Why Altcoins Follow Bitcoin? Why Does Bitcoin Have Such A Big Influence On Other Cryptocurrencies? If bitcoin goes up will the altcoins also go up? If so, why are altcoins dependent on bitcoin? altcoins is highly correlated with the price of bitcoin.
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Many altcoins are bought with bitcoin, which explains why their prices are so closely linked. As a result, buying bitcoin and then buying an altcoin raises the price of both cryptocurrencies.
If someone wants to "cash out" and sell their altcoin, they'll first sell it for bitcoin, then sell the bitcoin for cash. Both prices are pushed lower as a result of this.
Why do all Cryptos move together?
Why do Altcoins move with Bitcoin?
Why do all Cryptocurrencies follow the same trend?
This tends to be because altcoin buyers generally purchase Bitcoin with fiat currency, to exchange for their chosen altcoin.
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***DISCLAIMER***
The videos are solely for educational purposes and do not provide any investment advice or suggestions, nor do they recommend the purchase or sale of any cryptocurrency.
