcoin is know as the first crypto currency but other alternative currencies such as Eth, Ripple, Lite works as individual platforms. Therefore how the other crypto currencies depend on BTCs?

Yes, of course the bitcoin with altcoin is very different, but the bitcoin price is an indicator. This is because when bitcoin prices increase, indirectly altcoin prices also increase, and vice versa. Although basically the price of bitcoin and altcoin is determined by the demand and supply in the trade.

[KJMZNine]

Currently 90 or 95% of the market follow Bitcoin in the price and everything is driving down. I really hope that the altcoins will start to pump again like in the good old days. Sometimes they pumped hard while Bicoin going down!

[Sir Cross]

Beside from Bitcoin being the first and dominant cryptocurrency, the prices of altcoins depend on bitcoin because it is a major currency in the crypto market. Of course, you can’t exchange a coin directly to fiat (eg USD). You have to exchange it to BTC first before actually exchanging it to fiat.

[Cassy14]

Price in dollars is the big deal with bitcoin to alternative coins.
Market are mostly into ALTS to BTC.
and bitcoin movement is very crazy now.
ALTS = BTC = USD
therefore ALTS = USD
with different value.

[azvn]

Many people say that the prices of the alternate cryptocurrencies are reducing because of the reduction of BTC prices. Bitcoin is know as the first crypto currency but other alternative currencies such as Eth, Ripple, Lite works as individual platforms. Therefore how the other crypto currencies depend on BTCs?

Because of market dominance, so peice of all alternate crytocurrencies are effected. Plus, bitcoin is main trading currencies on exchanges, if you want to buy altcoin, you have to get btc or eth 1st. So btc price go down mean exchange rate between btc and altcoin go down.

[jhongzjhong]

Many people say that the prices of the alternate cryptocurrencies are reducing because of the reduction of BTC prices. Bitcoin is know as the first crypto currency but other alternative currencies such as Eth, Ripple, Lite works as individual platforms. Therefore how the other crypto currencies depend on BTCs?

Because of the main trader coin is bitcoin, some of these altcoins were relying on bitcoin price if goes down the same reaction to the bitcoin price they are all affected with the bitcoin price. Yes, they have different platforms but when it comes in trading in the market bitcoin will become the center of all coins in the market.
Unlike those coins having a pumping group to make their coins project more expensive even bitcoin is in the dip.

[DumbLefty]

Perhaps it's the capitalization of people investing in bitcoin. In a place with the capitalization of bitcoin, the trust in the rest of the crypto currency is growing.

[Pamadar]

Since Bitcoin is the first crypto being supported and being adopted, most alts are still depending how successful Bitcoin will in order for them being noticed, if Bitcoin will grow further the use of alternative will also being adopted, you mentions some of those coins who already gaining it's own popularity but still the main basis of their respected value still depend with Bitcoin.

[udana123]

Many people say that the prices of the alternate cryptocurrencies are reducing because of the reduction of BTC prices. Bitcoin is know as the first crypto currency but other alternative currencies such as Eth, Ripple, Lite works as individual platforms. Therefore how the other crypto currencies depend on BTCs?

Because of the main trader coin is bitcoin, some of these altcoins were relying on bitcoin price if goes down the same reaction to the bitcoin price they are all affected with the bitcoin price. Yes, they have different platforms but when it comes in trading in the market bitcoin will become the center of all coins in the market.
Unlike those coins having a pumping group to make their coins project more expensive even bitcoin is in the dip.

Is there a way that we could purely neglect Bitcoins and trade with only using Eth or some other altcoin? I dont know whether it is practical or not. But if we could do that we can eliminate the effect of Bitcoins on other altcoins. right ?

[Dextord]

I also think like that, I think because bitcoin is the first cryptocurrency so whatever happens all altcoin follows the price of bitcoin and also the effect of demand from the market but not all coins are also like that

[udana123]

Since Bitcoin is the first crypto being supported and being adopted, most alts are still depending how successful Bitcoin will in order for them being noticed, if Bitcoin will grow further the use of alternative will also being adopted, you mentions some of those coins who already gaining it's own popularity but still the main basis of their respected value still depend with Bitcoin.

My point is that if we could neglect using Bitcoins (like if the people doesn't want to trade with bitcoins and all are accepting Eth or any other Altcoin), we can use altcoins as standalone medium. Just an idea but I do not know whether it is practical or not.

[Saitteld]

alts are falling because people are moving from crypto to fiat.
this is not related to only bitcoin fall! the entire market is falling.
Bitcoin is the most important currency... many alts follow the same trend because other factors.

[efeyigit399]

Changes in the price of bitcoin affect the entire crypto exchange. When the price of bitcoin falls, other Altcoin prices also decline.
When bitcoin prices start to rise, prices in other coins are rising.

[BillCoin]

Technically bitcoin's technology has been an inspiration to other cryptocurrencies from it's very new days.

Most of the altcoins use the same algorithms that bitcoin uses- for an example- the proof of work algorithm is being used by more then 80% of the altcoins- more then that, Litecoin, one of the most popular altcoins, uses the very same algorithem of bitcoin but with a very minor changes in some parameters, nothing serious at all.

At a price aspect, because most of the altcoins are being traded against the bitcoin, a fall in bitcoin's price will instantly result altcoins price to fall down, altcoins won't be able to exist in a market view without bitcoin.

[bankscrypto]

when you find something which is secure and you know you can be benefited with this that is enough to make you confident about your investment, and there is huge number of people out there who are involved with it and getting benefits.