It is said that when the value of Bitcoin rises altcoins lose value, or at least their price in BTC falls, and I would like to understand exactly why.
If I have spend $10 in BTC to buy BLK, and BLK doubles its BTC price, but in the meanwhile the BTC value rises 6%, too (in reference to USD), I have $10 * 2 * 1.06 = $21.20, so, there's no loss of value.
However, on yobit at least, there was altcoins which saw a generalized selling, and other altcoins that just saw a tiny activity. In other words, the market was mostly paralyzed or only selling. Why is that?