Because they are all somehow tied to BTC been the main and well known cyptocurrency in the digital space. BTC has certain level of dominance control, I believe about 46 percentage of the total crypto market, so it's for other coins to go down on any attack or fud of Bitcoin
Most altcoins are created to benefit from the gains made by Bitcoin or another well-established cryptocurrency such as Ethereum.
Ethereum itself was made to be a development platform, while Bitcoin itself was just meant to be a payment system. As a development platform, Ethereum made possible the creation of a large number of other altcoins, tokens, and other services such as DeFi. Ethereum is at a point now where it no longer depends on the Bitcoin price for its own price performance.
For an altcoin to be less dependent on the Bitcoin price for its own price performance, it needs to offer use cases which solve problems that exist with other altcoins or with Bitcoin itself. The more utility an altcoin has, the greater the chance its price can go up even if the Bitcoin price goes down. It takes time to reach that stagge, but to reach that stage the altcoin has to be useful.
Because they are all somehow tied to BTC been the main and well known cyptocurrency in the digital space. BTC has certain level of dominance control, I believe about 46 percentage of the total crypto market, so it's for other coins to go down on any attack or fud of Bitcoin
Alright thank you for the great response..
Most altcoins are created to benefit from the gains made by Bitcoin or another well-established cryptocurrency such as Ethereum.
Ethereum itself was made to be a development platform, while Bitcoin itself was just meant to be a payment system. As a development platform, Ethereum made possible the creation of a large number of other altcoins, tokens, and other services such as DeFi. Ethereum is at a point now where it no longer depends on the Bitcoin price for its own price performance.
For an altcoin to be less dependent on the Bitcoin price for its own price performance, it needs to offer use cases which solve problems that exist with other altcoins or with Bitcoin itself. The more utility an altcoin has, the greater the chance its price can go up even if the Bitcoin price goes down. It takes time to reach that stagge, but to reach that stage the altcoin has to be useful.
Hmmm thanks for this wonderful information...i appreciate it