We all know well that Bitcoin is the first, strongest, most important, and most valuable digital cryptocurrency, and its impact on the cryptocurrency market is estimated by financial research centers to be 57%. However, I believe its impact is greater than that average. And understanding that the owners of all cryptocurrencies are individuals, institutions, companies, and governments who are keen to buy Bitcoin as a strong guarantee for their currencies, which, of course, no matter how many are available and their price is low, are not like Bitcoin, which is limited in quantity and number.
So, do we rely on analyzing cryptocurrencies other than Bitcoin during trading to determine the direction? Of course, but to a small extent, especially stable and famous currencies like Eth, BNB, Sol, etc.
Likewise, new currencies and tokens as well.
Why? Because it is not independent in itself, but has a certain margin for movement that cannot be exceeded, and its overall direction remains completely linked to the movement of Bitcoin, which can be called the king of cryptocurrencies.
If I am a trader, I want to succeed and achieve successful deals. I must focus on analyzing the overall direction of Bitcoin and then analyze any other currency I want to trade in.
