Why the Bitcoin price defines the cryptocurrency market
Whereas all cryptocurrencies remain untested and have complex goals, some reasons exist as to why Bitcoin price is defining cryptocurrency market.
-People might point to Bitcoin’s slower transaction speed or wasteful Proof-of-Work mechanism, but the core tenants of Bitcoin and cryptocurrencies – namely decentralization and global money – are doing just well.
-Ethereum and other smart contract platforms have yet to see fully successful projects built on top and are still very much experimental.
-Bitcoin has had the first-mover advantage over its competitors. Any person who is not even interested in cryptocurrency has at least heard about Bitcoin before any other crypto.
Such are among the few factors why Bitcoin price is still driving the market prices as explained in this article: https://scontent.xx.fbcdn.net/v/t1.15752-0/p480x480/59925258_591520344700370_7150910382205304832_n.jpg?_nc_cat=106&_nc_ad=z-m&_nc_cid=0&_nc_zor=9&_nc_ht=scontent.xx&oh=7f955ae20f4a34aae0385c53e0c2f120&oe=5D71FED6