Altcoins see"real damage" in wake of BTC price routinto the weekend with a liquidation cascade bringing BTC/USD below $65,300.
At the same time, however, altcoins faced much worse conditions, data shows — many of the top twenty cryptocurrencies by market cap fell more than 15%.In so doing, altcoins relinquished crypto market share to Bitcoin, and the recent highs mark the most “Bitcoin-heavy” crypto market since April 2021. “I don't typically look at Bitcoin dominance, but the chart is impressive considering the amount of new altcoins birthed into the market every day,” popular trader and social media commentator Bagsy wrote in aFellow trader Daan Crypto Trades was among those noting the difference in drawdown between Bitcoin and altcoins in recent days.told"The real damage was done in the Altcoin sector which wiped out billions of Open Interest and made for wicks up to 50%.
Forecasting what might come next, however, fellow trader Mikybull Crypto argued that change would soon come.in part of an X post. “This is the last shake-off before it rips explosively upward coupled with Bitcoin dominance downward trend.”An accompanying chart compared Bitcoin and altcoin dominance, drawing comparisons with the end of 2020 — the point at which BTC price action had just escaped its previousThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »