This is due to the fact that Bitcoin has the largest capitalization among similar coins. Another factor is that this coin is the oldest. It also has the highest cost. Examples of which cryptocurrencies depend on Bitcoin are forks of this asset.
They differ least from BTC, since they previously separated from this asset and became independent digital currencies.
But there are cryptocurrencies that are independent of the main digital currency. We are talking about stablecoins. These are digital currencies that always cost the same. This is possible due to the fact that they are backed by real fiat funds.
When does Bitcoin's dominance fall?
As new cryptocurrencies emerge, Bitcoin's dominance is decreasing. The situation when the Bitcoin Dominance Index falls is called altseason, or altcoin season. This period begins if, within three months, 75% of the top 50 altcoins exceed Bitcoin in market capitalization.
The price of Bitcoin depends on:
If there are many people willing to buy the main cryptocurrency, its value will rise. If it’s not enough, it will go down.
