This might be a dumb question, but it's been puzzling me for a while. I have noticed that oftentimes, prices for various cryptocurrencies go up/down almost simultaneously.
I do understand that certain news can affect the crypto market as a whole, and hence should affect the prices of all currencies simulatenously. But oftentimes, there is no apparent reason for drops, yet currencies still drop/rise almost in perfect sync. Intiutively, I'd expect some push-pull mechanism, where, for example, bitcoin drops first, leading to general uncertaintly and subsequent drops in altcoins. But this is rarely what I've observed.
Does someone have an explanation for this? Or is my observation incorrect?
Thanks for the help, T