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RE: Bitcoin Massive Price Drop, Profit Taking, BTFD, And Why There Will Never Be Another "MtGox Event"
I'm not sure who posted this on Steemit, but they were pointing out that so many of the cryptos had to be converted to Bitcoin in order to cash out after the upswing. This increased investment into Bitcoin prior to cashing out would cause a false high as well. I thought it was a great point and one I had not thought of.
Yes, it's something I've talked about sigh @bitcoinmeister
Since Bitcoin is the most liquid crypto right now, people move to it to claim their profits.