The cryptocurrency market is hitting the skids. Bitcoin has hit its lowest since February and Litecoin has crossed below $100 for the first time this year.

Cryptocurrency analysts have unanimously suggested that the price drop has something to do with the Coinrail hacking. But, the hacking didn’t have anything to do with Bitcoin, Litecoin, or most of the other 1600 odd cryptocurrencies listed on CoinMarketCap. So, why is the entire market down? The recent movements are again highlighting the phenomena of cross-coin price correlation.

Look at the price movement of the top 11 cryptocurrencies over the last week, for example. They all seem to follow the same pattern: