Is Bitcoin the entire crypto market?

[Fidelia]

I read a crypto analyst today that said that bitcoin is the entire crypto market. His reason? When bitcoin is down, the entire crypto market is up. And when bitcoin is up, some of the altcoins manage to stay up.

Do you share the same sentiment that bitcoin is the crypto market entirely?

 

[Suba]

To analyze the truth of the article you read, you must use bitcoin's dominance over altcoins where you also have to calculate the total marketcap and volume and you compare it with Bitcoin's marketcap and volume. In addition, you also need to control the movement/activity of Bitcoin whales.

 

[SilverLance]

Bitcoin often has a major impact on overall crypto market, I do not believe that it's accurate to say, bitcoin is the entire crypto market. Bitcoin may be the most well known and widely traded cryptocurrency, but there are thousands of other altcoins with their own unique features and use cases.

 

[Stardom22]

That is a very straightforward thing. In most of the times the price movements for the bitcoin determines the other crypto assets.

 

[riberet19]

This is due to the dominance of Bitcoin, Bitcoin has the dominance of almost 50% of the entire crypto market, that is, half of the market capitalization, so when Bitcoin falls, it drags down all the other cryptocurrencies causing fear and falls in all cryptos.

 

[Stardom22]

I can bet that the bitcoin is the main crypto currency for that matter. However by being decentralised in the Blockchain network, it has a directly effect on the other altcoins in cases of any possible price twist depending on the global market trends.

 

[Kross]

I believe so much in bitcoin. I have come to believe that all other cryptos have a direct inclination to what happens with bitcoin.

 

[SilverLance]

Crypto market is diverse and constantly evolving. While Bitcoin may dominate in terms of market capitalization and mainstream adoption, there are many other cryptocurrencies with unique features.