Why do you think bitcoin have a big influence on other cryptocurrencies

[Lens1000]

You will agree with me that when the price of bitcoin rises or dips , other alternative cryptocurrencies or altcoins follow

What makes this happen? Why does altercoins price follow bitcoin coin's price changes closely in digital currency ecosystem? These are the following reasons

1)many altcoins are bitcoin's clone

Litecoin was cloned around bitcoin because it uses a copy of bitcoin code with the goal
of becoming lighter and faster version of the original. Many of such clones are bitcoin cash, bitcoin gold, bitcoin diamonds and many more

The primary purpose of the cloning is to produce a better version the original. Yet, it still dominate while others follow its lead.

2) bitcoin was the first virtual currency
Bitcoin is the pioneer in the cryptocurrency industry and this makes the industry put a lot of weight on it shoulders over the years.
This increases its popularity to astronomical level. It was the coin that put cryptocurrencies into mainstream. It paved the way for the entire industry.

You will be 50% right using bitcoin's fact-findings to predict the price trend of the altcoins

Why do you think bitcoin have enormous influence over the alternative cryptocurrencies

 

[sincerem]

When the price of BTC fluctuates on the down it affects other coins, cos lots of investors who hold BTC also hold the smaller coins. So when their is panic based on decisions made by govt regarding the usage of crypto, which is negative. They flip their coins, both BTC and other coins, as such causing drop down in the market.

 

[Lens1000]

When the price of BTC fluctuates on the down it affects other coins, cos lots of investors who hold BTC also hold the smaller coins. So when their is panic based on decisions made by govt regarding the usage of crypto, which is negative. They flip their coins, both BTC and other coins, as such causing drop down in the market.

You are right. Even if the decision made by the government is only on bitcoin , other coins follow too. It's more or less like what takes place in fiat currency too. US dollars have overwhelming influence on most of other country's currency.
I just hope the original coin claim the desirable margin back

 

[sincerem]

You are right. Even if the decision made by the government is only on bitcoin , other coins follow too. It's more or less like what takes place in fiat currency too. US dollars have overwhelming influence on most of other country's currency.
I just hope the original coin claim the desirable margin back

Yes, countries ban and policies which we've seen around crypto ecosystem, have really influenced the coins negatively. Some top and heavy investors who invested around BTC and other altcoins, Defi coins etc. Will just grow frustrated cos of the tension that it must have caused in their life to flip their coins and it will affect all the coins. Our prayer is for the coins to regain back its origin price tag and start moving up again.

 

[A K Rao]

You will agree with me that when the price of bitcoin rises or dips , other alternative cryptocurrencies or altcoins follow

What makes this happen? Why does altercoins price follow bitcoin coin's price changes closely in digital currency ecosystem? These are the following reasons

1)many altcoins are bitcoin's clone

Litecoin was cloned around bitcoin because it uses a copy of bitcoin code with the goal
of becoming lighter and faster version of the original. Many of such clones are bitcoin cash, bitcoin gold, bitcoin diamonds and many more

The primary purpose of the cloning is to produce a better version the original. Yet, it still dominate while others follow its lead.

2) bitcoin was the first virtual currency
Bitcoin is the pioneer in the cryptocurrency industry and this makes the industry put a lot of weight on it shoulders over the years.
This increases its popularity to astronomical level. It was the coin that put cryptocurrencies into mainstream. It paved the way for the entire industry.

You will be 50% right using bitcoin's fact-findings to predict the price trend of the altcoins

Why do you think bitcoin have enormous influence over the alternative cryptocurrencies

People in fact are investing in small crypto currencies as te cost of the bitcoins is too high. For the fraction of the bitcoin's price people may get more than some crypto coins of other currency! Though there may be any number of crypto currency in the market the first crypto was bit coin and remaining all all either clones or dependent on the bitcoin as far the pricing is concerned so there is definitely fluctuation in the other crypto currencies prices as there is change in the Bitcoins.

 

[Lens1000]

People in fact are investing in small crypto currencies as te cost of the bitcoins is too high. For the fraction of the bitcoin's price people may get more than some crypto coins of other currency! Though there may be any number of crypto currency in the market the first crypto was bit coin and remaining all all either clones or dependent on the bitcoin as far the pricing is concerned so there is definitely fluctuation in the other crypto currencies prices as there is change in the Bitcoins.

It is very obvious that the influence of the bitcoin on other cryptocurrency is very enormous despite the fact that the altcoin was cloned with the aim that it should be better in terms of speed than the original version.
But it never happened that way. Instead, bitcoin continue to gain momentum.

 

[Chibson]

Bitcoin is undoubtably the first-ever cryptocurrency and that has made it to be very influential. Whatever happened to bitcoin automatically affects other thousands of cryptocurrencies. An example is the recent fall in its price and of course we also have the prices of other cryptocurrencies fell. I consider bitcoin as a king of cryptocurrencies because whatever happens to it happens to others.

 

[Lens1000]

Bitcoin is undoubtably the first-ever cryptocurrency and that has made it to be very influential. Whatever happened to bitcoin automatically affects other thousands of cryptocurrencies. An example is the recent fall in its price and of course we also have the prices of other cryptocurrencies fell. I consider bitcoin as a king of cryptocurrencies because whatever happens to it happens to others.

Other digital currency follow its lead. The major cause is that people hardly spent time studying other coins but choose to invest on them by studying the original digital currency. So, when they notice a big fall in price of the bitcoin , it gives rise to fear and that will trigger a sell-off on the altcoins they invested on. So, bitcoin's carry a heavy weight on its shoulders as the pioneer digital currency in the cryptocurrency market