Maybe the correlation in trend has to do with the fact that most people have to buy BTC in order to buy ALTcoins?
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Maybe the correlation in trend has to do with the fact that most people have to buy BTC in order to buy ALTcoins?
Good thought. I hadn't considered, but could be the reason!
I think the correlation is:
Once BTC goes up. If a coin was worth X BTC then automatically at the moment BTC is up, that coin USD value goes up. Because you can trade it and get the same X BTC but BTC worth more USD.