Examining the relationship between bitcoin and altcoins

Today, currencies that have a physical existence are at risk of losing their importance. Especially in recent years, with the acceleration of technological developments and the Covid-19 pandemic, digitalization has gained importance. In this context, individuals have begun to engage in more commercial activities through the use of virtual platforms. Cryptocurrencies have been used more intensively as a means of payment for commercial activities. It is also preferred for remittances and investments in the financial sector. Cryptocurrency, like money with physical assets, offers a wide range of everyday uses. Thus, the volume of the cryptocurrency market has increased in recent years. The current market capitalisation of cryptocurrencies is $2.56 trillion, and the daily trading volume they trade is $67.83 billion. The number of cryptocurrencies in use is over 10,000. Bitcoin is the world's leading cryptocurrency with a market capitalization of $ 1.37 trillion and a market share of 53%. Therefore, in the study, the relationship between Bitcoin and the ten altcoins with the highest market value was analyzed with Johansen Cointegration, Granger Causality Tests and the Rule of Association. Within the scope of the study, daily closing prices for the period 01.01.2020 - 31.12.2023 were used. As a result, a long-term relationship has been identified between Bitcoin and other cryptocurrencies. According to the vector error correction model, the lndoge and the lnshib move together in the long run. In this way, deviations in the short term are eliminated and the shock effect ends in the long term. On the other hand, there is a unidirectional causality from the lnbnb and the lnxrp to the lnbtc. Unidirectional causality was found from lnbnb, lnsol and lnxrp to lneth and from lnbnb to lnxrp. In other words, an increase in BNB contributes to BTC, ETH and XRP. In addition, the increase in XRP will allow the BTC to increase in value. In addition, the increase in XRP will allow the BTC to increase in value. An increase in SOL may lead to an increase in ETH. In the Association Rule analysis; It has been observed that the BTC variable and all of the BNB, XRP, ADA, DOGE and ETH variables defined as input variables move together. Keywords: Cryptocurrency, Bitcoin, Causality Test, Association Rule.