Why does Bitcoin seem to have a high influence over other cryptocurrencies?

[Superdoctor]

Over the years, I have noticed  that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that  altcoins  go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
 But being  that a product can be the first of its kind to be made (just like Bitcoin)  and other companies may decide to produce similar product;( just like alts)  but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

[The Cryptovator]

It's normal, when Bitcoin is affected, the whole cryptocurrency market will be affected. Many reasons behind that, mainly panic. When people start to cash out from exchange then the Liquidity starts dumping. So traders start to move funds from each coin to others or push in Bitcoin. Traders are afraid when Bitcoin starts dumping, so they sell their holdings to secure their portfolio. That's how more dumps happen. Keep in mind, that Bitcoin is the mother coin, psychology works here.

[NeuroticFish]

This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.

[Fortify]

Over the years, I have noticed  that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that  altcoins  go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
 But being  that a product can be the first of its kind to be made (just like Bitcoin)  and other companies may decide to produce similar product;( just like alts)  but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

Bitcoin was the first and that is likely to keep it as the primary cryptocurrency for a long time to come. People use it's price as a gauge and it usually has at least a loose correlation with all others as you've seen. Many people will use the price of Bitcoin to figure out which way the market is moving and if it's going up they'll start pouring money into other cryptocoins as well, hoping to find the next unicorn to ride. You try to associate logic to the movements and might be able to come up with some rough ideas, but it gyrates much like the stock market - it's using massive pools of information along with the prevailing emotions of every buyer & seller at any particular moment.

[Wiwo]

This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on the bitcoin price in USD.

This happens to be the most valid explanation to thos questions, a lot of threads have been made on this topic before and members have given their various experiences and explanations about this. But the primary reason why altcoin price always depends on Bitcoin for its price movement is that most altcoins are paired with Bitcoin on the most exchange so whatever affects the price of Bitcoin will have a reflection in the altcoin market.

[Dunamisx]

Over the years, I have noticed  that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that  altcoins  go up in price shortly after. .

Bitcoin is the first digital currency and if not for anything that should be the first reason why it need to be the lead over all over cryptocurrencies, take a look at the value and price, here you could deduce how high the difference is compared to other cryptos, if you take a look at most of the investor, they have bitcoin as thier main focus coin to invest, they do this in other to play safe with their entire investment from crashing with altcoins.

[harapan]

This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.

Yes OP and also use the Search Engine you will find all the necessary information needed. Bitcoin is without argument the best coin and no one can deny that. Even Elon twitting about anoth coin can not make you compare any more shit coins and sub coins to Bitcoin.
One can so the altcoins movement with the movements of Bitcoin in both directions. Since they are first created they have always stood out with comparing to other coins.

[Okorieuky]

Bitcoin is a unique cryptocurrency because of its glorious history spanning more than 10 years. Compared to alternative cryptocurrencies, people view bitcoin as being more trustworthy. Second, without any time restrictions, practically anyone can send and receive money around the globe using bitcoin.

[dunfida]

Over the years, I have noticed  that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that  altcoins  go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
 But being  that a product can be the first of its kind to be made (just like Bitcoin)  and other companies may decide to produce similar product;( just like alts)  but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

When you are the first or shall we say that ones who had invented or had existed in terms of something having that revolutionary aspect likes decentralized and anonymous then this is something that cant really be forgotten and being the first would really be giving that huge impact and getting that main attraction or attention by the masses or by the community thats why whenever it do make out its price whether in bullish or bearish then it would simply be dragging out the entire market into the same path or trend.It might not be 100% precision since there are coins which are moving into different path but most likely this is really the case.
Reason? there's soo much trust and support from the community on bitcoin despite its tech or characteristics is less better than with those modern or new blockchains but people cant really just forget
on what this project had made out.

[Smartvirus]

No currency lives the cryptocurrency reality more or even as bitcoin! I don't know if you understand what I mean by this but living the cryptocurrency real is being truly anonymous and a decentralized means of operation. This is what bitcoin is mostly about, from its founder to the various individuals that owns a satoshi out there. Now this is something that altcoins around the cryptospace could never be proud of. They've all got bitcoin to emulate and benefit from but non of it is sure to come close to what bitcoin represents. Bitcoin is freedom and haven't been around for over a decade, bitcoiners have come to trust in the currency to be absolute.

[Vaskiy]

Even before bitcoin, there were different approaches and findings on financial transactions over cryptography. Nothing worked out, and the innovation of bitcoin made the change. Initially there is no big support and acceptance, but the technology backing made it more stronger.

