Altcoins Could Lose 20% When Bitcoin Climbs To $5,000

in #bitcoin7 years ago

Altcoins could slide 20 percent if Bitcoin hits $5,000 in the near future, a trader has warned as prices remain firmly above $4,000.

With Bitcoin squarely outperforming the majority of altcoins Monday, even Ethereum (ETH) is struggling to post meaningful growth.

A push for $5,000 could see temporary heavy losses for alternative cryptoassets, according to Twitter commentator CryptoPhil.

A glance at current statistics for the top 10 cryptocurrencies on Coinmarketcap underscores the current lack of correlation between Bitcoin’s solid progress and the uncertainty seen in altcoin markets.

With the exception of NEO, little movement is underway elsewhere, with Civic’s CVC token calming following its own 300%+ growth spurt last week.

Further good news for Bitcoin comes in the form of its market cap dominance once again challenging 50 percent of the total held by all cryptoassets. Current readings of 49.9 percent look likely to turn to Bitcoin’s first return to half of the market since May.

On the horizon, meanwhile, things could become rosier still, precipitating a $5,000 scenario.

“There's a wall of liquidity coming to crypto,” Block Tower Capital CIO Ari Paul forecast in a tweet Sunday.

“Dark pools, growing OTC desks, liquidity aggregators, Bitcoin futures and options.”

Paul added that he expected BTC volumes, already circling their highest on record, to “be double within three months.”

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I hope first coins will recover...

Nice article.
As always it´s just a matter of time until a downtrend leads all the weak hands to sell off / invest in altcoins and things will turn around. I appreciate the cheap altcoins to invest into.

I agree with you. it is always better to buy in cheap price and sale in high rate

Hi! I have upvote yr post and followed cheak out my post and upvote me and work as team

Thank you for sharing this information with us. If bitcoin goes down, altcoins goes up and if bitcoin goes up , altcoins goes down. Bitcoin is very bullish at the moment.

Thank you for your comment,
But i don't think so.
Can you please explain over your comment. How Bitcoin Bullish now?
for my knowledge.

$3800 is an resistance zone but BTC went through it with no problems. It's going to test the next target around $4.400 . Maybe it will go back to $3800 but when it will go up it will go to the target $4.400 or even target2 $7.095 (source: https://twitter.com/NicTrades)

very helpful info. Thank you

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