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Our comprehensive analysis across multiple market regimes reveals that small-cap cryptocurrencies exhibit significant delayed responses to BTC price movements. To examine this behavior, we introduce a simple indicator of immediate price responsiveness and find that lower liquidity tends to be associated with slower reactions. Granger causality tests further demonstrate unidirectional Granger-causal relationships from BTC to ALTs. Based on these findings, we develop a lag trading strategy using BTC's preceding returns as a leading indicator. Through machine learning-based trading decisions, our strategy consistently outperforms traditional buy-and-hold approaches across diverse market conditions. This research provides evidence of information transmission frictions in cryptocurrency markets and demonstrates the viability of practical investment strategies that leverage short-term anomalies. Our findings offer value to high-frequency and arbitrage traders while contributing new academic insights to the literature on cryptocurrency market microstructure.<\/jats:p>","DOI":"10.1007\/s10690-026-09589-z","type":"journal-article","created":{"date-parts":[[2026,3,10]],"date-time":"2026-03-10T05:41:28Z","timestamp":1773121288000},"update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Price Transmission from Bitcoin to Altcoins: High-Frequency Evidence and Implications for Trading Strategy"],"prefix":"10.1007","author":[{"given":"Tomoki","family":"Kurihara","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6651-5889","authenticated-orcid":false,"given":"Takuji","family":"Matsumoto","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"297","published-online":{"date-parts":[[2026,3,10]]},"reference":[{"key":"9589_CR1","doi-asserted-by":"publisher","first-page":"143","DOI":"10.32890\/mmj2021.25.6","volume":"25","author":"R Abdul Rahim","year":"2021","unstructured":"Abdul Rahim, R., Ling, P. 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