Why does the price of altcoins go down when the price of bitcoin goes down? I don't understand. If anyone could enlighten me, I would greatly appreciate it! Thank you!
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Why does the price of altcoins go down when the price of bitcoin goes down? I don't understand. If anyone could enlighten me, I would greatly appreciate it! Thank you!
Angst
One of the conduits that people use to buy altcoins is through bitcoin, hence when they see the market drop, a significant portion of people will flock to bitcoin. Thats not to say that bitcoin might not drop along with altcoins on a USD level, however the relative strength of bitcoin will be much greater than that of altcoins.
I'd have to say ALTs typically go down when BTC goes down because all altcoins tend to follow BTC. If alts go down, even slightly, many people sell into BTC. After selling into BTC, the people that I know will sell their BTC into USDT and wait for prices to stableize.