Market Wrap: Traders Brace for Higher Volatility; Altcoins Underperform

Most cryptocurrencies traded lower on Monday, although selling pressure appears to be slowing compared to last week. Bitcoin was down about 2% over the past 24 hours, compared to a 3% decline in ether and a 6% drop in Solana’s SOL token.

The underperformance of alternative cryptocurrencies on Monday suggests traders are still being cautious. Altcoins tend to decline more than bitcoin during market downturns due to their higher risk profile. The latest price declines resulted in losses for some leveraged traders. For example, more than 109,000 traders wereover the past 24 hours as bitcoin dipped below $40,000 on Monday for the first time since September.

“The volatility markets do not seem to be reflecting “extreme fear,” crypto trading firm QCP Capital wrote in a Telegram announcement on Monday. “In fact, over Friday and the weekend, our volatility desk saw large

Many do not follow the Bitcoin-Alt cycle. Too bad.

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A much easier way to identify possible macro bottoms.

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