bitcoin is controlled

[BADecker]

Since most of the major altcoins move up or down at the same time as bitcoin, aren't they all controlled? How does it work?

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[Dr.Bitcoin_Strange]

A common characteristic of the crypto market (Bitcoin and altcoins) is volatility: either the market is going up or down. There are some factors that contribute to the movement of the Bitcoin price, such as bad or good economic news, that could either cause the market to spike or fall, but the price movement of Bitcoin doesn't mean it's controlled. Also, war and pandemics can affect Bitcoin's price movement. From what I know, Bitcoin is decentralized and not regulated or managed by any organization. Altcoins price movement could be controlled by the project itself; for instance, they could add or remove liquidity from their token.

[Zorigi]

I personally am still a beginner in crypto knowledge, but in my opinion in this case what influences the rise and fall of bitcoin and altcoins is of course from several things, such as good news or bad news,
and fundamentally it affects the price of crypto.
and declining economic conditions, it greatly affects price movements.

[odolvlobo]

Since most of the major altcoins move up or down at the same time as bitcoin, aren't they all controlled? How does it work?

I think that one reason that coin prices move in tandem is that people invest in different coins for the same reasons, so they make the same short-term investment decisions regardless of the coin.

As for being controlled, I don't see how that would be feasible without being publicly visible. There might be one or more coins whose prices are manipulated, but I don't think that manipulation can exist across many coins.

[Hydrogen]

I was thinking that bitcoin's massive rise, could have been fueled by many around the world withdrawing money from their bank accounts to buy bitcoin instead. The crash of silicon valley bank has to leave consumers concerned about whether a bank run will occur. Whether they will have access to their money if FDIC insurance isn't upheld. This could lead to mass withdrawals with consumers seeking other assets in which to store their wealth.

We won't know for certain exactly what happened until more data is available. There are a few generic scenarios which can typically explain most price movements. Of which, most have been known for many years.

Many of the things people believe are "new" have been around for decades. People simply did not know about them until now.

[sheenshane]

There is various reason why they correlate to each other when the Bitcoin price goes up or down.
It might the reason Bitcoin is the most widely traded cryptocurrency, and as such, changes in its price can have a ripple effect on the prices of other cryptocurrencies due to liquidity effects.  Or it could be many altcoins are traded against Bitcoin on cryptocurrency exchanges, which can also contribute to the correlation between their prices.

For being controlled?
It might possible to manipulate because Bitcoin isn't immune to manipulation, it can be influenced by various factors, including market sentiment, supply and demand dynamics, and geopolitical events.  Or possibly it causes by large investors or traders who may be able to influence the price of Bitcoin through their trading activity or by spreading rumors or false information, IMO.

[Charmekkd]

Most of the altcoins are always controlled by the ups and downs of prices by bitcoin because it has become a habit for people when they want to buy altcoins to always look at the price of bitcoin first, so that way prices fluctuate and follow bitcoin trends.

but what has most influenced the increase in bitcoin in my opinion is the economic factor because if the economy is good, of course, a lot of people will withdraw their savings at the bank to buy bitcoin.
So the bitcoin price goes up.

[CryptoBuds]

Although the value of an asset will depend on supply and demand, and especially a decentralized asset like bitcoin. But in my opinion, the cryptocurrency market is still very new and small, so being manipulated by the rich is inevitable.
I believe what's going on in the market is largely controlled and manipulated rather than supply and demand, because if volatility were due to supply and demand, it wouldn't have volatility as much. Every market will have manipulation, but with crypto, there will be more than others.

[Fundamentals Of]

They move up and down at the same time as Bitcoin if you are looking at their prices in US dollar. Most of the charts today are showing the prices of Bitcoin and altcoins in USD. But once I shift the price of my coins in my mobile price tracking app to Bitcoin rather than USD, it shows that while Bitcoin is actually in green, the altcoins are all in red. When I set the prices in USD, all of them are in green. It's only because Bitcoin's price is really surging that the altcoins, even if they're falling in their prices in terms of sats, are still net green in terms of USD.

[Obari]

A common characteristic of the crypto market (Bitcoin and altcoins) is volatility: either the market is going up or down. There are some factors that contribute to the movement of the Bitcoin price, such as bad or good economic news, that could either cause the market to spike or fall, but the price movement of Bitcoin doesn't mean it's controlled. Also, war and pandemics can affect Bitcoin's price movement. From what I know, Bitcoin is decentralized and not regulated or managed by any organization. Altcoins price movement could be controlled by the project itself; for instance, they could add or remove liquidity from their token.

Wow you did a great job with your explanation but on the other hand, OP was basically trying to know if Bitcoin controls other Altcoins as most times it seems that when Bitcoin is in bear market, most of the coins also seems to drop and when Bitcoin also rises, most of the Altcoins also tend to move in same direction, hence OP was trying to know if the movement of other Altcoins are dependent on the movement of Bitcoin aswell.

Actually I have had this similar thoughts about crypto and also seeing Bitcoin as the superior to them all and I also think atimes tat most of this Altcoins are actually dependent on Bitcoin.
Hope I get a better explanation of why it seems other Altcoins move in same direction as Bitcoin.

