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I don't know much about cryptocurrencies, but I was looking at the Coinbase value graphs of bitcoin and ethereum, and noticed that even on one day, every single dip and peak affect all three currencies displayed. Why is that?
Bitcoin, Ethereum and Litecoin value graph look very similar
Answers
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The prices of basically all altcoins follows that of Bitcoin's. So generally when Bitcoin goes up, so do altcoins', when it drops, so do altcoins'. This is generally because altcoins are primarily used as a way for people to get more Bitcoin.
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May be there is no relation because correlation does not imply causation. However, I am not an expert.
related: Correlation between Ripple and Bitcoin
– Murch – 2017-06-27T02:21:18.523