Does The Price Of BTC affect Altcoins?

[Deallove9]

This should be a news any more cause every move of btc will have effect on every altcoin when it dip or pump , so btc is very unique in cryptocurrency and blockchain technology .

[laughingburger]

Yesterday was something else. For the first time in 3 months, BTC price plunged below $6k. Almost simultaneously, some altcoins also experienced price drop. Was this as a result of the plunge in BTC price?

I believe for now bitcoin can have big effect on altcoins survival. As btc is the founder of crypto and if people lose confidence/ interest in btc most probably they will also sell away their altcoin and cash out what they have in crypto.

[trauchot]

Quite right, it has always been and will be, because bitcoin dominates the cryptocurrency market and almost the entire market depends from it, this is the way the cryptocurrency market works and nothing can be done about it.

[PreshB]

Yes  it  does  to  an  extents,  because  bitcoin  is  in  control  over  the  crypto  market  price,  every  other  coin  look  forward  to  see  when  bitcoin  we  rise  and  you  will  see  them  increasing  too. In  summary  bitcoin  price  affect  altcoin  price  in  a  big  way.

[borzoybitok]

The market is not stable, but altcoins can grow faster in price. Of course, this is not a long-term prospect. The only dependence on bitcoin is the rate of exchange after the ICO

[dragononcrypto]

Yesterday was something else. For the first time in 3 months, BTC price plunged below $6k. Almost simultaneously, some altcoins also experienced price drop. Was this as a result of the plunge in BTC price?

The cause of the BTC fall last night due to the BCH power struggle war, look at this: https://twitter.com/RamenofBinance/status/1062695905768263680/photo/1

Jihan:

I have no intention to start a hash war with CSW, because if I do (by relocating hash power from btc mining to bch mining), btc price will dump below yearly support; it may even breach $5000. But since CSW is relentless, I am all in to fight till death!

This tweet seem to be a declaration if war between csw and jihan. Hope investors are not going to pay dearly for this.

I agree that the drop appears to be the classic "fork fear", especially when it happens in a bear market, with low volume and volatility. We've all witnessed the likes of Ripple and Ethereum, 2nd and 3rd largest altcoins, move the overall market (including BTC) up or down based on news or events, so it's no surprise that the fourth largest altcoin has left ripple effects across the crypto space.