[franky1]

Since most of the major altcoins move up or down at the same time as bitcoin, aren't they all controlled? How does it work?

yep. its called arbitraging
where people dont just day trade left and right between btc<>usd
but instead play the wider markets
usd>btc>eth>usd>btc
usd<btc<eth<usd<btc

what you notice is
each market/community(coin) should have its own 'price discovery' of its own community/utility/desires/speculations/benefits

however if the community is weak/low/uninterested. their own market 'price discovery' efforts do not move much. meaning it allows other coins arbitraging effort to affect the altcoin market more than the altcoins own price discovery efforts can defend against other coins arbitrage

bitcoin is strong so yes bitcoin over powers weak altcoins. when bitcoiners arbitrage between the markets

.. here is the thing.
ethereum has locked up most funds into "stake" meaning their community is passive rewarding itself new coins. but not then able to trade those coins on the market.. thus has become less price discovery independent due to their weak market. their stake is locked until they release code to allow stake unlocking (so people can actually spend their passive rewards)

this means ethreums price speculation is controlled by bitcoin. and is being artificially held up by bitcoiners

but wait until those who staked can unstake. then there will be a wave of people selling coins on eth and breaking the shadow tracing arbitrage of bitcoin .

here is another thing
when ethereum switched to pos. the underlying cost of creating new coin dropped by 95% meaning there should have been a correction of price discover by a 20x drop/correction

however due to the lack of 'unstaking' the arbitraging of markets. that correction has been delayed

but as soon as unstaking is allowed and people can then sell their eth where lots of eth suddenly hits the market. expect the 20x correction

the eth-btc ratio will change from 14:1 to 280:1
meaning instead of ~$1.6k eth it will be ~$80

eths underlying price discovery of cost of coin reward is about $40 a coin.. down from 800 a coin
so right now eth is artificially marketed at a 40x of value
which pre pos it was price discovering at only/ever a speculation of ~1.5x-6x
thus yes eth is going to correct

[avikz]

Since most of the major altcoins move up or down at the same time as bitcoin, aren't they all controlled? How does it work?

Not controlled, I would say the crypto market is influenced by bitcoin. Bitcoin enjoys the perks of being the biggest and oldest crypto. But the crypto market is not entirely influenced by bitcoin. There are multiple coins in the market which shows a contradicting pricing pattern. But when it comes to other big cryptos, they are usually a follower of the pricing trend of bitcoin. But they are not controlled in any way!

[Zanab247]

I guess, the price of BTC controlled other cryptocurrencies because whenever the price of Bitcoin is going doing in the market other cryptocurrencies price will also going down to allow people to buy and hold, that made many users to believed BTC control other cryptocurrencies. The price of BTC just returned back to $24k yesterday and other cryptocurrencies price has started displaying green light already to alert their customers about bull season soon.

[moneystery]

Since most of the major altcoins move up or down at the same time as bitcoin, aren't they all controlled? How does it work?

I don't think it's controlled, because the crypto market is big enough and mature. But just like other investment markets, the crypto market cannot be separated from government influence and economic sentiment as well as the role of whales which often affect the crypto market and make it appear unstable. Due to these various external influences, it seems that the crypto market is in control, but it is not controlled at all.

[franky1]

i too agree with the term "influenced"

another example of influence

the bitcoin market is the strongest so influences the weaker markets of altcoins

but bitcoin whales mainly trade on bitcoin "futures" markets where they bet the price wont go above X or below Y  (some even bet that it wont move outside both XY)

those whales then use another stash of funds to then play the bitcoin spot market.
this is where instead of seeing a free market of price discovery on bitcoin you see (on a monthly view) that the weekly price gets less volatile and apears as a flat line

december 2022 had a near month long resistance to go above 17k. this resistance was lifted when futures whales won their futures bet at new year. and allowed a bit of free market discovery which days later they started weekly bets and influenced again
which is why on a wide view of monthly/6monthly you see a 'step stone' view instead of a mountain landscape
    |\_~~\
~~|      ^\~~
instead of
  /\     /\
 /  \/\/   \
/            \/

[YUriy1991]

I think this is very common and many people know why this happens. my opinion because Bitcoin is mostly controlled by market sentiment of traders and investors. This is because Bitcoin is the most traded cryptocurrency so its price movements often affect the prices of other altcoins. If we pay attention, the symbiotic relationship between Bitcoin and altcoins is also caused by the fact that most crypto trading pairs are denominated in Bitcoin.

[Othellobit]

unlike Fiat money,  bitcoin technology does not seek permission from any central authority for transaction. Bitcoin is not controlled neither is it influenced by any private Body, Not even companies. most governments or companies that earlier saw the need of accepting it as a legal tender only have little control over a particular percentage of bitcoin, and this is called control of ownership. With this, they can only influence it's price with some regulations and other factors.  they can't have a control over it's overall policy due to its decentralised nature.

[Solosanz]

Since most of the major altcoins move up or down at the same time as bitcoin, aren't they all controlled? How does it work?

It's actually major altcoins are get controlled by Bitcoin based on your sentence, not Bitcoin is controlled.

But controlled isn't a correct word, but it's more like influenced since majority of altcoins holders are traders, so they're making money with the pump and dump scheme. When they see Bitcoin price is declining, major of altcoins will follow and they will convert it to a stable coin. That's why the market between volatile coins and stable coins are work different.

[StarKay]

Since most of the major altcoins move up or down at the same time as bitcoin, aren't they all controlled? How does it work?

I don't think this should be up for debate because it is obvious to everyone that there is manipulation in the cryptocurrency market and the Whales are incharge of the market direction. CZ Binance is obviously one of the whales, I could also mention Justin based on their twitter activities.

Most altcoins unfortunately are pegged to Bitcoin for reasons best known to the developers otherwise we won't be having this almost one directional market situation.

[jrrsparkles]

Since most of the major altcoins move up or down at the same time as bitcoin, aren't they all controlled? How does it work?

It can be manipulated but can't be controlled, cause looking at the market cap value its impossible for someone to control the prices as they wish because there won't be that much liquid cash available in anyone's hand or bank account in this world. Another simple reason is people just follow the trend of Bitcoin for their investment choices so whenever the bitcoin rise or falls the investors of altcoins too make changes in their holding which resembles the trend of Bitcoin to some extent.