Slowly it gained it's value through the demand to supply approach. Later the involvement of common people started to take place considering it an investment and store of value. Following this more cryptocurrencies came into existence keeping bitcoin as the reference.

[Gyfts]

For the same reason most markets move in tandem - the financial sectors are intertwined and they all generally move in the same direction, despite slight deviations individually.

You can look at the market caps of each currency if you want to determine relative power over the crypto market. For obvious reasons, Bitcoin has the most control.

[Stella Mese]

I've always noticed that when bitcoin goes down, the price of altcoins goes down and when bitcoin goes up, everything goes up too. but in my opinion it is caused by people's psychology, because I also when trading on altcoins always pay attention to bitcoin, whether it will go down or up, and it is proven that the ups and downs of prices always follow bitcoin.

[darkangel11]

This has been answered many times, OP should really do some search.
One of the reasons is that a vast majority of altcoins is bought/sold (only) for bitcoin. This makes them very dependent on bitcoin price in USD.

That's a very important reason. Another one is that all the legislation is made for bitcoin first, or for all cryptocurrencies but with bitcoin in mind.
Any legal problems bitcoin faces will impact other cryptocurrencies sooner or later. It's the same with financial products. When a bitcoin ETF is finally approved the next logical step will be to create one for some of the larger altcoins.

[Rigon]

Bitcoin is the very first cryptocurrency to exist and is the cryptocurrency king.All markets are regulated based on these coins.We have noticed that every time Bitcoin goes down but all coins go down in price.Again whenever the price of bitcoin started to rise since then but all ALTS coins started to rise.This is a good relationship between the markets for Bitcoin.And for every coin there will be a Bitcoin effect.

[qwertyup23]

Over the years, I have noticed  that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that  altcoins  go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
 But being  that a product can be the first of its kind to be made (just like Bitcoin)  and other companies may decide to produce similar product;( just like alts)  but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

The reason is always the price- more and more people are using and purchasing BTC which affects its price on the market. Being the first cryptocurrency ever made, it already has established its name on the market. Think of it as the first phone company ever made. No matter what happens, you are at least guaranteed, by some security, that many users would somehow trust it due to its influence world-wide to the point that there are countries using it as legal tender.

While this may be the case, also remember that other cryptocurrencies depend their price on the price of BTC. Though there may be exceptions, this is considered the general rule.

[Finestream]

Over the years, I have noticed  that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that  altcoins  go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
 But being  that a product can be the first of its kind to be made (just like Bitcoin)  and other companies may decide to produce similar product;( just like alts)  but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

Since bitcoin dominates the whole crypto market, whatever its movement affects the whole coins in the market too. When bitcoin price consistently dumps, suddenly the whole crypto market becomes bloody. And once bitcoin price surges and skyrocket, the rest of altcoins follow and end up with a positive price too. We will all know when the crypto market is bullish because the first sign shows directly from the price of bitcoin.

[Silberman]

Over the years, I have noticed  that every time Bitcoin's price goes down other alt coins follow suite. And When the price of bitcoin increases, it’s expected that  altcoins  go up in price shortly after. Presently as bitcoin price reduced other altcoin prices was affected too. Fact is that Bitcoin has the most secured network and it was the first among others. No doubt some alt coins was made of bitcoins clone.
 But being  that a product can be the first of its kind to be made (just like Bitcoin)  and other companies may decide to produce similar product;( just like alts)  but that doesn’t mean the original product price and value will always affect others. So why does Bitcoin have such a big influence on other alternative cryptocurrencies.

There are simply too many reasons for why this is the case, a great deal of the coins in the market do not really offer any improvement over the code of bitcoin and as such they move very similar to bitcoin, the market dominance of bitcoin is very high and in fact it is even higher than what we believe, a great deal of coins only have a trading pair with bitcoin which makes them susceptible to its price movements, a great deal of altcoins are terrible and they have no future and as such they are entirely dependent on the way bitcoin moves, there are even more reasons but I suppose you get my point.

[Darker45]

There's an overall sentiment of the crypto market and no other coin represents the market but Bitcoin. So if there's something that affects Bitcoin, it must also affect altcoins to a significant extent. There's no reason why altcoins are insulated from factors that affect Bitcoin. After all, they share the same crypto ecosystem.

As a matter of fact, even macroeconomics affect Bitcoin. So if Bitcoin is affected by this factor then altcoins will also be affected.

[TravelMug]

It's because:

1. Bitcoin is the prime mover of cryptocurrency, so obviously it has dominated the market, and so with that it has influence every crypto that we have right now.

2. There is a symbiotic relationship between bitcoin/altcoin. That's why all tradings are BTC/X altcoin.