For years , we have always heard and have seen how the movement in bitcoins price affect other coins/tokens price.
Going through the charts of other Cryptocurrencies, it is seeing that the remarkable rise of other crypto follows the rise of bitcoins. Since bitcoins has its own blockchain and other crypto have their own Blockchains, how does the price of bitcoins influence other Cryptocurrencies, please I need diplomatic explanation on this phenomena.
Make I use politics explain am small, Bitcoin na Nigeria president wey be Buhari then other altcoins na the governor dem wey we get for state. Inside that altcoins (governors) we get local government wey be the low marketcap coins like memecoins and the shitcoins dem. Anything wey affect president e go surely affect other state governors (altcoins). If the country (cryptocurency market) dey go well na because the president (Bitcoin) dey cause am and vice versa. Bitcoin na wetin hold the whole market on lockdown. Na Bitcoin dey popular pass before any other altcoins so the success of Bitcoin or the downfall wey be the rise and fall of Bitcoin price, go automatically affect other altcoins.
E go affect altcoins because people dey observe how Bitcoin dey move before dem buy altcoins. Na Bitcoin be the S. I unit for the cryptocurrency market, na bitcoin people dey carry measure how the market be. If Bitcoin dey fall, expect say the whole market go react negatively and same thing go happen when Bitcoin begins they moon. History dun show say na so the market dey behave so people dey observe am and wait to see how Bitcoin dey move before dem take their decision to invest inside the market so dem go get better profits from their altcoins investments.
Snr. Man this your explanation go well o. Nobody wey go see and read this one wey no go understand unless the person na container. So far, the explanatory tells more when compared to the governmental structure and leadership in play.
let me take this to the health sector for more explanatory; There is a sayings that says when the head is down, it affects other system or parts of the body because they would not function well as the head is not in shape or good form health otherwise.
Now the head is likened to be bitcoin and other parts of the body can be seen as other alt coins in the crypto industry or space.
when the head eats through the mouth, it goes down into the system for other organs to digest and get strength and life to live a good and healthy life, they grow as well after they have consumed what ever they have consumed by virtue of the mouth eating through the head. This is the case of bitcoin and other crypto currency. If you understand it the you could get a clear picture of what and how bitcoin leads other crypto currency.
When the head is attacked or cut off,it definitely affects other parts of the body which means that if bitcoin is by any means threatened, it also have adverse effect on other crypto currency.
I think this explanatory could serve better for proper understanding added to other explanations.
