Back in 2017 a clear pattern emerged between Bitcoin and the
altcoins. BTC was (and still is) the bellwether for the entire market, leading
the peaks and troughs. However, they were also inversely correlated in that
altcoins would often dump before Bitcoin made a big move.
Altcoins Losing Steam
The same could be happening again as Bitcoin maintains its hold on the $5,200 price level but its brethren start to fall back. As a result Bitcoin market dominance has climbed a percent or so back to 51.3% over the past week or two.
Today’s markets are a sea of red as altcoins begin to beat a retreat. Total market capitalization has dropped back below $180 billion after reaching a new 2019 high of just below $186 billion yesterday. Markets have lost over $5 billion in the past 24 hours and those losses are accelerating during today’s Asian trading session.
The largest daily losses at the moment are with Binance
Coin, Cardano, Bitcoin SV, NEO, Ethereum Classic, and…
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