Despite the revolution and evolution of the digital currency market, with ever-increasing on-ramps, platforms, and exchanges. There still is a correlation between the price of Bitcoin and the rising and falling of the crypto market.
According to the author of Altcoin Traders Handbook Nik Patel, since last year, Altcoin collectively experienced an over ninety percent decline against Bitcoin, and over ninety-five percent declines against the US dollar due to Bitcoin losing about eighty-five percent of its value.
Furthermore, Patel states that while the short terms movements of Ethereum/USD are linked with Bitcoin, a decoupling is expected soon if Bitcoin makes yet another keg down and maybe consolidate below the thirteen thousand and nine hundred dollars(yearly high) for at least a couple of weeks.
The Chief Technology Officer at Ripple David Schwartz on his twitter handle stated that XRP is coupled with Bitcoin because of the same reason as to why other cryptocurrencies are. The market tends to believe that either the other cryptocurrencies will catch on or they might not, but they have not been able to differentiate between them.
I think XRP is coupled with BTC for the same reason all other cryptos are. The market thinks either cryptos will catch on or they won't but doesn't yet really distinguish between them. 1/2
— David "JoelKatz" Schwartz (@JoelKatz) July 9, 2019
So, basically, they are coupled because the market is still struggling to find out whether cryptocurrencies will disrupt the finance or would they vanish away.
