Can someone ELI5 why the majority of all coins pump and dump in unison?

Never seen a simple answer for this. For example if there is good news for bitcoin, how does it seem to impact the top 100+ coins across the board? If I think an ETF approval is coming for bitcoin why would that lead to a pump in PEPE coin or any other random coin that is not in the same utility sector or function? Same thing happens on the downside as well. You could argue this happens in the stock market but it is generally sector by sector and good/bad news for say airline stocks would only impact that area. Also feel like its much easier to trade stocks vs a lot of the top coins aren’t even available on most exchanges. Is there some kind of staking or wrapping factor at play? Is it leverage based?