Here's why altcoins are dropping as Bitcoin price inches closer to $50,000
The altcoin market crashed as Bitcoin achieved a new all-time high and made its way towards $50,000. Altcoins plunged steeply on Feb. 14 after the price of Bitcoin (BTC) achieved a new all-time high above $49,000.The timing of the altcoin market’s drop was noteworthy because it corrected as BTC was rallying, which typically does not happen.So why exactly did altcoins crash?There are two main reasons why the altcoin market pulled back despite the strength of the dominant cryptocurrency.First, when the price of Bitcoin rallied to a new record-high, it sucked out most of the volume in the....
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Altcoins, after three years of a bear market, are lagging far behind Bitcoin in terms of overall recovery. Ethereum, XRP, and several others are still more than 50% away or more from their all-time highs, while Bitcoin inches closer to revisiting its. Bitcoin is undeniably bullish, but altcoins are currently showing indecision in more ways […]
Bitcoin market dominance continues to decline as the markets make their way back up the charts. The top cryptocurrency has seen its market share consistently dropping as investors get interested in altcoins. Over the five years since it has been in operation, Ethereum now has a bit under half the market dominance of the digital asset. This has translated to altcoins like Ethereum rallying despite what direction the price of bitcoin is headed. Now, once again, as is the same with all bull markets, the altcoins are breaking away from the influence of bitcoin. As the bull rally continues to....
Yearn.finance’s YFI governance token has been inching closer and closer to the $30,000 level for the past few days and weeks, with the selling pressure here proving to be somewhat significant on multiple occasions. Overall, the crypto’s price is currently caught within a holding pattern similar to that seen by Bitcoin and Ethereum, Until the […]
Crypto market inches closer to a $2 trillion market cap with each rally. The total market cap had crashed following its peak back in May when the entire market saw a crash across prices. Since then, the movement of the market cap has wavered between slight recoveries and dips. The total crypto market cap had crashed to as low as $1.2 trillion at some point in June. The market cap has now resumed its upward climb, seeing the price of top coins post tremendous gains in the market. Getting back up to $2 trillion remains a big point for the market in general. The total crypto market cap has....
Crypto market inches closer to a $2 trillion market cap with each rally. The total market cap had crashed following its peak back in May when the entire market saw a crash across prices. Since then, the movement of the market cap has wavered between slight recoveries and dips. The total crypto market cap had crashed to as low as $1.2 trillion at some point in June. The market cap has now resumed its upward climb, seeing the price of top coins post tremendous gains in the market. Getting back up to $2 trillion remains a big point for the market in general. The total crypto market cap has....