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Does Bitcoin affect the price of Litecoin?

Does Bitcoin affect the price of Litecoin?

Bitcoin Reddit

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Does Bitcoin affect the price of Litecoin?

Hello everybody! I would like to share with you my concerns about Bitcoins and Litecoins. I wonder if someone can explain to me if the Bitcoin and Litecoins are correlated in some ways? Taking into account that Litecoin actually came after Bitcoin, and they have a lot of similarities.

I think you are already aware that Bitcoin’s recent dramatic fall followed up the fall of Litecoin. Besides, I don’t believe that everything is going to be over soon. I keep tracking the price for both Bitcoin and Litecoin, and the only thing I can say is that everything is so uncertain.

I’ve started my morning by checking the prices for both cryptocurrencies instead of having a cup of coffee. Honestly, the news about cryptocurrencies now wakes me up better than caffeine. Usually, I check the bitcoin graph first since I believe that they are tightly correlated. The chart clearly shows that everything is uncertain and unstable. Even for the past couple of weeks, the price has dropped and increased a couple of times.

https://preview.redd.it/oyt8v04hrt571.jpg?658&format=pjpg&auto=webp&s=e7515e39ccdec3ada290636834c7132e6b80bead

On the other hand, it seems like the situation on the market is trying to stabilize. Still, I have no idea what are factors caused this dramatic fall in the first place? Different news sources and social media tend to blame politicians and large corporations, sometimes even nations. I have absolutely no idea which source is telling the truth. It talks about how to find and analyze cryptocurrency signals. I hope I can find here some mature investors who can share their point of view on how it works.

Besides, if you check the graph of Litecoin, which I’ve posted below, you will see the price for Litecoin is keep falling. I don’t see any correlation between those two at the moment. Still, some sources keep saying that Litecoin is tightly linked to Bitcoin, while graphs say the opposite things. Or, perhaps it is just a short-term scale?

https://preview.redd.it/14qq5nkhrt571.jpg?690&format=pjpg&auto=webp&s=f19cd762c510aedb550881f100330f06a56b6a9c

Anyway, thank you for your time reading my concerns about cryptocurrencies. I would be happy to read about your thoughts and concerns regarding the current events in the crypto market.

submitted by /u/CheekilyShout434
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