Altcoins follow Bitcoin price’s lead as uncertainty grips crypto market
Historical data suggests that during periods of extreme market turbulence, most altcoins tend to follow Bitcoin’s price movements closely. Cryptocurrency investors all over the globe have been facing a challenging time for over a month thanks, in large part, to the unprecedented price drops that have happened across the board in relation to most prominent digital currencies available in the market.Since the start of June, the total market capitalization of this relatively nascent space has dipped from a little over $1.8 trillion to around $1.3 trillion, thus showcasing a loss of over....
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Bitcoin has been struggling for the last month and has struggled to hold the $20,000, losing its footing multiple times. Through this time, altcoins, while having followed the digital asset on the way down, had begun to gather momentum through the small recoveries recorded over the last couple of weeks. As July draws in on its first weekly close, performance across the market has shown that bitcoin is getting left behind. Altcoins Take The Lead The altcoins had been the worst losers of the downtrend. Although all of the indexes including bitcoin had seen losses into the double-digits, the....
The crypto market is in a phase where altcoins from the previous rally, 2017’s bull market, are absolutely ripping faces off. While Bitcoin is up 5% in the past 24 hours, there are a series of these altcoins that have gained dozens of percent over the past day. These include but are not limited to […]
Where Bitcoin leads, altcoins usually follow — but the smartest crypto traders manage to turn BTC dips into buying opportunities. We’ve argued many times in the past that the correlation between Bitcoin’s price and the market capitalization of hundreds of altcoins makes very little sense.Whether you buy into the idea that Bitcoin is digital gold, or a payment mechanism, or both, it doesn’t have a whole lot in common with Ethereum, Shiba Inu, or FTX’s native exchange token.Well, whether we like it or not, big moves in the price of Bitcoin define crypto markets.Before Bitcoin slid from the....
Altcoins, the alternative cryptocurrencies that emerged as counterparts to the dominant Bitcoin, have always held an air of excitement and uncertainty within the volatile world of digital assets. In the ever-evolving landscape of the crypto market, where trends can rise and crumble in the blink of an eye, a notable crypto analyst, Benjamin Cowen, offers […]
Ethereum was once again trading close to its support of $2,550 on Saturday, as crypto markets continue to consolidate. Following strong gains on Tuesday, BTC and ETH have both mainly traded sideways, as price uncertainty grips markets. Bitcoin Bitcoin is down just over 1% as of writing, as the world’s largest cryptocurrency continued to trade below $40,000 to start the weekend. On Saturday, BTC/USD has so far fallen to an intraday low of $38,432.93, following an earlier high of $39,510.69. Today’s high is roughly $1,000 lower than yesterday’s peak, where we saw bitcoin....